San Diego Homes For Sale
California has among the highest financially stable of potential home loan borrowers in the country according to Lendingtree. The state of California is ranking 5th when things like credit score and loan to value ratios. For applicants lendingtree considered the average credit rating score was about 679.
Mark Goldman, real estate professor at San Diego State University says the current market shows that marginal type borrowers have declined.Today financial documents are heavily scrutinized.
About San Diego, CA Home Market
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Housing affordability in California is taking a hit as reported on Hispanic Business. Housing affordability fell for the sixth consecutive quarter — July through September — in response to rising home prices and interest rates, a trade group said Thursday. During the third quarter, 32 percent of home buyers could afford a median priced home costing $433,940, said the Los Angeles-based California Association of Realtors.
San Diego Real Estate Performance Thus Far For 2013
Before 2006 or the sub-prime disaster, San Diego real estate was known as one of the boom state for housing. Prices had tripled since 1998 going as high as $612,000 for an average family home. San Diego was also one of the areas where the “Sunshine tax” situation existed. This happens when income and the cost of living are skewed and lower than the national average. When the housing bubble burst, San Diego experienced a massive exodus as many residents moved to more affordable neighborhoods or even to other states. By 2010 the real estate housing market was 50% higher than in 2000 but 36% down from 2005 and dipping over $200,000 or 50% in sales for many areas.
Neighborhoods in San Diego, CA
Distressed sales continue to be a significant portion of homes sold at nearly 20.7 % of total units sold. As the overall percentage of Distressed Sales continues to decline in the future, we will likely see an increase on the average SP as the underwater homeowner exits the market and more regular sales become the norm. We still have a large number of distressed properties in Contingent and Pending. As we clear distressed inventory and with lower foreclosure rates, it should contribute to the recovery and health of the local Real Estate Market.
The way we determine the supply of inventory is by dividing the number of homes on the market in a given month by the number of houses sold that same month.
The number of active properties for sale that are distressed sales is only 7.4%. This metric has remained fairly stable over the last few months, and trending lower from the last reported number, it will be interesting to see if this number changes after the extension of the Mortgage Debt Relief Act at the start of 2013.
Real Estate Market Stats
Zillow Home Value Index
Owners vs. Renters
Home Size in Square Feet
|Zillow Home Value Index||$473,300||$169,600|
|Median Single Family Home Value||$542,300||$169,100|
|Median Condo Value||$351,300||$173,900|
|Median 2-Bedroom Home Value||$372,200||$129,300|
|Median 3-Bedroom Home Value||$485,200||$162,500|
|Median 4-Bedroom Home Value||$608,000||$272,200|
|Percent Homes Decreasing||3.4%||21.5%|
|Percent Listing Price Reduction||32.9%||29.3%|
|Median List Price Per Sq Ft||$326||$109|
|Median List Price||$460,000||$192,000|
|Median Sale Price||$435,400||$205,300|
|Homes For Sale||0||0|
|Homes Recently Sold||0||0|
|Turnover (Sold Within Last Yr.)||5.2%||4%|
|Median Value Per Sq Ft||$342||$112|
|Homes For Sale By Owner||0||0|