I have checked out several sources of statistics and they all seem to be close to the following provided from www.rereport.com by Rick Campbell. Let’s take a look at the numbers from last month:

Inventory of single-family, re-sale homes was down for the fourth month in a row. It dropped 7.1% compared to last May. Pending sales rose 3.1% from April, and were up 16.7% year over-year. This is the sixth month in a row pending sales have been higher than the year before. Closed sales were off 1.5% month-over-month, and down 16% year-over-year. This is the eleventh month in a row closed sales have been lower than the year before. The median price for single-family, re-sale homes inched up 0.3% from April, but was down 3.9% compared to last May. This is the fourth month in a row the median price has been lower than the year before.


So, this is how I see what these numbers tell us:

First, inventory is down buy 7.1% and the median price is down by 3.9% from last May. Decrease in inventory usually creates some upside on price, especially in central San Diego where inventory always seems to be lacking. So, demand must also be down to create this year-over-year continued price decline. Demand is still being negativity effected by tight money and fear of an even deeper recession (or at least a lack of much indication of economic recovery).

Now let’s take a look a pending sales to closed sales. Normally, pending sales are the main indicator of future closed sales. Pending sales were up 16.7% year over-year but, closed sales were down 16% year-over-year! Usually there is only a few percentage points or even fractions of a percent difference in these numbers. The month to month difference can be due to long escrows for short sales, delays in banks closing on REO inventory as well as financing difficulties. However, the year over year difference being 16% has to be mainly attributed to financing issues.

Lenders have really buckled down and things needed to be tightened. But, it really seems the pendulum has swung too far in that direction. Of course, this is not all caused by the tightening of money by lenders. Buyer’s financial situations shift drastically much quicker then ever before which is also often a factor in the deal not getting closed. Loss of a job or even slight cutbacks in hours can change everything. We will discuss financing issues further in a future article. Let me know your thoughts.

I am getting long winded here so I will wrap this one up and we can continue this discussion next time. What these numbers say to me is this is possibly the best market for buyers, investors (who qualify for, know how to get, or have money) ever in San Diego and most other markets. We will discuss why next time!

Don't pass up this opportunity! This is a Fannie Mae HomePath property. 3 1BR-1BA units, 1 2BR-1BA unit, 3 garages. 2BR unit features remodeled kitchen with granite counters. Needs some TLC. Central location, walking distance to school, park. This property is approved for HomePath Renovation Mortgage Financing.

For more information, visit http://www.sdmyhome.com/

Mark Kunce
Keller Williams Realty SD Metro
619-796-6275
DRE# 01458113

Don't pass up this opportunity! Spanish Home built in 1924, Tax record shows 2BR but it has 3BR , newer exterior paint, windows, kitchen, baths, light fixtures, interior doors, hot water heater, fireplace. Many of materials such as windows, counter tops, tile, interior doors are high end materials. Garage was converted to a nice office/laundry room. Large canyon lot with park view, no neighbors behind. It needs some work. It has deck, koi pond, storage under the deck.

For more information, visit http://www.sdmyhome.com/

Mark Kunce
Keller Williams Realty SD Metro
619-796-6275
DRE# 01458113

The Millionaire Real Estate Investor Work Shop

Monthly Event - Fourth Tuesday of every month: 7:00 PM to 8:30 PM.

True financial wealth has a different measure - it's about having the unearned income to finance your life mission without having to work.

Based on extensive research and interviews with more than 120 Millionaire Real Estate Investors, our seminar reveals the models, strategies and fundamental truths for becoming wealthy through real estate investing.

Our monthly seminar is available to anyone (buyers, sellers, investors, other agents...anyone).  

Location:  Keller Williams office in Hillcrest above the 24hr fitness. Parking available in the building.

Space are limited, so please RSVP at 619-573-7557, by email to investor@sdmyhome.com.

For more information, visit http://www.sdmyhome.com

I am so excited I have been invited to be on the Micheal E. Gerber TV Show.

Micheal has invited about 20 people who are experts in their fields to participate in a television interview show.  I am honored to have been asked to participate. I am in to Orlando today. I and the other show participants will spend three days preparing for and taping the show. I am very excited to be able to spend time with Micheal E. Gerber the author of some best books on being an entrepreneur I have ever read, especially E-Myth. More then that Micheal stresses the importance of the whole whole person, spiritual, physical, as well as professional.

I will be speaking with Micheal about why Real Estate is such a great investment and why this is the best time in our lifetime to invest in Real Estate. Stay tuned.

University Heights is one of the oldest neighborhoods in the City of San Diego. It is located on the southern rim of Mission Valley between SR-163 and I-805.

University Heights is a pedestrian friendly area with retail shopping and residential areas in easy proximity of each other. It is home to a diverse group of entrepreneurs and professional who enjoy its urban environment.

Living in University Heights - Virtual Relocation

Normal Heights was named for the San Diego Normal School, a teacher's college that was the forerunner to San Diego State University. The majority of neighborhood businesses are located along Adams Avenue.


The Adams Avenue Business Association hosts Adams Street Fair, Antique Fair, Holiday on the Avenue, Roots Festival, Arts Around Adams. You will not get bored in Normal Heights.
 

Living in Normal Heights - Virtual Relocation

Don't pass up this opportunity! This is a Fannie Mae HomePath property. Gated community. Ground floor unit with patio, fireplace, updated kitchen with tile counters, laminate flooring, new carpet, paint, newer light fixtures, updated vanities in baths. Not a condo conversion! Central location, close to shopping, schools, park, beach, freeway access.

Purchase this property for as little as 3% down! This property is approved for HomePath Mortgage and HomePath Renovation Mortgage Financing.

For more information, visit http://www.sdmyhome.com/

Mark Kunce
Keller Williams Realty SD Metro
619-796-6275
DRE# 01458113

• Location: Ocean Beach
• it's NOT ok to contact this poster with services or other commercial interests

Details

Asking Price:

1099000

MLS:

100031856

Sq. Feet:

2220

Lot Size:

0.25

Bedrooms:

3

Bathrooms:

2

# of Floors:

2

Subdivision:

North Mission Hills

Year Built:

1917

Contact Info

Mark Kunce (DRE# 01458113)
San Diego My Home Team Leader

Dir 619-957-4969
Email |

---

All information is deemed reliable but is not guaranteed.