November 2009 saw continuing good news for the San Diego housing market.
October 2009 was the first month in three years that the median sales price had increased over the previous year, and November 2009 added another month to that to make it two in a row!
The historic high was in November 2005 when the median reached $517,500. At that time, only 7% of San Diego's population could afford to buy a median-priced home.
The most recent low appears to have been January 2009 when the median fell to $280,000. For the fourth consecutive month, the median price has held steady at $325,000, and 50% of San Diego households can afford to buy a median priced home.
Total home sales for San Diego County has been up year over year since July 2008, seventeen consecutive months!
As of December 14, 2009, there were a total of 10,282 Active and Contingent listings, the lowest total since April 2005, and representing only a three-month supply at the current rate of sales.
Those who analyze housing figures in much great details and over significantly longer periods of time can't say whether we're entering a Seller's Market or just taking a pause from the Buyer's Market. Many properties at the lower end of the market have seen multiple offers and all-cash offers. My own personal opinion is that with the Federal tax credit being extended and expanded, as soon as people finish their Christmas shopping, they'll be back buying houses.
If your intent is to live in your home, raise your family there, and perhaps even retire there, now's a great time to buy, or at least start looking around while you're out buying Christmas presents!
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Jim, with 50% now being able to afford a home in San Diego as opposed to 7% as before, well, that speaks volumes. It would seem that in many places the housing market is righting itself. I firmly believed that we were out of control with pricing before. If we can hold the prices to realistic numbers, if people will look at their houses as homes and not ATM machines, if those who are in need get those magical loan modifications granted we should see a better year in 2010.
I have a good feeling. My area is always behind the rest of the country. We are Yankee through and through, LOL. A tough, stubborn lot, we do things in our own time, not because everyone else is, or because it is fashionable to do so.