Here are some housing/real estate stats for Scripps Ranch area of San Diego for the month of April, 2008
For Single Family Detached homes, 36 new homes were Listed this month, 22 homes sold, the average sale price was $730,909, the median sale price was $710,000 and the average days on market was 42 days. The List price to Sales price ratio for April 2008 was 95.4%.
This compares with March 2008 stats for Scripps Ranch of:
52 new homes being listed, 19 homes sold, the average sale price was $749,736 and the median sale price was $747,000 and the average days on market was 68 days. The List price to Sale price ratio for March 2008 was 96.3%.
Now to me, while the average and median price have declined from March to April, the Number of homes SOLD has increased. The Buyers are coming back into the market, which in turn, will stablize prices, and that is why I feel we have now hit the bottom of the down turn. As more buyers come back to the market, the prices will stablilize and as inventory shrinks (a 3 month supply in March, shrunk to a 2 month supply in April) the prices will reflect that. Will we recieve more bad news? Of course, we all know that over the last year we have seen prices drop and home sales slow. So the newspapers will be reporting a decline in housing based upon now from last year this time. But we already know that, they are just printing reports as they come out. What we need to see/now, is not that we have declined since last year, but is the tide turning, are we at an area of further decline, stablilization or rising sales. I think as we look from month to month starting from March 2008, you will see prices stablilizing and buyers coming back to the market
(stats from Sandicor)
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