This quarterly San Diego County Real Estate Breakdown is divided into two segments-condos and single family homes. Each segment is divided into three pricing groups to illustrate the differences in supply and demand and various pricepoints throughout the County. Here's the raw data:
Number of Condos Sold between START DATE - END DATE (remember 6 months)
<$200,000: 2,473 Monthly Average: 412
$200,000 - $400,000: 2,031 Monthly Average: 338
>$400,000: 703 Monthly Average: 117
Number of Active Condo Listings
<$200,000: 1,082 Months of Inventory: 2.62
$200,000 - $400,000: 1,327 Months of Inventory: 3.92
>$400,000: 1,093 Months of Inventory: 9.32
Number of SF Homes Sold between START DATE - END DATE (remember 6 months)
<$500,000: 7,249 Monthly Average: 1,208
$500,000 - $800,000: 1,935 Monthly Average: 322
>$800,000: 1,135 Monthly Average: 189
Number of Active SF Home Listings
<$500,000: 4,282 Months of Inventory: 3.54
$500,000 - $800,000: 1,923 Months of Inventory: 5.96
>$800,000: 6,089 Months of Inventory: 32
A Buyer's Market is characterized as an overabundance of supply in relation to demand. In my opinion, a Buyer's Market occurs when there is at least 8 months of active inventory listed on the MLS.
A Seller's Market is characterized by high levels of demand in relation to supply. In my opinion, a Seller's Market occurs when there is at most 4 months of active inventory listed on the MLS.
Stability is characterized by a steady balance of supply and demand. In my opinion, stability occurs when there is between 4 months and 8 months of active inventory listed on the MLS.
Data Analysis . . . Drum roll please:
Condos <$200,000: Seller's Market
Condos $200,000 - $400,000: Seller's Market
Condos >$400,000: Buyer's Market
SF Homes <$500,000: Seller's Market
SF Homes $500,000 - $800,000: Stable Market
SF Homes >$800,000: Extreme Buyer's Market
Notes About the Findings:
The data demonstrates what we've been seeing for about two years now. San Diego Real Estate has split into three market segments. Entry level housing is in high demand, and in most instances prices are stable or slowing rising. This segment will be the first to rebound from the housing slump. Second homes have a bit of a drop off, but there is still plenty of demand to create stability. Prices in this segment of the market are either stable or slightly decreasing in most areas. Expect this segment of the market to stabilize over the next year or two, and rebound a year later. High end homes are suffering from a very little demand. Prices are continuing to fall in most areas, and they probably will continue this trend for at least another year or two, followed by a year or two of stability.