August 2007 Market Report - Homes Sales in North San Diego County

October 2, 2007

While many people continue to be discouraged by the "slow" market we're experiencing in San Diego County (and other places), there are reasons to be encouraged. First, as bad as you may "believe" 2006 to have been...it still ranks as the 7th highest sales of homes in history (according to the the National Association of REALTORS).

While many "Pending Sales" (or homes currently under contract) are at record lows, many believe that it continues to add fuel to the notion that the Fed will continue to look at lowering rates to stimulate growth. PLUS it is a FANTASTIC time to BUY BUY BUY...Especially if it's a foreclosure or "short-sale". As long as you're not looking for a quick flip, it's a very wise choice.

SO, FOR THE LATEST MARKET NEWS...........

The latest summary report is out for home sales in North San Diego County...according to the North County Association of REALTORS (prepared by Robert Brown, Ph.D. with the Department of Economics at California State University).

Single-Family Detached Homes:
- The median price for single-family detached (SFD) homes in North San Diego County increased 1.54% from $650,000 (in July 2007) to $660,000 (in August 2007), while SFD homes in non-North County zip codes decreased 1.65% to $506,000.

- August 2007 median SFD prices in North San Diego County increased 4.97% compared to $628,750 in August 2006. The median price decreased 5.15% in Non-North County single-family detached dwellings.

- The countywide median SFD price was $580,000, down .17% from July 2007.

- The median days on market (DOM) for North San Diego County SFD homes rose from 46 days (July 2007) to 53 days (August 2007). The average number of DOM rose to 68 (August 2007) from 65 (July 2007).


Single-Family Attached Homes Prices:
- The North San Diego County median-priced single-family attached (SFA) homes decreased 2.87% to $385,000 (August 2007) from $396,375 (July 2007). Non-North County SFA median prices fell 2.2% to $334,000.

- The countywide SFA median price was $350,000 (August 2007), down from $358,950 (July 2007) and from $362,750 (August 2006).

- The median days on market (DOM) for North County SFA homes sold decreased to 43 days (August 2007) from 47 (July 2007). The average number of DOM fell from 61 (July 2007) to 55 (August 2007).

Call or email me with any questions, ANYTIME!

Chuck Denton
ERA Coastal Properties
(760) 908-8969
chuck@eracoastal.com