GREAT Time for BUYERS in San Diego County!!!

HomeDex™ Key Points
December 2007 Data

NORTH COUNTY

1. The median price for all home sales – attached and detached – decreased by approximately 9%, from $527,000 in November to $485,000 in December.

a. Detached home prices fell 3.4%, from November to December, from $589,000 to $569,000.

b. Year-over-year median price of detached homes decreased 8.96% from the December 2006 price of $625,000.

c. Attached home prices increased during December by 3.35%, from $343,000 in November to $355,000.

d. Year over price of attached homes was down 6.58% from $380,000 in December 2006.


2. The median days-on-market for single-family detached homes in North County rose from 65 to 66 days between November and December. The average days-on-market for single family detached homes in North County fell from 82 in November to 79 in December.

3. The number of North County single-family detached homes sold rose decreased 1.14% last month from 440 in November to 435 in December. Year over number of North County single family detached homes sold declined 34% from the 660 detached homes sold in December 2006.

ENTIRE COUNTY

1. The median price for detached homes fell 6.13% from $529,450 in November to $497,000 in December.

2. The median price for attached homes decreased 4.56% $340,000 to $324,000. The median price of detached homes in North County decreased and attached homes experienced moderate increases in median price in December, while days-on-market decreased slightly in detached homes and increased in attached homes this month. Changes in the mortgage markets will work to stabilize interest rates and restore confidence in potential buyers, with the House of Representatives passing a bill to forgive the tax liability on short sales.

The present market conditions are ideal for buyers. Interest rates remain comparable to 40-year lows and the inventories becoming higher than has been the case in the recent past. First time buyers have a great opportunity to get into home ownership.

The current condition of the housing market needs to be kept in perspective. House values rose 88 percent on a national average – higher in California – over the past decade. The number of U.S. households is expected to increase 15 percent over the next decade, creating a continued high demand for housing.

Even with the lower appreciation levels in home prices, there will be a strong investment incentive to buy homes in North San Diego County, especially considering that a home is not like other investment assets.

Source: North San Diego County Association of REALTORS