Archive for May, 2009

Mindy’s Mid Year Update – San Diego Real Estate

May 31, 2009

 Real Estate Fast Facts

  • Consumer confidence climbs to eight-month highThe Conference Board Consumer Confidence Index™, which had increased considerably in April, posted another large gain in May. The Index now stands at 54.9, up from 40.8 in April.
  • Calif. First-time Buyer Affordability Index which measures the percentage of households that can afford to purchase an entry-level home in California is up. Q1 2009: 69 percent vs. Q1 2008: 46 (Source: CA Association of Realtors)
  • Mortgage rates–Inched up at the end of May. As we continue to sell our U.S. debt and demand for it continues to fall…the result is projected to be rising interest rates.
  • Foreclosure facts-In a recent study, RealtyTrac compared its database of bank-repossessed homes to MLS listings of for-sale homes in four states, including California. It found a significant disparity – only 30% of the foreclosures were listed for sale in the MLS and the remainder is known in the industry as “shadow inventory.” Lenders are sitting on hundreds of thousands of foreclosed homes that have not hit the market, according to numerous data sources.

 

San Diego Metro Area Home Value Performance

Home Type

Current Zillow Home Value Index

  Year Over     Year Change

5-Year Annualized Change*

All Homes

$352,938

-18.0%

-5.5%

Single Family

$379,493

-18.5%

-5.4%

Condo/Coop

$265,065

-15.7%

-6.5%

Bottom Tier

$234,165

-25.0%

-7.8%

Middle Tier

$349,075

-18.7%

-5.6%

Top Tier

$606,416

-11.8%

-3.3%

 (Source: Zillow)  
         

Benefit right now from a perfect storm of low mortgage rates, bargain prices, strong inventory and a high affordability index. Opportunity knocks!

Contact me if you or if you  know anyone who can benefit.

 *5-Yr Change=The annualized % change for the Zillow Home Value Index over the past 5 years

Advertisements