San Diego Housing Market News and Analysis
December 2011 Resale Data Rodeo
Submitted by Rich Toscano on January 16, 2012 - 6:06pm
The year ended on a small up note, as the median price per square foot of resale San Diego homes was up .5%for single family homes, down .2% for condos, and up .3% in aggregate:
Here's how the median price per square foot numbers changed for the year 2011:
And a look at the plain vanilla median since the peak:
And here's the "projected" Case-Shiller overall home price index for San Diego, estimated from the recent median price per square foot data:
The estimated HPI was down (from the actual HPI) by .7% for the month and 5.5% for 2011.
Same thing as above with the calendar grid:
Closed sales jumped, as usual in December. Sales were up 3.8% from December 2010.
Pending sales declined, also typical in December. Pendings were up 8.2% from a year ago.
Inventory was down for the month and ended the year 15.9% lower than in December 2010.
And months of inventory notched up:
This stat, which is very important because it combines supply and demand into one figure, was substantially lower than a year prior, by 22.2% to be exact. So we enter 2012 with a fairly different setup, supply and demand wise, (and thus a more positive outlook for prices) than we entered 2011. On a gloomier note, that higher demand is taking place in an environment of lifetime-low mortgage rates... if (when, in my opinion) that prop is removed, the housing market will have to fend for itself a bit more. Of course, that could be a way off. In the meantime, those waiting for a big price decline are likely to be disappointed.
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|* Rich Toscano is a registered representative of and offers securities and investment advisory services through Girard Securities, Inc., a registered Broker/Dealer, Registered Investment Advisor, and member FINRA/SIPC. Pacific Capital Associates is not a subsidiary or affiliate of Girard Securities. The views and opinions expressed on this site are not those of Pacific Capital Associates or Girard Securities, Inc. The information on this site should not be construed as investment advice.|