San Diego Housing Market News and Analysis
January 2012 Resale Data Rodeo
Submitted by Rich Toscano on February 19, 2012 - 6:24pm
The median price per square foot of sold San Diego homes dropped once again in January:
This price measure was actually up for condos by .2%, but it was down by a full 2.0% for the (more reliable) single family home series and down 1.4% in aggregate. (It's interesting, though I don't thin particularly meaningful, that the often volatile condo series has been flat as the proverbial pancake over the past several months). Year-over-year, the median price per square foot was down 4.2% for single family homes, up 5.5% for condos, and down 1.3% in aggregate. (Condos had spiked down in January of 2011, hence the favorable y-o-y comparison).
The proxy for the Case-Shiller index, based on a three-month average of the single family median price per square foot, declined by 1.3% for the month and 5.6% for the year:
Same charts as above, aligned with the calendar year... we are getting near the end of the weak season for home prices:
The number of closed sales was right in the middle of the typical range of the past several years (though slightly higher than in January 2011, by 5.4%):
Pending sales, however, were higher than in recent years, and up 11.9% from a year ago.
Inventory for sale was precisely where it was in January of 2010, oddly enough, but 17.6% below last January's level:
Thus, months of inventory improved quite a bit as well. January 2012's months of inventory figure was the lowest in nearly 2 years, and was 26.3% below last year's level.
If inventory remains this tight, and if rates remain at their current depths, we could start to see some price improvements as the spring season rolls around.
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