San Diego Housing Market News and Analysis
November 2012 Housing Data Rodeo
Submitted by Rich Toscano on December 16, 2012 - 6:03pm
Alright, let's take a look at the resale data for November...
Our old friend the median condo price per square foot continued its volatile ways, up 7.4% for the month! Though that's after getting spanked the prior month. That would be the volatility, which is why I prefer the much more reliable detached home median price per square foot, which was actually flat for the month.
Here's a look since the March 2009 trough. Note that both series are now very close to their prior post-crash highs during the 2010 stimulus-fest.
Here's a longer view:
And here's an update of the Case-Shiller proxy, which continues to rise steadily and is also near its 2010 high:
Inventory declined once again:
The percent of inventory that is "contingent" (usually a short sale awaiting bank approval) hit an all time high of 45% (that is contingent accounted for 45% of active + contingent). Every month since June, there have been more contingent condos than active!
Here's a look at just active inventory, i.e., that which is truly available for sale right now. This has simply plummetted -- it is down over 60% from 2 years ago:
The months-of-inventory vs. price changes chart continues to show months of inventory near the lows (highs on the chart), which is supportive of prices until such time as inventory loosens up or demand declines.
Below is the typical assortment of extra charts...
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