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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