San Diego Housing Market Statistics Show Records Made
“In San Diego County, 2008 will not be a year that many will look back on with fond memories”, said Robert D. Martinez, Director of Research, MarketPointe™ Realty Advisors. “Although 2009 does not appear to be “paved with gold”, at minimum we have 2008 in the rear view mirror”, said Martinez. Record lows were set in overall and detached annual net sales volume, as well as quarterly lows in both the overall and detached sectors. From an annual perspective, overall net sales volume fell more than 56 percent from 2007 with a 36 percent annual decline in the detached sector and a nearly 69 percent drop in attached. In the fourth quarter, overall net sales volume dropped 8 percent including a 33 percent fall in the detached sector and a 74 percent increase in the attached according to MarketPointe™ ResidentialTrends™.
Overall weighted average price fell 1 percent from last quarter, close to $3 per square foot more than last quarter. In the attached sector, weighted average price increased for a second consecutive quarter gaining more than 7 percent. Weighted average attached home size increased 3 percent resulting in a value ratio increase of close to 5 percent per square foot. The weighted average price in the detached market resumed its negative direction after last quarter’s positive movement. A 4 percent decline pushed the weighted average price, while the average home size dropped 1 percent resulting in a 3 percent value ratio drop per square foot.
Overall total inventory continued its descent, dropping 11 percent decline from last quarter. Attached total inventory fell for the sixth consecutive quarter, dropping more than 12 percent. Total inventory in the detached sector fell for the fifth consecutive quarter dropping close to 9 percent from last quarter. This quarter’s total unit is largely composed of units that remain in unreleased future phases of existing developments. Just 17 percent of these units are currently available for purchase, the lowest level of available supply since the second quarter of 2005.
MarketPointe™ Realty Advisors provides new housing market statistics throughout California via its ResidentialTrends™ new-home database and its LandTracker™ proposed development database, as well as site specific, tailored housing market research and consulting services. Comprehensive “Housing Market Overviews” providing new home sales, pricing, housing inventory trends, future housing supply, and new and leading developments are available for regions across California by going to www.marketpointe.com/landing. Phone San Diego at 619-233-3781, Orange County at 714-528-2554, Sacramento at 916-710-1396; url:www.marketpointe.com.
- Contact Information
- Robert D. Martinez
- Director of Research
- MarketPointe™ Realty Advisors, Inc.
- Contact via E-mail
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