San Diego County Residential Real Estate Market 2nd. Quarter 2012
San Diego County Residential Real Estate Market Analysis:Â 2nd Quarter 2012
©2012By Mark A. Melikian California Certified Residential Appraiser appraisals@san.rr.com P.O. Box 3051 Del Mar, California 92014 858-793-9339
The following is a market data summary of detached and attached properties as reported by the San Diego County MLS system. The data includes all zip codes in San Diego County. * All 2012 data in figures 1 through 4 will be projected based on market data taken from January through June as reported by the San Diego County MLS system. All projections discussed in this analysis will be updated throughout the year in subsequent quarterly reports.
San Diego Market Overview: The data provided analyzes residential real estate sales beginning in the year 2000, which is used as the base year. The number of sold listings in San Diego County peaks in 2003 at 42,746 units and decreases through 2008 to 23,972 units. *The 2012 projection shows the total number of units sold for the year will be 33,926, which is above the 31,885 units sold in 2011 (see figure 1).
San Diego Market Overview:
The monthly absorption rate (number of units sold in a given month) will mirror the trend we see in the number of sold listings. The peak monthly absorption rate occurred in 2003 with 3,562 units selling per month. In 2008, the monthly absorption rate decreased to a low of 1,998 units. *The projection for 2012 shows a monthly absorption rate of 2,827 (see figure 2).
San Diego Market Overview: The mean sold price for a housing unit in San Diego County peaked in 2007 at $621,675. The mean sold price in 2009 decreased to a low of $385,754, a 37.9 percent decrease from the market peak in 2007. *In 2012, the projected mean sold price is $414,655, which would represent a 33.3 percent decrease from the market peak in 2007 (see figure 3).
San Diego Market Overview:
The mean number of days a property was on the market in San Diego County reached a low of 29 in 2004. *The projection for 2012 shows the mean number of days on market to be at 77, slightly below last year’s number of 79 (see figure 4).
*Please see part two of this article tomorrow.
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