Listings of new homes in the San Diego MLS are adding to the inventory and time on market for sellers has been remaining steady; depending on the price point for example homes/condos priced under $1,000,000 have an average time on market of just over 100 days, while homes priced over $2,000,000 are taking a little over five months to sell. (Time on the market averages were calculated removing the extremes like homes priced over $20,000,000) This is an indicator of a well balanced market with perhaps even a little stronger for sellers. Home owners that are interested in selling might find this a good time to check with the Ruth Mills Team to investigate the current market in their neighborhood.
The national real estate trends do not necessarily reflect trends in your neighborhood so check on your local market with the Mills Team to see what is happening in the area you are interested in. Remember the trite but true rule: Location, Location and Location. One of the major indexes used to point the direction of the national real estate market is the HPI or the Home Price Index published by CoreLogic. The HPI was down nationally by 5.7% for January as compared with January 2010. Overall the national HPI is down 22.2% from April 2006 to January 2011, if distressed properties (foreclosures and short sales) are not included but if the distressed properties are added to the mix then the HPI is down nationally 32.8%. While this news can be chilling it is not a reflection of what is going on in the San Diego County real estate market. Contact the Ruth Mills Team or search the www.RuthMillsTeam.com for the specifics of your real estate questions.
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