Real Estate Trends February 2007
Bob Weurding, Broker Associate
Team Weurding Realty
Last month I gave you a complete breakdown on the real estate market for 2006, now let’s take a look at how 2007 is getting started. It is comforting to know that some things never change, the folks that jumped out of the market over the holidays are back.
Real estate inventory in the county jumped up by 6% in January and at the same time the number of homes in escrow went up by 8.3%. What makes this most interesting is there were 392 fewer sales in January when compared to December of 2006.
Poway agents took 80 new SFR detached listings in January compared to only 30 in December, and sold roughly the same number of homes in both months (21). This may shock you, but the average sales price was up from $756,608 to $834,752. Who said we were in a down market? RB 92127 took 33 more new listings, and sold 13 less homes in January when compared to December. Likewise, RB 92 128 had 83 new listings and sold 31 SFR homes in January. This compares to 27 new listings and 42 sales in December.
Rancho Penasquitos agents added 44 more new listings and sold I5 fewer homes in January then they did in December. As it turns out, PQ was the only zip code in our I- 15 marketplace to show a slight decrease in average sales price over these two months. Poway was up 10.3%, RB 92127 was up 23.4%, RB 92128 was up 6%, and as stated, PQ was down just under 1%.
It is still early and the heart of our real estate season is still a few months away. However, from looking at the chart you can see the bulk of our homes are priced over $600,000 with 61% of RB 92127’s homes exceeding a million dollars in price. This is bound to impact many of our potential buyers.
Source: Sandicor, MLS, and Dataquick
