Real Estate Trends May 2007
Team Weurding Realty
Some months the numbers and statistics just seem to jump off the page. Perhaps they dispute a belief that has been presented as fact in the media. Or, maybe they just reassure the buyers and sellers of real estate, that it is still the single best investment a person can make. Unfortunately April was not the case because the figures were all over the board and didn’t seem to support any specific trend.
For example, in some cases the average sales price of homes for the first four months of 2007 were up from the same period in 2006. Specifically Rancho Bernardo 92127 and 92128 were up and Poway and Rancho Penasquitos were down. Rancho Bernardo 92127 was the only zip code on the I-15 that posted a gain from 2006 in the number of sales for the first four months of the year. (Up 16%)
Attached home sales have followed basically the same trend, with the total number of sales down from 2006. The average and median sales price has also shown a decrease from 2006 prices. The only exception from this trend is Poway where the average sales price actually went up by nearly $5,000.
Following months of growing inventory, it appears that is about to change due to the sharp decrease in the number of new listings being taken. For example, last year in the first four months there were 2,030 new SFR listings taken along the I-15 corridor and this year that number was down by 374 homes. The same was true for attached homes in our marketplace. This year we have taken 211 less new listings compared to the 707 listings taken during the same timeframe in 2006.
If this should continue it could have a significant impact on the business principle of “Supply & Demand.”
Source: Sandicor, MLS, and Dataquick
