The Week In Review

 

The “median prices” fro detached homes in North County declined a mere 3.7% in 2008, while outside North County detached homes declined almost 7.5% last year.

 

First, that is interesting, but the whole concept of “median price” of sales in statistically inconsequential as I have discussed before because only low-cost homes are selling, and therefore there is no broad expanse of homes, low, medium and high, being measured.

 

Overall, there is good news and bad news. The bad news is that the time on market for a sale increased from January 2008 through January 2009 from 48 days to 54 days – but on the other hand the number of sales of single-family dwellings rose 58% from January 2008 (365) to January 2009 (576).

 

Interest rates are LOW, but the major activity is in refinancing, not in purchasing new homes. ALL markets depend upon confidence, and job confidence is sorely lacking in this economy – but with low interest rates and the entire real estate market down simultaneously, people who sell low get the buy low and the Delta remains virtually constant.

 

As noted today in the North County Times, a “healthy” inventory is 4-6 months, and currently the North County inventory stands at 7 months.

 

It is the general economic climate that now holds back the real estate market.

 

Two new listings in The Meadows last week, two went into Pending, and two closed Escrow.

 

Not a bad Winter week in Hidden Meadows even in good times!

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