If you have been looking at the trends we update on this web site every month (click any city and scroll down to see this analysis) you will have seen some interesting developments in most zip codes here in North County. Last month, April, saw the highest number of sales we have seen since keeping these records over three years ago and coupled with this inventory levels are about as low as we have seen in this time period. High sales and low inventory in any business usually spell the beginnings of shortage which can mean some price increases.
However, we must temper any enthusiasm somewhat as we also note the number of distressed homes (short sales and bank owned homes) is still very high. Also a couple of months really hardly add up to a trend but it may be laying the groundwork for a rebound in the market. We have had our busiest month in a long time with a surge of buyers and potential sellers calling. Interest rates remain very low and rents have moved up no doubt pushing many people to think about entering the housing market for the first time or again having perhaps lost a home in the last few years.
Below is a table showing the total sales for detached homes in Carlsbad, Vista, Encinitas and Oceanside zip codes (ex 92058 in Oceanside). Distressed homes is the percentage of homes sold that were short sales or bank owned. Active is the number of homes for sales at the beginning of the month. The “inv/month” column simply divides how many homes were fro sale s(active) by how many were sold in the last month.
For detailed analysis of all the zip codes represented here please click each city tab and scroll down. We would be happy to give you a much more detailed analysis of your local area and what we believe your home might sell for in what we hope is a more upbeat market.