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San Diego Home Sales Drop In January

Audio

Aired 2/15/11

The number of San Diego homes changing hands last month was down more than 29 percent from December. San Diego-based Dataquick tracks real estate trends in California.

The number of San Diego homes changing hands last month was down more than 29 percent from December. San Diego-based Dataquick tracks real estate trends in California. Dataquick's Andrew LePage said 2,248 homes changed hands last month. He said that is down a little more than 3 percent from a year ago.

The kinds of sales that happened don't reflect a healthy housing market, said LePage.

"The percentage of homes that were foreclosed properties rose month to month," LePage said. "The number that were sold to absentee buyers, which is mainly investors (and) some second-home buyers (and) the number of homes sold for cash was up."

La Page said traditional homes sales, where a family buys into the market or is looking to move up, are currently in the minority. He said January was the slowest month for sales in three years and it is the second slowest January sales total since 1996.

Comments

Avatar for user 'hopeheadsd'

hopeheadsd | February 15, 2011 at 2:50 p.m. ― 3 years, 7 months ago

I bought a home as a traditional sale and feel extremely lucky. The sellers were retired and ready to get out of CA and cash in. The condition of the house is more than excellent and the upgrades done by the sole/previous owner are top notch. However, after house hunting for more than 6 months, this was not the case for 99% of the homes I was looking at. I have seen everything from amateur flips to total tear downs. The house was listed and sold the same day.

Would the sellers have gotten more money 4 or 5 years ago? You bet, but since this thing was paid off a LONG time ago, it was all gravy to them and they bought their new place with cash.

Yes the market is terrible, but the inventory within certain price brakcets and zip codes can be plain awful. Neglected homes either form poor past ownership or mortgage walk aways.

In this market, I say, dont compromise too much. There are certainly deals out there but you have to be patient and be ready to go in high if its priced well with the right amenities because a whole heck of a lot of other buyers are out there waiting too.

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