4S Ranch Real Estate

November 22, 2010 by  
Filed under Real Estate

Seal of San Diego County, California
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The 4S Ranch housing market, found in the midst of an expensive section of San Diego County, saw a sharp reversal of some earlier gains, possibly as a result of the expiration of the federal housing tax credit. According to a November 15, 2010 article in the San Diego Union Tribune, San Diego County home prices rose slightly in October after a two-month decline, but sales were off substantially, MDA DataQuick reported Monday. The overall median was $334,500, up $4,000 or 1.2 percent from September and up $9,500 or 2.9 percent from October 2009 levels. The figure was still below the $340,000 most recent peak reached in May and the record high of $517,500 set in November 2005. The sales count probably was the most dramatic statistic to come out of the DataQuick report. The total for October was 2,750 transactions, down 10.4 percent from September, mirroring a typical seasonal downturn as buyers slacken off of their purchases once their children return to school. But on a year-over-year basis, the total was off 25.1 percent from 3,671 logged in October last year — the third biggest such drop, after 1990’s 35.7 percent decline in the last big recession, and 2007’s 32.5 percent fall in the aftermath of the subprime mortgage meltdown.

This negative trend for 4S Ranch homes for sale was also mirrored and extended over the larger Southern California region, according to a November 16, 2010 report also from the San Diego Union Tribune. The report by Dean Calbreath stated that ‚Last month was the worst October in three years for home sales in Southern California, forcing a slowdown in the recent rise in prices, according to a survey released Tuesday by MDA Dataquick, a real estate research firm in La Jolla. Throughout the region, 16,744 were sold in October, down 7.4 percent from 18,091 sold in September, and down 24.3 percent from 22,132 sold in October 2009. In San Diego County, the year-to-year drop was even sharper, a 25.1 percent fall from 3,671 homes in October 2009 to 2,750 homes last month. Although it is typical to have a seasonal drop between September and October, last months sales – for both the county and the region – were the lowest number for October since 2007 and the second-lowest for October since 1988.

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