In April, I compared the first three months of 2012 and
2013. To recap, the number of homes sold
increased by 7%, prices increased by 16%, and cash/investor purchases increased
by 13%. However, first time buyers
decreased by 15%.
There are currently large investment firms buying
residential property not only in the open market, but also on the courthouse
steps and directly from banks, which are not in my calculations above. This is
obviously not good for buyers, but is it good for the economy? Articles from CNN can't answer this question
either based on the links below.
The market is tough for buyers in the under $500,000 price
range as it is not uncommon for there to be 15 offers on a property and some
offers being 5% over the asking price. To be more competitive buyers are
waiving certain contingencies like the appraisal and inspection contingencies.
Since I like looking at numbers to see patterns, I pulled up
some numbers from different zip codes for the month of May. I looked at the number of homes actively being
sold, homes in escrow, and the sold price per square foot. I found it interesting that some zip codes
have more homes in escrow than are actively being sold, and these tend to be in
areas with lower cost per square foot. These
are also the areas that the investors are buying in.
The only other thing I can conclude from this data is that real
estate is regional, so if there is a particular area you are interested in, let
me know.
|
Location
|
Zip
|
Active
|
Pending
|
May 2012
|
Price Increase
|
|
|
La Jolla
|
92037
|
249
|
131
|
$590
|
$599
|
1.5%
|
|
UTC
|
92122
|
50
|
71
|
$289
|
$351
|
21.6%
|
|
Carmel Valley
|
92130
|
136
|
109
|
$316
|
$374
|
18.3%
|
|
Del Mar
|
92014
|
99
|
44
|
$587
|
$590
|
0.5%
|
|
Encinitas
|
92024
|
125
|
114
|
$319
|
$382
|
19.6%
|
|
Coronado
|
92118
|
163
|
39
|
$626
|
$707
|
12.9%
|
|
Downtown
|
92101
|
186
|
120
|
$416
|
$474
|
14.0%
|
|
Point Loma
|
92106
|
42
|
32
|
$386
|
$460
|
19.1%
|
|
Santee
|
92071
|
46
|
105
|
$176
|
$195
|
10.4%
|
|
Poway
|
92064
|
103
|
101
|
$255
|
$284
|
11.2%
|
|
Mission Valley
|
92108
|
30
|
41
|
$206
|
$253
|
23.1%
|
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