Just when most of us were getting comfortable with a flat market,
net sales volume in San Diego County surged to the highest quarterly
percentage increase on record, according to MarketPointe’s Residential
Trends Publication. This quarter’s overall net sales volume increase of
97 percent pushed the overall total to 871 net sales. “That’s the good
news; a bit more sobering is the comparison of the net sales volume in
recent years” commented Robert Martinez, Director of Research,
MarketPointe™ Realty Advisors. “This current quarter is 18 percent
below the level in the second quarter of last year and more than 53
percent lower than the second quarter of 2007” said Martinez. In the
attached sector, net sales were up 97 percent from last quarter and
have now moved upward for three consecutive quarters. In the detached
sector, net sales volume noted its first increase since the second
quarter of last year, jumping 96 percent this quarter to 435 net sales.

Prices continue to fall in the region as the overall weighted
average price dropped 4 percent for a 4 percent smaller square foot
home. In the attached sector, weighted average price dropped 2 percent.
Weighted average attached home size fell 6 percent resulting in a value
ratio increase of 4 percent per square foot. Weighted average price in
the detached market dropped 4 percent this quarter, a 3 percent value
ratio decline per square foot.

Overall total inventory continues
to plummet, dropping 20 percent this quarter to 4,772 units, the
seventh consecutive quarterly drop. Attached total inventory fell 23
percent this quarter to 2,421units consisting of 1,284 offered and
unsold units and 1,137 units that remain unavailable in unreleased
future phases of active developments. Total inventory in the detached
sector fell 18 percent from last quarter to 2,351 units and is composed
of 2,000 units that remain in unreleased phases of existing
developments and just 351 homes that are currently available. In terms
of length of time to exhaust this supply, there are nearly 16 months of
available attached supply with just three months of detached.

MarketPointe™
Realty Advisors provides new housing market statistics throughout
California via its ResidentialTrends™ new-home database and its
LandTracker™ proposed development database, as well as site specific,
tailored housing market research and consulting services. Comprehensive
“Housing Market Overviews” providing new home sales, pricing, housing
inventory trends, future housing supply, and new and leading
developments are available for regions across California by going to www.marketpointe.com/landing. Phone San Diego at 619-233-3781, Orange County at 714-528-2554, Sacramento at 916-710-1396; url:www.marketpointe.com.