San Diego Real Estate Professionals at eXp Realty

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It seems like all we hear in the news is how depressed the real estate market is and how nothing is selling.  I sifted through all of the 68 active listings today in the 92129 Rancho Penasquitos zip code and found just a wee bit over half are distressed sales.  Distressed sales = REOs/Bank owned foreclosures + Short Sales. Specifically, of the 68 homes for sale in Rancho Penasquitos: 33 out of 68 were short sales, 4 were bank owned REOs and 31 were regular sales.

In the last 30 days, 40 homes have gone into “pending” status or under contract.  Just one quarter of these were short sales.  Of the homes that were not short sales, the median “days on market” or market time was a mere 7 days – just one week!    Even more, if we only have 68 active listings, and there is demand for at least 40 to go under contract within a month, then we have 1.7 months of inventory in Rancho Penasquitos.  I believe a “normal market” is 2-4 months of inventory.  Therefore we are in a brisk market!

Yes, you may say, but are these properties selling way below asking?  I thought you might ask that. Last month (April 2009) 21 homes closed in 92129 Rancho Penasquitos.  Eleven of the properties sold OVER the asking price.  Mind you, the April 2009 average sale price is 32% below the April 2006 average sale price.  But at least for now, with interest rates at the lowest level ever, my current opinion is that we have hit bottom.  This bodes well for San Diego real estate.

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