California Is the Worst State in the Country

Posted on January 14, 2013 | by Denny Oh

According to The San Diego Daily Transcript (SDDT), California is the worst State in the Country – well, at least in terms of real estate that’s available to purchase.  In San Diego County, December of 2012 had 56.7% fewer homes for sale than the year before.  And while the inventory was down, the number of homes sold actually increased 12.5% (Dec. ’12 vs Dec. ’11) – think about that….people had less than half the number of homes to choose from, but they still bought 12.5% more homes.  The median price per square foot for single family detached homes in San Diego County also rose by 13.6%, further confirming that we’ve passed the bottom.

The thing that really stood out, was the fact that 41.2% of all new listings in San Diego went pending within the first 14 days of being on the market (for properties listed Dec 1st-24th in 2012).  I’ll say that again - 41.2% of all new listings in December (1st-24th) were sold in the first two weeks!  And in case you don’t know, December is traditionally one of, if not the worst months for real estate.

Other cities in California like Sacramento (-68.1%), San Francisco (-68.1%), San Jose (-67.9%), Ventura (-64.6%), Los Angeles (-61.2%), Inland Empire (-57%) are also seeing “diminishing inventory.”  The SDDT article also said that these same cities (minus Sacramento, which is the slowest selling city, with only 3.5% of the homes selling in the first 14 days) are the fastest selling cities (based on inventory sold in 14 days), with San Jose at the top (58.2%) and as we mentioned, San Diego at 41.2%.

Nationwide, December’s inventory was down 33% compared to Dec. ’11 and down 44% from Dec. ’10.  As of today, January 14th 2013, there are only 148 active listings in downtown San Diego.  Last January, there were 202 active listings…so we’re down 26.7% from a year ago.  I cannot emphasize how great a time it is to sell your home right now.  IT’S A GREAT TIME TO SELL RIGHT NOW.  If your concern is that there’s nothing to buy, I get it.  However, if you don’t sell now, how are you going to buy something when it comes on the market?  Need I remind you that nearly half of all new listings are selling within 14 days?  A seller will not accept a contingent offer (your purchase being contingent upon you selling your current home so you can afford theirs), so you need to sell now and have the money liquid.

In summary – there’s nothing for sale so you should sell now and make some money.

Call me anytime to set up a time to list your home.  Denny Oh 858-243-2092 [email protected]

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