San Diego foreclosed homes for sale accounted for almost 33 percent of all sales of existing homes in the county in November, a drop from 34.5 percent in the previous month and the lowest share since December 2007, according to a real estate research company.
Despite the drop in percentage of foreclosure sales, foreclosed properties were still able to limit the increase in home prices in November across the county.
In November, the median sales price for all types of homes remained unchanged at $325,000, the fourth consecutive month that it held steady. Some analysts interpreted this price stability as another sign of the recovery of the San Diego housing market.
The median sales price for existing single-family homes climbed up to $365,000, an increase of $5,000 from the previous month and nearly equal to the September median sales price of $365,000. The median sales price for pre-owned homes in November last year was $335,000.
Existing condo units, meanwhile, were sold in November at a median price of $225,000, marking a jump from the October median of $210,000 and from $204,000 in November 2008. A total of 963 condo units were sold, up by almost 24 percent from the 780 units sold in November 2008 but down from the almost 1,100 units sold in October.
According to the research firm, all San Diego foreclosed homes for sale that were sold off in November resulted from foreclosure actions carried out over the 12-month period ended October.
The research company also reported that the median sales price for new condo units, new homes and new condo conversions in November was $331,000, marking a drop of 17.5 percent from the previous month and down by 35 percent from the median price in November 2008.
This low median for new homes and new condos, which was last experienced in January 2001, shows the decision of condo developers and home builders to clear their housing inventory despite losses or reduced profits. Some may be cutting their loss levels, may be containing their costs or may be eliminating their inventories in order to move on to their next operations.
A total of 374 new homes and new condo conversions were sold in November, a slight increase compared to the 370 properties units sold in the previous month and from 262 units that were sold in November last year.