This Week’s Santee Real Estate Wrap-Up

Also read: Can I Really Refinance My Home Loan That's Upside Down?

Last week ending 5/6/12 showed a total of seven “Detached” homes closing escrow with an average sold price of $307,546. While at the same time adding a total of seven new listings to the market.

But that is just one week right? Well in order to get a true perspective on the trends in the Santee market, you need to go back a little further. If I go back to the same week in August of last year, I can see the average Sales price per square foot for a “Detached” home in Santee was at $200.73. Looking at that same stat now I can see that we are averaging $220.83 per square foot.

Why are we seeing a jump in prices here when all we hear in the news is how bad the real estate economy is? An important factor is lack of inventory to sell. An average, or stable market has approximately 6-7 months of inventory to sell (this means if no more homes were listed, and selling rates stayed constant, there would be no more homes to sell in X months).

More than 6-7 months and it is known as a buyers’ market. Less than 6-7 months and it is known as a sellers’ market. Right now in Santee we are sitting at 1.12 months of inventory. WOW, that's not a lot!

Now let’s talk about the “Attached” home sales. This category includes both condos as well as townhomes. In the same week there were a total of 4 units sold with an average price of $198,467. While at the same time adding 7 new listings to the market.

To see how this sector of the market has held up, let’s look back to the end of August again. In August the average dollar per square foot of sold attached homes was $153.47 compared to last week’s price of $157.92. Now that is not a 10% increase like on the detached homes, but at least it continues to go in the right direction.

As far as months of inventory goes, we currently have 2.36 months of inventory for attached homes. I would like to attribute part of this to the positive growth that Santee has had over the past 10-15 years, as well as the exceptional schools and very low crime rates. But that could be that I am just a bit biased towards what I truly believe to be the ; our beautiful Santee.

With rates having hit all-time lows this week, now is the time to take advantage of the extra buying power a lower rate will get you. If you would like to see what you can qualify for, please give me a call. It is always free, and will only take you a few minutes. Call today!

Rob McNelis
Summit Mortgage
NMLS#830519
(619) 928-9762
robm@summit-mortgage.com
www.RobMcNelis.com