Overall home values fell in San Diego County last month while sales increased, a pattern evident for some time now. 

Price segments.  Buyers are still chasing lower-priced properties. The number of total homes sold for less than $200,000 increased almost 9 percent when comparing December 2011 to December 2010. Furthermore:

• Less than $300,000: up 10.5 percent from a year ago.  These are called entry-level homes.

• $300,000 to $800,000: down 6.6 percent from a year ago.  These are called moderately-price homes.

• More than $800,000: down 13 percent from a year ago.  These are called luxury homes.

Absentee buyers.  They are also known as investors or buyers of vacation properties.  The percentage of total buyers that fit into this category was 26.1% in December, up from 24.6% in Nvember and 23.8% from a year ago.  The record was set in February at 28.3%.  For context, the historical average is 19.2%, based on a data set that started in 2000.  

Cash buyers.  They made up 27.2% of December’s buyers, slightly lower than November and in December 2010.  The peak was 30.5% in February. Average: 16.5%, based on statistics that go back to 1988.

Distressed sales.  They’re still above normal. Foreclosures made up 27.8% of total sales in December, down from 31.2% in November. The high point was 55% in January 2009. Short sales have remained steady. They accounted for 21.1% of December’s total sales, not too far from the peak of 21.8% in January 2011.


Source: News Report by Lily Leung, San Diego Union Tribune, Jan 22 2012