Record rate of cash buyers hit SD home market

April was a record month for cash buyers in San Diego County, the latest DataQuick numbers show.

One-third of last month’s sales were done in cash, breaking the previous record of 31.4 percent set in February. The historical monthly average of cash deals in the county is 16.7 percent, based on a data set that starts in 1998.

Related: SD’s April home sales hit 6-year high

San Diego’s cash-buyer percentage is in line with Southern California’s, at 31.5 percent.

Activity from cash buyers and investors continues to be “robust” locally and in neighboring counties, DataQuick president John Walsh said on Wednesday. Investors, also known as “absentee buyers,” made up 27.8 percent of total buyers in San Diego County last month, up from 25.7 percent a year ago.

Here’s a breakdown of other important numbers to track:

Foreclosure resales: These are homes that were foreclosed upon in the last year and were later resold. DataQuick says 23.4 percent of total resales fit into this category in April, the lowest it’s been since November 2007, when it was 22.2 percent. A year ago, the share of resales that were foreclosures was 30.4 percent.

Short sales: An estimated 21 percent of total resales were short sales, down from 22 percent in March but up from 19.3 percent a year ago.

Price ranges: When comparing March 2012 to March 2011, sales of San Diego homes:

Below $200,000 all sales were down 6.9 percent

Below $300,000 all sales were up 0.1 percent

Below $400,000 all sales were up 5 percent

Between $300,000 to $800,000 were up 7.8 percent (What does this tell us? The move-up market may be starting to move.)

More than $800,000 were down 0.7 percent.

Written by Lily Leung  5:53 p.m., May 16, 2012
UTSanDiego.com
http://www.utsandiego.com/news/2012/may/16/diving-deeper-april-housing-market/
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s