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The median price for all North County home sales - attached and detached - decreased 1.35% in

November 2009 from October 2009, to $370,000. 

Detached homes in North County rose 1.45 percent, from October 2009 to November

2009, from $430,000 to $436,250. Detached home prices OUTSIDE North County decreased 1.4%

from October 2009 to November 2009, from $355,000 to $349,900. 

The countywide median price of homes sold decreased from $380,000 in October 2009

to $378,950 in November 2009 and was up 11.62% from the November 2008 number.

 

The median price OUTSIDE North County for single-family homes rose 7.66 percent from the

$325,000 a year ago.

Attached home prices in North County increased during November 2009 by 5.54%,

from $239,250 a month earlier to $252,500.

Non-North County attached home prices increased 2.44% in November 2009; from

$205,000 to $210,000.

North County attached homes increased 40.28% from $180,000 a year ago.

Median days-on-market for single-family detached homes in North County remained at

35 days in November 2009. The number of North County single-family homes sold fell 18.13% last

month, from 772 to 632. There was a year-to-year increase of 9.15% for home sales in November 2009 compared to November 2008

For several months, the California and local housing markets have been experiencing a

sales rebound as a result of low interest rates, a continuing supply of distressed

properties coming to market, and a continuing reduction in the fear factor on the part of

prospective homebuyers.

Sales of new homes are down significantly because home-building activity has

all but stopped completely.

Meanwhile, 2010 will see a steady stream of sales of resale homes, driven by

distressed properties at the low end of the market, coupled with moderate homeprice

appreciation.

The statewide median-home price is expected to rise 3.3 percent in 2010 over this year, distressed

properties expected to account for nearly one-third of the sales in 2010,inventory will be relatively lean.

Expect interest rates to climb next year from about 5.2 percent to 5.7 percent on average.

While demand from first-time buyers and low-end properties will continue throughout

next year, sales could be impacted if discretionary sellers do not return to the market by

the second-half of the year. 

The wild cards for 2010 include foreclosures, loan modifications, the labor

market, the worsening state budget crisis, and the actions of the federal

government.

Information From North San Diego County Association of Realtros HomeDex tm

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