Real Estate Market Stabilizing For Properly Priced Homes

Real Estate Market Stabilizing

Video Transcript

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This video is brought to you by the greater San Diego  Association of Realtors and the San Diego daily transcript  half-million-dollar hi everybody George Chamberlin here executive editor for the  daily transcript and it’s time for the skilled  brought to you by the greater San Diego Association of Realtors were recording  miss on the 8th of September  and joining me of course as always is Leslie Kilpatrick there  president of the organization good to see again good to see you  mired in the the muggy hot days of summer haha  absolutely a it’s hot and the horse that we seem to be treading water  in the heat yeah that’s right that’s right which is not a bad playing  considering how far  and how fast things have come but let’s take a look at the numbers for the past  month what’s the offer small with a  with most things that were sold and I think this is kind of where we see the  the treading water thing right exactly we were up a little bit over last month  so we’re about four percent on a single family homes  but it is still a big decrease from a year ago and then on the condominiums it  was about the same down .8 percent but about the same  and in terms of movement last month is that is that a factor I love  inventories still Leslie are there other things involved inventory estate about  level about a little over three months worth of inventory which again is still  not  what’s considered normal quote normal at six months worth but its  I think there’s a lot of factors it seems like there’s a little bit of  almost financial fatigue out there  embraces kind of waiting for things they happily I let’s talk about prices  because that’s what people are interested in so I said tell us what’s  going on there  are the median price was down just slightly but still over half a million  dollars for  a single family detached and the median price for the condominiums did come up  almost 5 percent  team 340 and its year-over-year numbers are  month-over-month month-over-month oh wow so that’s a pretty good that’s a pretty  significant know exactly where still  up over a year ago sure more modest but up mean  and and you know people hittin sometimes I think my friends in the media do a  disservice on that number because  they’ll see that the pace of growth in prices has slowed a little bit  but still when you compare it to a year-over-year work we’re having  or still in the positive column and if we were having the kind a rapid growth  we had last year there would be a lot of fear about affordability and other  issues in the market so in some ways this is  a stabilization you know one other things and I’ve been watching has been  the steady month after month after month decline and me  percentage of transactions that are distressed homes foreclosures  or short sales and again this rise in prices has  poll the lot of people above water has in it absolutely has and a lot of that  inventory is just gone it was  that picked up last year you know we we member ways to talk about the shadow  inventory exactly yeah  now the shadow knows shadow shadows longer on long drives  are you guys have a big event coming up and it’s all about using technology to  be  successful in your industry yes this is in and partnership with Inman news  and it’s a event called the agent reboot it’ll be at the end of October October  28  I think it’ll be a fabulous event they have a great speakers bureau  they’re bringing in some folks to help Realtors utilize social media technology  in its best way to be better market n you you pretty much have to these days  don’t you  absolutely it’s critical and you have to be on top of it all the time there’s  always something new  mean and soap this is a chance for realtors to really get an education on  this I love the reboot term that’s a great term to describe what this is all  it’s going to be a great day I encourage everyone to attend it for our members  and you know we talk a lot about this and a and I think that people sometimes  take it for granted  you when you’re looking to select a Realtor to represent you on a buyer sale  you can really benefit a great deal from their knowledge about how to use social  media these days can ship absolutely they can do a much better job of selling  your home if they’re up to speed on all this technology  and you can you can figure that one out real quick absolutely so the 28th of  October there’s information on the website STAR dot com  all about this in reservations and should be made right right helpful  yes good idea to do right away cuz I have a high in space will be a limited  Wesley thanks for coming in always going to talk about what’s going on in the  industry  thank you right remember this is a coming up at the end of October get all  the information on the website  SD AR dot com find out about this in a lot of other things going on in the  industry