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The median price per square foot of San Diego resale homes rose in February, and by a pretty healthy chunk at that: 2.2 percent for single family homes, 2.5 percent for condos, and 2.4 percent in aggregate.
So far, however, other signs of an imminent 2010-style spring rally are absent. The number of months’ worth of inventory, a figure which measures how supply stacks up against demand, has declined from the rather oversupplied levels seen late last year and has even managed to drop slightly from January. However, months of inventory are still 26 percent higher than they were in February 2010:
I would expect this measure of inventory to drop substantially before we might see the type of price rally that we experienced in early 2010. Thus, I don’t expect a 2010-style spring fling. But last month’s decline in inventory and apparent rise in prices suggest that the recent price decline may abate somewhat.
Please contact Rich Toscano at rtoscano@pcasd.com and follow him on Twitter at http://twitter.com/richtoscano.