The housing inventory in the "sand market" has been steady and down slightly from levels at this time last year. There has been a slight increase in short sales in Pacific Beach this month but overall the inventory has not changed significantly from last year which was 2 .5 months. Inventory for homes under $500,000 is 1.5 months. For homes priced in the $500,000 to $1,000,000 range, the inventory is 4 months and a 6 month inventory for homes over one million.
The Affordability Index is currently at a high of 62% for San Diego. This index measures the percentage of the population who can afford to purchase the average priced home in the San Diego area. It takes into account prices, incomes, and mortgage rates to calculate affordability. The index was at a low of 20% at the height of the real estate boom in 2006.
The number of sales in Pacific Beach was down this month to 23 from 40 in January but the average sales price was slightly up to $590,000 from $517,000 .
