La Mesa Real Estate Market Update June
The number of La Mesa homes for sale that were actually purchased increased substantially in the month of May, hitting a level not seen for several years. According to a June 15, 2010 article from the Southwest Riverside News Network, “Home sales in San Diego County rose 19.6 percent in May, compared to the same month a year ago, while prices increased 15.3 percent during the same period, a real estate information service reported today. A total of 3,879 homes changed hands locally last month, compared to 3,242 in May 2009, according to La Jolla-based MDA DataQuick. The median price of a home in San Diego County in May was $340,000, compared to $295,000 in the same month a year ago.”
The article went on to note that “A total of 22,270 new and resale houses and condos sold in the six-county Southern California region — Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties — in May, according to DataQuick. That was up 9.7 percent from 20,299 in April, and up 7.2 percent from 20,775 in May 2009. May sales throughout Southern California were the highest for that month since 2006.” The report went on to quote the president of MDA DataQuick, who said that “The important thing to remember, though, is that what we saw in May was partly driven by government stimulus. In the second half of the year the market will have to stand on its own again, barring new forms of government involvement.” In other words, the La Mesa real estate market will soon discover if it can continue to rally without help from the federal government.
Foreclosures were less of a negative drag on the La Mesa housing market recently, as the number of foreclosures in the county declined substantially in the month of May. According to the San Diego Union Tribune, one of the reasons that foreclosures have declined might be that lenders are becoming more flexible with their collection methods. Basically, banks are increasingly looking towards short sales and other alternatives to foreclosure. MDA DataQuick noted that notices of default fell about 23% from April 2010 and almost 50% from May 2010. The overall number of foreclosures hovered around 1,000, roughly the same level they were at last year.
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