The most southwestern city in the entire USA, San Diego is at a strategic location along the pacific rim. It is called America’s finest city, partly because of the relaxed friendly lifestyle, and partly because the city is relatively clean and new compared to most other major US cities. Divided by ravines, hills, mesas, water and freeways, San Diego is a collection of geographically distinct neighborhoods.
SDDT Executive roundtable
At a recent roundtable of local real estate executives, hosted by the San Diego Daily Transcript, realtors like what they see … “Optimism” was the byword of a residential real estate brokers and agents.
Recovery in median home prices
San Diego median home prices hit their lows of approximately $285,000 in early 2009. The economy bottomed out in March of 2009 and as it started to recover, so too did the San Diego real estate market. According to Data Quick, the median home price in San Diego County for February 2013 was $359,000. While the $74,000 increase is excellent, median home prices are still close to 30 percent below their November, 2005 all-time highs of $517,500.
Positive Residential Real Estate Trends are continuing
Recently released data by Trulia, for the first quarter of 2013, showed that the median price of homes sold in San Diego was $379,057, an increase of 26.4 percent over the first quarter of 2012. The average listing price for the week ending April 3, 2013 was $656,901, a $10,194 gain and an increase of 1.6 percent over the previous week.
This year, the median price for single-family homes in the county increased by 20 percent and rose 31 percent for condos/townhomes, when compared to the first half of 2012, show numbers from our association. Nearly 12,500 single-family homes and 4,680 attached homes were sold in the first half. While mortgage interest rates have risen in recent months, they remain near historical lows, and more listings are surfacing every day. With more than 6,000 homes listed, it’s safe to say the local housing market remains on a healthy trajectory.
Rates for a 30-year-fixed mortgage rose to 4.37 percent in February, up from 3.56 percent in February 2013
Last month, there were 2,541 transactions in the county, up from the 2,338 in January but down 8.6 percent from the 2,779 in February 2013. It was the fewest transactions in a February since 2011. The housing market generally slows down in the early parts of the year because it reflects deals worked out during the holidays. In February, there were 6,099 active listings, up from 4,235 a year earlier, the San Diego Association of Realtors reports. In Southern California, home sales dropped to their lowest level for a February in six years. Los Angeles County home values are up 21.7 percent over the year to a median $426,000, while Orange County prices are up 18.9 percent to a median $567,000.