Here’s the latest San Diego real estate news. Across the county we are seeing strong demand for homes at current prices, particularly for the “average” homes for sale in San Diego. The more upscale San Diego luxury homes are still facing some downward pressure, but there is substantial support for the entry-level houses and condos over the past year, including price increases in some neighborhoods.
We pulled four representative San Diego real estate markets and compared the past thirty days with the same period in 2007. As you see below, prices of San Diego homes are down thirty to forty percent from their highs in 2007. Yet the number of San Diego homes sold has increased substantially, twenty to forty percent, indicating strong demand at current prices. San Diego luxury homes are also selling, albeit at reduced prices from motivated home owners. Approximately 30% of the homes sold in the past month were San Diego foreclosures. The inventory of foreclosed homes is largest in South Bay and in East County.
The “DOM” is “Days On Market”. The average time it takes to sell a home in the current market is actually less than the 70 to 90 days stated below. The 70-90 DOM number includes Short-Sales, and bank approval for San Diego short sales requires an about six months. The non-distressed properties that are priced correctly are actually selling very quickly. In general, the San Diego real estate market has been moderately active. Many are hoping to see increased activity in the San Diego luxury homes sector in the coming months.
San Diego North County Inland (October 8, 2011 to November 7, 2011) (256 Sales)
Compare same region during same time frame in 2007 (191 Sales):
The Average Sale Price is DOWN 33.4% and the number of sales is UP 34%. Strong demand at current prices.
San Diego North County Coastal (October 8, 2011 to November 7, 2011) (373 Sales)
Compare same region during same time frame in 2007 (316 Sales):
The Average Sale Price is DOWN 20.2% and the number of sales is UP 18%. Strong demand at current prices.
San Diego Metro Uptown (October 8, 2011 to November 7, 2011) (203 Sales):
Compare same region during same time frame in 2007 (145 Sales):
The Average Sale Price is DOWN 24.2% and the number of sales is UP 40%. Strong demand at current prices.
San Diego South Coastal (October 8, 2011 to November 7, 2011) (95 Sales):
Compare same region during same time frame in 2007 (116 Sales):
The Average Sale Price is DOWN 35.9% and the number of sales is UP 18%. Strong demand at current prices.
Keller Williams Realty is the leading San Diego real estate brokerage in North County. We specialize in San Diego luxury homes, beach homes, and estate properties. For more information, contact the Keller Williams Realty experts at (800) 955-6463. Our real estate agents will represent clients with residential and commercial real estate transactions.
24 Comments to San Diego Real Estate Market Update
Comments
This is great news since if I’m not mistaken, the average or lower ends homes market usually point to a trend (plus most of the sales) whereas the upscale home sales are more of a wildcard as to whether they indicate a trend or not.
Yes, you’re right. There can’t be support for upper end San Diego luxury homes unless there is demand for entry-level houses for first-time buyers.
Their specialties are luxury, beach and estate. You can never go wrong with this institution plus, it is not usual for a company to post their updates.. Very nice and transparent.
Thanks for sharing. I’m a realtor too, and from my stand point your company has done such a nice job.
Aali
Thank you Aali. I appreciate a compliment from a fellow real estate agent!
I am now not certain where you’re getting your information, but great topic. I must spend some time finding out more or figuring out more. Thank you for excellent information I was searching for this info for my mission.
I’ve heard of Keller Williams from a Colleague, but I have no idea that it is such a good realty company. Very transparent. I might transfer, we never know…
Thanks,
Honya, Realtor
Hi Honya. KW is a great company. It’s now the second largest real estate brokerage in the United States. You should have heard of Keller Williams. We started in Austin Texas! If you’d like more information about the company, let me know. It’s a great arrangement between brokers and agents. I’ll get you started.
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Great post, great site. Posts are always reputable with proven statistics and facts. Will be my pleasure to share.
It is really interesting to see how the real estate market can change. In the past few years, due to unstable economical conditions real estate has gone through lots of up and down.
Yes about the real estate market, one should in any case more accurately informed if you plan to invest his money in a property. Finally, a real estate purchase is the no small affair.
Such a wonderful post and the author is very interactive. I would like to say thank you for sharing this. Your company is very transparent.
I think you’re right that the luxury sales should follow the average home sales in regard to trends. I hope this is a true trend and not just a blip or a spike as I fear it may be as unemployment and the economy as a whole is still sputtering.
Thanks for posting the stats and the brief synopsis afterwards. Keep them coming. I always like reading about how different regions are performing.
I think a similar trend is being seen in various locations across the world. Prices have now come down to a more affordable level and so more people can afford to buy. Supply and demand…..
Great news for the real estate market
Great information! It is great to see where the numbers have been and where they are going. Thank you for this post.
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Great article. This is true that the demand of real estate is increasing again after the long period of recession . Market and the economic conditions are recovering again.
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Since the begaining of 2012 real estate market have seen a slight boom in the market, property consultants are expecting more good time to come in this year.
There are a lot of real estate markets around the world that are BOOMING right now. There’s been an over-reaction in the San Diego real estate market. All those investors who are overbidding on real estate in Toronto and in Shanghai would be smart to shift their focus to the down markets in the United States. All the markets have cycles, and smart investing is all about timing!
My brother just bought a house in San Diego and he says he loves it. He has been trying to talk me into moving out there for the last year but I have been stalling. I might need to reconsider.
Hope to see you here. Let me know if you have any San Diego real estate questions. I’d be happy to help you. Read about the Top San Diego Realtors
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