Market Overview
The San Diego real estate market has seen the inventory declining over the last 18 months. In January, we saw an increase in inventory due to homeowners placing their homes on the market for spring. The good news is that even with this increase the supply is below the three-month level, making it a sellers market.
The average sold list price is around $409,000 at this time with prices above the January 2009 price by close to 10% overall throughout San Diego County. Prices are beginning to push upward as we are seeing multiple offers on homes over $700,000. We must remember that during the winter months, homes are not the top priority for consumers. With spring coming, the flood of homebuyers will be out in the streets looking for homes, which will drive the market. Spring is the time of the year when the highest prices are seen in the housing market; therefore, prices will only go up from here.
A look at the San Diego Market
The median price of detached homes that were sold increased 1.6 percent from $378,950 in November to $385,000 in December. SFD homes in the county increased 26.44% from November 2009 to December 2009. Detached homes in North San Diego County decreased from November 2009 to December 2009 from $436,250 to $436,000.
- An increase was seen in East San Diego County with SFD homes increasing from $305,000 in November 2009 to $311,500 in December 2009.
- South San Diego County saw a decrease from $350,000 in November 2009 to $334,225 in December 2009 and the San Diego metro area saw a decrease from $412,500 in November 2009 to December 2009
- The median price of attached homes sold in San Diego county decreased from $224,500 in November to $215,000 in December.
- Attached homes in North San Diego County decreased from November 2009 to December 2009 from $252,500 to $238,750.
- An increase was seen in East San Diego County with SFD homes increasing to $145,000 in December 2009 from $133,600 in November 2009
- South San Diego county saw a decrease from $185,000 in November 2009 to $170,000 in December 2009 and the San Diego metro area remained at $250,000 since October 2009.
The downtown area of San Diego is fast becoming the hottest properties in the area offering new developments and urban living. The condos in the downtown area are affordably priced and are in demand. The condos in the downtown area are only on average on the market 2 months. The downtown area offers several one and two bedroom condos below $300K.
