San Diego Sees An Increase In The High End Market
Does this sound like it goes contrary to what the media says about the housing market? As I’ve said before in other blogs the news media uses data that’s on a national level and though it might have some relevance to our local San Diego real estate market it’s important to get the facts and data about your local housing market. For the past years as an agent with Prudential California Realty I’ve seen how prices can differ vastly in a zip code so the more specific you can be the better decision you can make about fulfilling your real estate needs.
With the recent economic and housing market downfall of recent years you’d think that the luxury real estate market would be in the tank compared to the median priced real estate market. Well, guess what? Recent data shows that the San Diego luxury real estate market is doing better than anyone would expect. According to the latest figures San Diego’s housing market saw an increase of 15% in the sale of homes with a selling price of $1,000,000.00 or more.
The numbers show that in 2009 there were 1,578 homes sold in this price range compared to 1,814 homes sold in 2010. This increase in the San Diego luxury market is also echoed throughout the state with 18,261 homes sold in 2009 compared to 22,529 homes in 2010 which equals a 21% increase.
The San Diego real estate market is for sale as is most of the nation’s but the San Diego market is poised to start moving ever so slightly up the road to recovery. Though it will take a bit of time to see some of the prices we saw back in 2005 some buyers are realizing that they could save tons of money in this market especially those buyers looking in the San Diego luxury real estate market. A 20% savings on a luxury home compared to the highs of 2005 could mean a savings of $200,000.00. Even if you’re not a buyer in this price range the amount of money you could save on a home in the current San Diego housing market is still significant. If you or someone you know is looking to decide if it’s their time to buy and are looking for some answer to questions please feel free to contact us here at the San Diego Real Estate Cafe and we’d be happy to help you.
