Has San Diego Hit The Bottom Of The Market?
Wouldn’t we all love to know the answer to this question? Well as I gather the most recent statistics it seems that the data states that, as far as San Diego real estate is concerned, we’re bouncing along the bottom. So what does that mean?
The more I read I got the understanding that San Diego is showings sign of recovering from the most recent real estate decline. San Diego was one of the first markets, along with most of California, to feel the market correction thus it’s emerging as one of the cities to show signs of improvement.
San Diego experienced double digit gains in home prices over the last 15 months and is now experiencing a slight cool down. According to recent Case/Shiller report San Diego ranked #2 just behind San Francisco for price increases.
As we all know the fourth quarter tends to slow down so this slight slow down can be attributed to this. It can also be attributed to the end of all tax credits for buyers. It’s not all bad news because looking to 2011 it looks like prices will probably go up just slightly again. The self instituted foreclosure moratorium by the banks is keeping inventory down and makes me wonder once again about the “shadow inventory” hypothesis. The one thing I would like to make clear is that the more I read the more other experts and I agree that San Diego is experiencing a bottoming out. So, if you’re a buyer waiting for the bottom I have to ask, are you ready to go home shopping?