June Housing Figures For San Diego
Could the tides be changing in the San Diego housing market?
So, HOW is the market doing? Well our San Diego real estate market has seen it’s peeks and it’s valleys in recent times. The answer to this question has been the topic of many conversations for me as a real estate professional with Prudential California Realty working in the San Diego housing market and though no one has a crystal ball the numbers for San Diego may surprise you.
Though all we hear from the nightly news is that things are still going to get worse and that the sky is falling according to the data San Diego is, as we’ve mentioned before, out performing the rest of the markets. The San Diego real estate market has been doing better than most parts of the country and I think this why the San Diego housing market has been recognized on some of the most recent list of the “top markets” and/or “best performing markets”.
As I read my latest Data Quick report the San Diego housing market looks something like this. The median price in June was $330,000, up 1.7 percent from May but down 1.6 percent from a year ago. Home resales are the largest percentage of sales and their prices slid 1.1 percent from May to $365,000 and fell 3.9 percent from the same time last year. Month-over-Month, sales increased 12.2 percent to 2,196 but fell 4.6 percent year-over-year.
On the other hand we have condominiums which reached a June’s median price was $220,000, up 4.8 percent from May and up 0.3 percent from one year ago. Sales increased to 971, or 5.3 percent from May, but were down 16.5 percent year-over-year.
One major factor that must be take in to consideration is the first time home buyer credit. Last year around this time there was an incentive for buyers to purchase home where as this year there isn’t and yet the numbers year-over-year aren’t that far off. Interesting? Though these figures aren’t what they were at the height of the market in 2005 or so they are no where near the horrible things happening in other part of the country. If you think about it people look to migrate to the coastal areas not the middle or interior of the country thus property
Hi Krista,
How’s the inventory of homes for sale? Do you have an oversupply of homes available?
Thanks!
Inventory has been climbing a bit, we’re at the same amount as around Sept 2010 which is a full 1,000 homes more on the market than at the end of the homebuyer credit. How about over in your area?