Has the market starting showing signs of a bottom?
Many Buyers who have seemingly been waiting for the best buying opportunity seen in years are out in force.
Although La Jolla has had very few if any Bank Owned Homes listed for sale, and Pacific Beach has been limited to a handful, I have recently noticed lots of Buyer activity on many homes throughout coastal San Diego being offered for sale as an REO.
Multiple offers, sometimes as many as 25 on one single home the first day listed, have been common. And one Pacific Beach home drew 12 offers in 2 days! With this many Buyers making offers I am led to believe the housing market in San Diego is making an upswing and a bottom has been reached.
The N.A.R. reported an increase in sales nationally for the first time in seven months. This gain is encouraging because increases in sales were not expected until the second half of this year. According to a C.A.R. report, February sales volume in California was up 9.5 percent compared with January, marking that the fourth month in a row that figure inched higher!
So has the market start to rebound and will the market return to a more balanced one? We will see. But one thing for sure is there are some terrific buying opportunities out there right now and many Buyers are jumping off the fence.
La Jolla Market Update for 1st half of 2008
Well, all this doom and gloom coming from the media has not affected the La Jolla Coast.
Home prices have actually held their ground and have not fallen during this latest market cycle. Sure, sales numbers are down from the past year, but many properties are still selling in weeks or less!
Condos are also doing quite well. However, truth be told, some complexes in La Jolla, specifically condo conversions and units priced less than around $800,000 are seeing some short sales and even foreclosure activity. Seems like some people got in over their head even here in La Jolla.
As for nearby commuties like Mission and Pacific Beach.... the booze ban has definitely cleaned the coast up. Have you been on the boardwalk as of late?? WOW is all I can say. Having grown up here, I can honestly say it is the cleanest and safest I have ever seen it.
Look for property in Mission Beach to only get more valuable as it appears to becoming a version of Newport Beach South. One real estate company is leading the change and with the cigarette and booze ban, more baby boomers will be looking to purchase second homes there for sure.
;)
;)
