December 2009 saw continuing good news for the San Diego housing market.
October 2009 was the first month in three years that the median sales price had increased over the previous year, and December 2009 added another month to that to make it three in a row! However, month over month, the median sales price has been up for eleven consecutive months.
The historic high was in November 2005 when the median reached $517,500. At that time, only 7% of San Diego's population could afford to buy a median-priced home.
The most recent low appears to have been January 2009 when the median fell to $280,000. The median price in December 2009 rose to $330,000, and 50% of San Diego households can afford to buy a median priced home.
Total home sales for San Diego County has been up year over year since July 2008, eighteen consecutive months!
Those who analyze housing figures in much greater detail and over significantly longer periods of time can't say whether we're in a Seller's Market or a Buyer's Market. About half the zip codes in San Diego County showed an increase in price in the fourth quarter of 2009 while the other half showed a decrease, leaving both Buyers and Sellers perplexed.
However, if your intent is to live in your home, raise your family there, and perhaps even retire there, now's a great time to buy, especially since you can take advantage of the Federal tax credit if you're under contract by April 30, 2010, to buy a home and close escrow by July 1, 2010. Time's running out!
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Isn't it wonderful to see some increases for a change? Sounds like good things are happening in San Diego!