san diego real estate market: Is Now a Crazy Time to Buy a Home in San Diego?
- 02/22/22 11:30 AM
Congratulations San Diego! You just became the least affordable city in California. Based on income and single-family home prices, San Diego has surpassed Los Angeles and even San Francisco in being unaffordable, according to a study by OJO Labs. So is it possible to buy a home here in America’s Finest City, or does it even make sense? Let’s do the math. The average income in the county is a bit over $68,000 and the median home price is $764,000. A 10% down payment would be $76,400…how does one save more than a year’s gross income with rent and the cost of … (0 comments)
san diego real estate market: San Diego Real Estate in 2022: Still Crazy?
- 12/30/21 03:05 PM
Short answer: Yes. But let’s take a quick look at the stats we’re riding on into the New Year. San Diego County Home Sales Comparing November 2020 to November 2021 Median sales price for a single-family home was $750,000 in 2020 compared to $860,000 this year, up 14.7% YOY. Median sales price for an attached home in 2020 was $475,500 compared to $595,000 this year, a whopping increase of 25.1% YOY. Demand for condos increased sharply as buyers who normally would buy a single-family home were priced out of that market. The number of closed sales was also down significantly. Single family home sales were … (2 comments)
san diego real estate market: Is the San Diego Real Estate Market Headed Back to “Normal”?
- 09/17/21 01:40 PM
LOL! What the heck is “normal”? Here’s an update as of August 30 to give you an idea about how the market is trending. To put it simply, the San Diego County market is still hot with prices increasing and supply dwindling. In August, the median price for a detached home rose to (gulp) $850,000. That is 15% higher than the median price one year ago. Not surprisingly, the inventory of homes for sale in August was 39.1% lower than 2020. The number of days on market was also lower with it taking an average of just 20 days to get under … (3 comments)
san diego real estate market: San Diego Real Estate Spring 2021
- 03/23/21 02:55 PM
As we head into what is traditionally the start of the home buying season we are faced with a highly competitive market, shaped primarily by lack of inventory. Active listings throughout California fell an average of 52% in February as compared to one year ago. The market was also driven by lower interest rates. In February of this year a 30-year fixed mortgage was 2.81% compared to February 2020’s rate of 3.47%. The lower rates mean that people can afford to pay more, which they have to if they want to purchase a home in San Diego. In January of this … (2 comments)
san diego real estate market: San Diego Real Estate: What to Expect this Spring
- 01/31/19 03:06 PM
It’s that time of the year when San Diegans wake up from the holidays, look around and decide it’s time to get serious about those plans to move. Last year in the period from February through May, our real estate market was a virtual feeding frenzy with prices jumping by as much as 8% year-over-year in some areas, and homes selling within hours of hitting the market.
While I don’t predict the same level of activity this spring, we will see improvement from the doldrums of November and December when interest rates rose to 5.00% and home sales all but ground to … (3 comments)
san diego real estate market: San Diego County Real Estate Update for July
- 08/21/17 12:23 PM
Fewer sales. While San Diego County continues to be a hot real estate market, we did see a bit of a cool-down in July. Compared to the previous month, sales of detached homes were down by 20% and condos and town homes down 14%. Year over year, July 2017 sales of detached homes were down by 10% and attached homes down 7%.
Prices still strong and rising. Don’t let fewer sales fool you! Prices are still strong and trending upwards in most areas. In July the median price of a single family home was $620,000, up just slightly over June, but … (2 comments)
If you’re on the fence considering whether this is a good time to sell or buy in San Diego County, let me share a few facts that might make that decision a whole lot easier!
The biggest driver right now in the County is the lack of inventory. If we compare the number of detached homes on the market in December, 2014 which was 2,240, with the 1,496 for sale in December 2015 we see a drop of over 33%. This caused the month’s supply of inventory to drop by 41.7% to just 1.4 months supply and the days on market to … (6 comments)
The numbers are in, and the San Diego real estate market continues to show increasing prices and decreasing inventory. Median Price All Homes (Detached and Attached) – San Diego County Feb 2012 $305,000 Feb 2013 $360,000 up 18.0%
Median Price Detached Homes – San Diego County Feb 2012 $360,000 Feb 2013 $407,220 up 12.3%
Median Price All Homes (Detached and Attached) – Our Key Service Areas* El Cajon Feb 2012 $252,500 Feb 2013 $298,000 up 18.0% La Mesa Feb 2012 $335,000 Feb 2013 $370,000 up … (3 comments)
Congratulations San Diego! You just became the least affordable city in California. Based on income and single-family home prices, San Diego has surpassed Los Angeles and even San Francisco in being unaffordable, according to a study by OJO Labs. So is it possible to buy a home here in America’s Finest City, or does it even make sense?
;)
;)
;)
