San Diego Housing Market Update
This is a great post provided by Realtor William Johnson of San Diego. It is interesting to see how the median price of home / condos in San Diego have increased while the number of sales have decreased. Hopefully the price will remain stable! Thanks for the great post Mr. Johnson.
A recent San Diego Housing Market report indicates that while the median sales prices have increased, the number of sales have dropped since the the expiration of the tax credit incentives.
The year over year changes from July 2009 through July 2010 suggest that there have been increases across the board in Single Family and Condominium resale prices and also in new homes sale prices. The median prices increased 8.57% for Single family homes, 1.82% for condominiums and a whopping 13.93 % for new homes. These combined gave the county a 5.62% boost to the median price of all combined types of sales.
The sales numbers year over year however show a significant drop in the number of sales in all three categories. The resale numbers for Single Family homes dropped 18.96% while the total Condominiums resales dropped 19.17%. New homes sales similarly dropped over 24%. The over market change in San Diego county reflect that there was a total of a 19.40 % overall change in the housing sales figures for the year July 2009 through July 2010.
We have seem over the last year some much appreciated price stability even while the number of sales are dropping. It has been speculated by others that the overall economic picture on employment and the increasing number of distressed properties may very well have a disrupting affect on the price stability gained thus far. While I remain optimistic, statistically at least, the current downward trend is likley to be around a while.
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