A combo of hurricane Sandy hitting the east coast and stellar performance of the local market is making San Diego real estate even more attractive for entrepreneurs, foreign home buyers and real estate investors.
A recent report from DataQuick shows new mortgage defaults falling to a six year low, while actual foreclosures continue to decline in San Diego County.
This only bolsters the strength and attraction of the San Diego real estate market, though you couldn’t really ask for conditions to be any better than they are today.
UT San Diego reports that 19 San Diego neighborhoods saw median home price increases exceeding 20% between September 2011 and September 2012. This includes many zip codes posting 30-40% home price gains, with Del Mar topping 70% appreciation in 12 months.
It isn’t just home prices heading up either, Escondido S has seen home sales volume jump up 14.7% during the same period with many markets far exceeding this, including La Mesa, Paradise Hills and North Park which are all up almost 40%, with Imperial Beach realizing a whopping 58.3% rise in home sales since September last year.
With San Diego real estate still so affordable, local business booming and hurricane Sandy sending more to the west coast, as well as the introduction of non-stop flights from Asia to San Diego as of December it is hard to find any fault in these trends or sign they will slow down anytime soon.
Some real estate agents are worried about getting more inventory but between new construction, plenty of foreclosures still in the works, second home buying season coming into bloom, teardown and recycling of homes coming into fashion again and sellers finding it more attractive to sell thanks to San Diego home price rises this shouldn’t be an issue. Those who have been putting off buying a home in Southern California certainly shouldn’t expect to see it any more affordable than today.
