How has the San Diego real estate market changed in the last year and what can those buying a home expect to find?
The California Association of Realtors’ (CAR) 2012 Annual Housing Report reveals just how much the San Diego real estate market has evolved in the last 12 months. Homes are now selling twice as fast as last year, with homes with equity selling in an average of just 32 days compared to short sales at 90 days (but down from 141 days in 2011).
41% of San Diego homes sold without reducing price and almost 60% received multiple bids, the most in 12 years. Regular home listings received an average of 4.2 and 30% of those buying a home in San Diego paid cash versus just 9% back in 2001.
These are all trends we expect to see compounded through 2013, as well as a continued decrease in foreclosures and distressed sales, as home prices rise.
Home prices in San Diego County are up dramatically since last year but still far more affordable than they used to be.
For those buying a home in San Diego this is a great time to get into a great neighborhood on the cheap regardless of whether their dream home is in the mountains or by the beach. It is also a smart time to acquire an older home and plan to tear it down and put up your dream home, especially for local entrepreneurs and real estate investors. Coastal homeowners may also find this the perfect timing to move inland to areas like el Cajon and get a lot more home for the money.
Unfortunately, on the downside we can only expect San Diego real estate prices to continue to soar, with many zip codes seeing home prices leap by high double and even triple digits, meaning that while Southern California will continue to boast some of the most in demand property in the country it may not come cheap for those who wait.
