Southern California is quickly stealing the spotlight as the rising star of the new real estate recovery with all numbers headed in the right direction.
Home inventory is down, and the amount of shadow housing inventory is dropping the most here. While a surge in demand for all types of San Diego real estate has pushed up the median home price by around 11% year-over-year, to their highest point in 4 years. However, perhaps even more important is that the volume of San Diego home sales has risen to its highest level in 6 years.
There is now also a lot more action beginning at higher end of the market which will quickly pull up local housing statistics and is presenting new and incredibly profitable opportunities for real estate investors.
Expect a lot more demand and movement after November 2012 too. Between the election, corporate bonuses at the end of the year and second home buying season coming into full swing as more visitors descend to take advantage of the sun during colder winter months there ought to be a lot more real estate activity around San Diego County during the last couple months of the year.
While the recent lift in home values may not be enough to bring most homeowners up from being underwater so those in default will likely need to quickly find help for getting short sales approved before end of the year deadlines.
Those buying a home in San Diego, CA will certainly find many great opportunities over the next few months however, should expect home prices to continue to pick up as time progresses.
For real estate investors this is an incredible moment, especially for picking up San Diego home bargains over the next 8 weeks while there is somewhat of a lull following the summer surge and before the election.
