San Diego Real Estate Market Update

What Experts are Saying about the San Diego Housing Market

The San Diego real estate market is moving rapidly and if you don't pay attention you just might miss out.

As rental demand increases the difference between owning a home and paying a mortgage vs. paying rent could be less than you think.

We have compiled some real estate market facts for San Diego and provide you with the Cliff Notes.

The median price of an existing, single-family detached home in San Diego was $531,350 in June. Up 6.7% from May and up 9.9% from June 2013.*
Inventory is improving, home sales slowly moving back up & the market is more balanced, further market normalization is coming, as interest rates remain at the lowest levels we've seen so far this year.*
Home prices are finally increasing at a healthier pace, the smallest year-over-year price gain in more than two years suggests that prices are stabilizing.*
Homeowners that bought at the peak of the market in 2006-2007 will have to wait until 2017 or later to get back to the break even point. A lost decade in which they have built no home equity.**
Because home values remain so far below their peak levels, it is still possible for buyers to find bargains.**
Foreclosures and default notices in San Diego County continued its downward trend. Rising home prices continued to give people enough equity to get out of bad loans or to sell their homes.
Buyers have a lot more to choose from. With prices higher than they were a year ago, investors and all-cash buyers have backed away, constituting their smallest share of home sales in four years.***
A more balanced market where traditional sales are prominent, "regular" buyers are purchasing from "regular" sellers (not banks or investors).***

Is the Seller's Market Over?

Comparative Market Analysis, What is my home worth, sell my home

This all depends on who you ask...from a professional stand point I would say that Seller's who are asking reasonable "fair" market value for their homes are going to sell and fast. To all of the overpriced homes out there...you will sit on the market for many days to come. I hope this doesn't find you regretting the denial of that "reasonable" offer because if you did...chances are that buyer has already found what they were looking for and purchased another home on the market.

Have you been thinking about selling your home? Check out our #MarketValue Monday article from last week: What is My House Worth?

Buy or Bust?

If you are in a financial situation right now that allows you to purchase a home and you feel comfortable with the monthly mortgage payments, then...what are you waiting for? Start with educating yourself about the home buying process and saving for your down payment and getting back to the basics. There is no better feeling than "Home Sweet Home" and it is possible for you and your family.