Based on the numbers from the S&P/Case-Shiller Home Price Index, San Diego County real estate values increased by 18% in 2013. However, not all areas in San Diego saw increases and a number of areas saw increases much larger. The 18% is just an “average” across the County. So, how do YOU find out where your zip code stacks up within itself? After all, that’s what really matters when it comes to real estate. Check out this report covering all of San Diego first… Don’t worry, I’ll show you how to get one of these for your desired zip code shortly 🙂
Anything stick out to you? I don’t think there is anything truly alarming here, but a few things worth noting.
#1 – The average list price is nearly $600,000, but you can see in the “Price Trends” graph that it was below $400,000 just two years ago. So, the median list price is up 50% in just two years.
#2 – 34% of the properties listed have a price decrease associated with them. Keep in mind, this number is always greater than it shows because many agents will re-list a property (leave it off the market for a while) so the new price will also show as a “fresh” listing. 34% still sounds like an awful lot to me.
#3 – You can see the % of listings that have been listed before is 21%. 1 in 5 of the homes you see listed were on the market once before, taken off, then put back on again. That also seems very high to me.
#4 – The “Market Action Index” shows us that it is still a “Seller’s Market”, though the trend is headed downward.
With values being up so much so quickly, many homes having price decreases, and many being re-listed, it seems to me that something is changing… Perhaps we are seeing the beginning of a Buyer’s market. Remember what happened last time? The investors came in and just ate it up. If you’re a home-buyer, get your pencil ready. It just might be perfect timing to jump in.
If you would like to get one of these reports for the specific San Diego real estate market you are interested in, just CLICK HERE. It’s 100% Free.
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