Houses for Sale in San Diego – The San Diego real estate market fared well again in June both in terms of the number of homes sold in San Diego and an increase in the median price for a San Diego home. Although the Southern California real estate market and the California real estate market as an entire entity both experienced slight declines in the median price for a California home from May to June, the value of homes has increased nearly 10 percent in California and over 13 percent in Southern California from the previous year. The rise in California home values from June 2009 to June 2010 represents the eighth consecutive year over year increase for the median home price in California.
Although the median price for a home in California declined 2.9 percent from May to $270,000 in June, the number of homes sold in California last month was up 7.3 percent from the number of homes sold in May. The decline in the median home price has been attributed to a greater number of homes being sold in lower priced housing markets. During June 43,964 homes were sold in California, which includes new homes, resale homes, town homes, and condominiums. Foreclosures represented nearly 35 percent of the resale market for homes sold in June. Although this figure seems like a high percentage, it is a decline from the peak of 58.5 percent reached during February 2009.
The Southern California region is comprised of six counties including San Diego, Riverside, Orange, Los Angeles, San Bernardino, and Ventura. Despite a minor decline from May of 1.6 percent in June to $300,000 for the median price of a home in Southern California, home sales were up 7.2 percent from May. Last month 23,871 homes were sold in Southern California, which represents a 2.6 percent increase in the number of homes sold in the region from June 2009.
The San Diego real estate market and the North County San Diego real estate market have both fared well in terms of the number of home sales and median home values increasing. From June 2009 to June 2010, the number of houses sold in San Diego rose 5.2 percent from 3,692 homes sold in June 2009 to 3,885 homes sold in June 2010 according to MDA DataQuick. The median price for a home in San Diego increased 6.8 percent from $314,250 in June 2009 to $335,500 in June 2010.
The North County San Diego real estate market has also experienced improvements related to the number of homes sold in San Diego and the median price for a home in North County. During June 2010, six hundred forty-four homes were sold in San Diego, including both new and resale homes and condominiums. The median price for a home in North County San Diego rose 8.2 percent from June 2009 to $460.000 in June 2010. MDA DataQuick reported the average price for a new home or condo in North County San Diego was $605,500 during June 2010. The median price for single family home resale properties was $497,500, and the average price for condominium resale properties was $305,000.
Will the California and San Diego real estate markets remain stable after the effects of the federal and state homebuyer tax credits have passed? Although local economists and real estate analysts, such as Alan Gin, anticipate slow to moderate growth for the San Diego region in the near future, real estate consultant and economic analyst Gary London expects San Diego will rebound and recover more quickly than most of the other regions in the U.S.
London wrote an excellent article in the most recent edition of the San Diego Business Journal (July 19-25, 2010) explaining why the San Diego real estate market is so resilient. London cites the limited supply of properties available in San Diego County as the precursor which will lead to scarcity, increased demand, and competition for San Diego homes. Ultimately the law of supply and demand, which has been acknowledged as an issue by the San Diego Planning Commission, can be referenced to predict a shortage of homes in San Diego along with an expected increase in home values as the San Diego population continues to grow.
With record low interest rates and low home prices in San Diego, now is an excellent time to enter the San Diego real estate market. Begin your search of houses for sale in San Diego today, or contact San Diego Broker and Realtor Russ Petrone of Petrone Properties at 858-259-1000 to have a customized search of the houses for sale in San Diego created specifically for you based upon the criteria you require for your San Diego home. With 25 years of experience in the San Diego real estate market, Russ has the community knowledge, negotiating skills, and expertise to help you find and purchase your perfect San Diego home.