Houses for Sale in San Diego – The San Diego real estate market experienced significantly more activity last month regarding the number of homes sold in San Diego County as compared to the number of San Diego homes sold in May 2009. The sale of homes in San Diego rose 19.6 percent in May 2010 from the same period one year earlier. In May 2009, 3,242 homes were sold in San Diego. Last month the number of homes sold in San Diego increased to 3,879 according to the San Diego firm MDA DataQuick.
San Diego home prices have also increased over the past year. In May 2009, the median price for a home in San Diego was $295,000. Last month the median price for a San Diego home was $340,000, which represents an increase of 15.3 percent from the previous year. MDA DataQuick also reported an increase in the median price for a home in Southern California to $305,000 last month, which represents a 7 percent jump from $285,000 in April and an increase of 22.5 percent since the May 2009 average of $249,000.
In addition to San Diego, the six Southern California regions include Riverside, Orange County, Los Angeles, Ventura, and Santa Barbara. The sales of homes throughout these Southern California counties have reached the highest levels we have seen since 2006. Last month, 22,270 houses and condominiums were sold in Southern California. From one year prior, the number of Southern California homes and condos sold was up 7.2 percent from 20,775 in May 2009. The increase from April of this year was 9.7 percent from 20,299 properties sold.
There is a widespread belief among real estate analysts and economists that we can attribute the increased number of home sales throughout San Diego and California to both the federal and state tax credit incentive programs. While the April 30, 2010 deadline for signing a contract to qualify for the federal program was approaching, the California program was just beginning on May 1, 2010. As the number of home sales in the real estate markets for major cities in other states began to slide, home sales in San Diego have improved.
However the state tax credit programs, both for first time homebuyers and buyers of new homes, will each end as soon as their $100 million in funds have been depleted. Last week the California Tax Franchise Board reported $91,404,000 had been claimed by first time homebuyers and $41,683,000 had been claimed by buyers of new homes. The first time buyer funds have essentially been depleted and only half of the funds for new homebuyers remain. How will home sales in the San Diego real estate market be affected after the government incentive programs end?
Chances are it is too late to qualify for the first time homebuyer tax credit, but if you want to enter the San Diego real estate market by purchasing a new San Diego home, you should still have time to claim the $10,000 new home credit if you act fast. Begin searching for homes for sale in San Diego by accessing the San Diego Multiple Listing Service (MLS) or contact San Diego Realtor and Broker Russ Petrone of Petrone Properties at 858-259-1000 to have a customized search of the houses for sale in San Diego designed for you based on the specific criteria you require for your San Diego home. With 25 years of experience in the San Diego real estate market, Russ has the experience, skills, and community knowledge to help you find the perfect San Diego home.