San Diego real estate market roundup

The San Diego median house price has dropped in the last four months, but only nominally after the city’s record high of $525,000. The median price now stands at $515,000, which has seen an end-of-the-year slip since August. This suggests that price adjustments only comes with holiday market movement and the natural real estate flux towards the end of a calendar year. Sales, however, have reached another high for recorded Novembers (since 1988 when DataQuick began recording) with 4,350 sales that month, proving that the market is still incredibly strong. Sandicor, Inc., San Diego’s Multiple Listing Service shows listings at an almost 300% triple with 9,129, up from 3,754 in December of last year. Four in five buyers are choosing adjustable rate mortgages and as the Federal Reserve began raising short term interest rates six months ago these adjustable mortgage-holders are starting to pay higher rates. The region is seeing a median home price of almost double the national average. Homes are continuing to be built, remodeled, and sold, and should the Chargers make their way to the Super Bowl, San Diego will have yet another attraction to add to it’s list of reasons to live in this climate-perfect but increasingly expensive city. Prices are not expected to reduce significantly, according to pattern. Buyers should consider these factors when deciding the right time to shop for a home.

San Diego Jobs improve

Though the country’s national unemployment rate is 5.4%, San Diego has made considerable strides since December of 2001, matching an unemployment low of 3.4%. Job growth has slowed in the past month but still holds the lowest unemployment rate in 3 years. Nearly 20,000 jobs have been created in the last year. Half of that figure goes to construction work, as San Diego has been rapidly expanding to meet housing and commercial needs and Downtown is constantly evolving into the sky. Other San Diego jobs being filled are in professional and business services, increasing the amount of higher-paying jobs and attracting young professionals to the city. The bio-tech boom and the recent stem cell research grant are going to surely increase jobs in the coming years as well. Other large cities in California are struggling to rebound from 9/11 and the dot-com flop, though San Diego has the second lowest urban rate in California, behind Orange County. These statistics prove Southern California to be a desirable job destination, depending on both occupation and increasing population growth meeting housing needs.

San Diego real estate market roundup

The San Diego median house price has dropped in the last four months, but only nominally after the city’s record high of $525,000. The median price now stands at $515,000, which has seen an end-of-the-year slip since August. This suggests that price adjustments only comes with holiday market movement and the natural real estate flux towards the end of a calendar year. Sales, however, have reached another high for recorded Novembers (since 1988 when DataQuick began recording) with 4,350 sales that month, proving that the market is still incredibly strong. Sandicor, Inc., San Diego’s Multiple Listing Service shows listings at an almost 300% triple with 9,129, up from 3,754 in December of last year. Four in five buyers are choosing adjustable rate mortgages and as the Federal Reserve began raising short term interest rates six months ago these adjustable mortgage-holders are starting to pay higher rates. The region is seeing a median home price of almost double the national average. Homes are continuing to be built, remodeled, and sold, and should the Chargers make their way to the Super Bowl, San Diego will have yet another attraction to add to it’s list of reasons to live in this climate-perfect but increasingly expensive city. Prices are not expected to reduce significantly, according to pattern. Buyers should consider these factors when deciding the right time to shop for a home.

Encitinas 'Extreme Makeover' Home Revealed

The "Extreme Makeover" of a San Diego North County home was revealed on ABC recently, the hit show transformed the cramped home of an Encinitas widower, Brian Wofford, into his family's dream home. After his wife died, Wofford single-handedly raised his eight children and was unable to keep up with needed repairs for their three-bedroom, two-bathroom home. So, "Extreme Makeover" sent a design team, contractors and more than 150 workers to give the family a hand.
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Interesting statistics on the California real estate market

Here are some interesting statistics on the California real estate market:

• There are 6,983,500 California homeowners.
• Homes appreciated an average of 21.4 percent in the last year.
• The median home price in California is $460,370
• The average equity gain in California, therefore, was approximately $92,000.
• California homeowners realized a real estate equity gain of $644 billion.

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There are a lot of opinions regarding the future of the San Diego real estate market. Property values have increased more than twenty percent annually in many neighborhoods during the past five years. What are the factors that will weigh on the future of the housing market?

The supply of new and existing homes for sale has been tight. Demand from home buyers has been strong and unwavering. How much will future interest rate increases slacken the demand to buy homes? If the price increases continue, how high will the prices go before the buyers stop buying? Only about 16% of familes in San Diego county can afford to buy homes at current prices. Will rising rents ultimately hurt the local job market? In comparison to other tourist destination cities around the world, San Diego home prices may not be so high after all. Post thoughts about the San Diego real estate market here.