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April 13, 2014 / patrickbelhon

La Jolla Real Estate Update April and May 2014

April May 2014 Real Estate news

The San Diego Market Starts to Bloom

As the 2014 real estate season comes into full swing, the news is definitely optimistic. According to recent data released by the San Diego Association of Realtors, the local market is continuing on its upward trajectory with strong sales numbers and rising home prices.
Based on the data collected in March, the price of homes rose by 4.3 percent from the prior month. This increase is even more noticeable when measured against data from last year. In March 2014, the median price of a home in San Diego was $490,000. This was an increase of 13.4 percent from the same period in 2013.

These figures are indicative of a much healthier market. There are fewer homes forced onto the market from short sales or foreclosures, which means that the market has a more balanced range of homes available. This works in the favor of sellers, who have more even competition, which improves their odds of making a full priced sale. For those who are thinking about putting a home on the market, this news should be an encouraging sign. Now, more than ever in the last several years, sellers are likely to get better value for their home, which improves their economic position substantially.

The overall number of houses sold was also up from the previous month, showing an increase of 32.5 percent. This means that close to 1,800 homes were sold in the San Diego area in March. While these numbers are optimistic, the number of homes sold is actually down from March 2013 by a margin of 15.4 percent. However, it is worth noting that the rise in home prices could also explain the drop in overall sales from 2013. As the market continues to clear out the poorest range of its inventory, home prices will naturally rise, which makes conditions favorable for sellers. Mostly, it is a continued sign that the real estate market is rebounding from its bottom several years ago.

These numbers reflect the sales of single family homes. The association also released data for condominiums and townhouses, which showed similar trends in terms of price and overall sales. To read more about these numbers and a more detailed analysis, be sure to check out the full report on the KPBS website. Mostly, this news should be exciting for sellers and buyers as real estate season comes into its own.

Article Copyright ©2014 – All Rights Reserved Patrick Belhon (patricksellshomes@gmail.com)

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