Home Prices Continue to Climb in San Diego
Hot Real Estate News for the Summer
As summer approaches, the San Diego real estate market is really starting to heat up. There is a growing sense of optimism in the air, which is a feeling that is reflected in the numbers.
The San Diego Association of Realtors issued its monthly report, delineating the sales figures in the area. According to these statistics, the median price of homes in San Diego is continuing to rise. In March, single family homes rose by 4.3 percent from the prior month. When measured against the numbers in 2013, the gain is even more impressive with an increase of 13.4 percent. This means that the median price of a home in San Diego is now $490,000.
Overall sales figures also showed an improvement in March, marking an increase of 32.5 percent from February. The number of units being sold, however, is down from 2013. This decrease, which is documented at 15.4 percent, is in line with the overall housing recovery. The rise in home prices is likely due to fewer distressed properties. While this means that fewer homes are being sold, it also indicates that home prices are ultimately closer to their appraised value, which helps restore a much needed balance in the San Diego market. In March of this year, 1,800 homes were sold.
The overall statistics for condominiums and townhouses show a similar trend, even if the numbers are somewhat less dramatic. In March, prices on these properties rose by 1.7 percent, giving them a median price of $305,000. Since last year, this is an increase of 7 percent. As with single family homes, the housing recovery means that fewer units are being sold. With condos and townhouses, sales were down 17.3 percent from March of last year.
The March numbers also show an expected seasonal slowdown. Real estate always dips in the fall and winter, which is why the first quarter reflected only 4,500 homes sold. This was a decrease of 18.7 percent from 2013 for single family homes. Many experts see the statistics for March as a positive sign as prime real estate season starts in earnest. With these numbers, it is likely that home prices will continue to rise while the market stays competitive to benefit both buyers and sellers this summer in San Diego.