San Diego is doing better than all of its neighboring counties. July Sales figures for San Diego County had only a 13.3 % drop from the same time in 2006. Notably it is the smallest in the 6 neighboring counties.
Thebest news for San Diego county property owners is that the median price dropped only 2.2% and then numbers show just a small drop of the 2006 median price of $500,000 to $489,000.
Considering all the hysterical news of foreclosures and the ensuing potential for short sales this is some really positive news.
Data Quick analyst Kohn Karevoll, attributes at least part of the market slowdown we are experiencing to the financial markets. Some well known lenders have all but stopped processing loan applications. Hopefully, the market will resolve those issues and the inconvenience to homeowners and home buyers will be short lived.
He also commented that the South Bay area of San Diego county and East County areas have suffered the largest drop in their median prices. North County Coastal and North County Inland has suffered the least amount of change while central San Diego didn't fair to badly either, dropping only less than two tenths of a percent more than North County.
Comparatively, San Bernadino county has suffered a 42.6% drop in sales but only a 3.1% drop in their median prices .
Riverside County which also includes the exclusive but seasonal Palm Desert area, showed a large drop of 41.9% in sales and only a 3.9 % drop in the median prices. Factoring in that it is primarily a seasonal market and most of the snow birds have long gone , that market doesn't seem to be too far off its normal pace for this time of year.
Los Angeles enjoyed a gain in the median price of a home there of 5.3% butt did suffer it's sales dropping a significant 23% below the 2006 levels.
It is clear to me that San Diego is still very strong in the market because more Seller's are doing their part by better preparing their homes and doing more to attract the Buyers to America's Finest City. Surfs Up, so come to San Diego and bring the family. Who knows , the temptation to stay and enjoy all that San Diego provides might have you soon calling San Diego, "home". Welcome!
I consider San Diego an excellent place to live and would love to share with you my enthusiasm for the many communities that encompass it. Looking forward to assisting you with your Real Estate needs.
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William- You guys were the first to feel the pinch but seem to have stayed very level over the last year.. Our market had been very consistent but will be affected by the uptick in rates on jumbo loans..
A couple of our neighborhoods that were going down are seeing more action the last couple of weeks. The neighborhoods that have remained strong are stronger...go figure.
Good Morning Kaye,
I think I higher end will also be affected but maybe not to the same degree. We have a less proportionate percentage of the more expensive properties here compared to some of the other coastal counties. When taken as only median prices, it paints a better picture for us in San Diego. Thankfully we have something positive to tout. At least some good news is better than no good news, :-). I as you know have a tendency to see the glass half full. What is remarkable in that others seem willing to help keep the glass filled.
Woo Hoo, nice to see your wonderful smiling face.( I have a vivid imagination, :-). I hope you made it through the hurricane Ok, I thought about you often . I was pleased to know that Jeff called to make sure all was well with you and your family.
I am pleased to hear that things are picking up in various markets. All the bad financial news is often more hype than substance. The Hedge fund operators have been putting the squeeze on hoping for rate reduction to be able to sell off the very weak securities. it may work. With so much control of the financial markets the hedge fun investors want it booth ways. They will likely get it. Either way, I think we are destined for better times soon and one day we will look back on the market with hardly a memory of it.
I have wonderful "laugh lines" hehehe. That thing kept shifting and finally just disappeared! Okay...just a tropical storm...we're still waiting for rain!
Not to worry, the rain will come Sally. I will do my rain dance. It consists of running in the grass and singing out loud , "What a beautiful day of sunshine" and then the rain will come just as sure as I didn't bring an umbrella,lol
The Fed lowered the Rates 1/2. Just as I predicted. People should listen to me, I study this crap and then guess just like everybody else. At least so far my guesses are most accurate!
Real Estate markets will dramatically improve today if only by the perception that things are going to get better!
William--Looks like San Diego is weathering the real estate storm better than other parts of California. I think you put your finger on the most important point here...Getting educated on what it takes to get your home sold. Preparation and having a good real estate agent, such as yourself, does wonders when selling your home. Good post.
Good Morning Teri, Thank you for for the great comments. Actually, what I try to do mostly is to see the picture of the market through rose colored glasses and it doesn't look all that bad. It goes back to that old adage , seeing your glass half empty or half full is your choice and depending on your perspective, which one tells the consumer whether they have someone on their side ( both Buyers and Sellers) or if they just have a person stuck in their own quagmire. I choose to enable rather than circumvent the opportunities there are. Giving up because it is hard is no way to run a business and certainly not the way to enable those that must sell and for also for those that should buy. Circumstances are individual and otherwise, usually we do best when not forced to conform to a stereotype. Exceptions to any rule exist and it is up to the individual that is earning the money to be creative and find the way for all the parties that are paying them. Hard does not have the same definition as impossible!
I will go along with your positive note for today!
Woo Hoo!
I think it's pretty encouraging too, William, although I suspect we have some tough times ahead with all the mortgage stuff. Certainly the recent media reports have been very negative regarding our country's overall debt situation, the volatility of the stock market, the stuff going on in the mortgage industry, and so one. And depending in what the feds do...
Jeff
Hi Jeff, they already did it. 1/2 drop just announded.Yeah! My predictions were right on! Stock market is bouncing with glee!
William--I am a big believer in thinking and acting positively. Certainly business is not as crazy as in years past but there is business. Buyers and sellers are writing contracts. If you work hard, they will work and write with you! Great attitude!
Hello Teri, Many Thanks for enhancing the post with your comments. You are so right. Attitude. In fact 3 of the most important things in business today is Attitude, Attitude, Attitude.
We all need a little help sometime. Everyday deals die because loans don't go through. I'm betting most probably could go through. So Realtors, tell me where the problem lies in your deal. I love a great challenge!
You are so right Dave, We all need help sometime. I am glad folks like you are there to provide it. Many Thanks for commenting