San Diego Real Estate Showing Signs of Strong Recovery. 2011 Year in review. Buyers take advantage of lower priced home values and record low rates.

In San Diego County last year, people flocked to lower-priced properties, sellers slashed prices and cash buyers gained steam, the U-T San Diego found in a year-end analysis.

... Related: 2011 year in review: Most popular home-price ranges

Here's a closer look at some of the hottest and coldest areas in the county, based on numbers gathered by real estate information service DataQuick.

Want to see more? Pick up a copy of the U-T San Diego on Sunday and turn to the business section. Or see the rest of this in-depth package over the next few days.

Condo prices take a hit in Tierrasanta, Mission Valley
Ocean Beach and Golden Hill were among the bright spots in single-family resale prices when comparing 2011 with 2010. The median price in Ocean Beach last year ended at $715,000, up almost 6 percent from the prior year. Golden Hill saw a 3.5 percent bump in 2011, taking it to $207,000. Tierrasanta had one of the largest jumps in condo sales last year, but the area saw one of the largest dips in condo prices. Values fell from $342,000 in 2010 to $250,000 in 2011, or 27 percent. Mission Valley condo prices also took a big hit, sliding 22 percent to $200,000. More than one-third of total sales in Mission Valley last year were completed with cash. That’s higher than it was last year, when it was 27.1 percent.

Borrego Springs resales lure cash buyers and investors
Borrego Springs was one of the areas in the region to gain the most ground in single-family resales from 2010 to 2011, rising from 70 to 102, or almost 46 percent. On the flip side, the median price for a single-family home in Borrego Springs fell nearly 21 percent to $128,000. The price-sales dynamic may be explained by the fact that the area is a favorite among cash buyers and investors. Another hot spot in single-family resales was east Vista, where sales increased from 311 in 2010 to 370 in 2011. That’s a 19 percent jump. The median price for a single-family home there fell 7.8 percent last year.

Coastal Del Mar dazzles as Solana Beach stays sluggish
The coastal area of Del Mar was a standout in three real estate categories in 2011. The area saw one of the largest increases in single-family resales in 2011, rising to 159 from 107 in 2010, almost a 49 percent increase. Del Mar also was a bright spot in single-family prices. The median price in 2011 rose 8 percent to $1,350,000. Del Mar’s prices also held up in the condo category, rising from $515,000 in 2010 to $643,750 in 2011. That’s a 25 percent increase. Among the weakest spots in the coastal area: Solana Beach. Single-family resales dropped 32 percent to 139 in 2011. The median price for a single-family home fell nearly 21 percent to $1,030,000.
First-time buyers flock to Eastlake-Otay Ranch area
The Eastlake-Otay Ranch area shined in new-home sales, as new development in the low-$300,000s became available. Home sellers in the 91913 ZIP code sold 262 homes in the Eastlake-Otay Ranch neighborhood, up from 151 in 2010. That’s a 74 percent increase. The area was popular among first-timers instead of cash buyers or investors. Cold areas in South County included Imperial Beach in the single-family resales category and Nestor in condo resales.

Jamul leads in price gain, while Campo prices take a hit
Jamul was the top performer in single-family price when comparing 2011 with 2010. The median price increased 9 percent, from $390,000 to $425,000. Jamul’s single-family home resales also went up. They rose from 84 to 95, or a little more than 13 percent. Campo, on the other hand, was one of the areas that saw the sharpest price declines in 2011. The median price there fell from $145,000 to $125,000, or 14 percent. A little more than one-third of transactions there were made in cash.

Thinking of buying or selling a home visit www.thewatsongrouprealty.com

San Diego Real Estate Showing Signs of Strong Recovery. 2011 Year in review. Buyers take advantage of lower priced home values and record low rates.

In San Diego County last year, people flocked to lower-priced properties, sellers slashed prices and cash buyers gained steam, the U-T San Diego found in a year-end analysis.

... Related: 2011 year in review: Most popular home-price ranges

Here's a closer look at some of the hottest and coldest areas in the county, based on numbers gathered by real estate information service DataQuick.

Want to see more? Pick up a copy of the U-T San Diego on Sunday and turn to the business section. Or see the rest of this in-depth package over the next few days.

Condo prices take a hit in Tierrasanta, Mission Valley
Ocean Beach and Golden Hill were among the bright spots in single-family resale prices when comparing 2011 with 2010. The median price in Ocean Beach last year ended at $715,000, up almost 6 percent from the prior year. Golden Hill saw a 3.5 percent bump in 2011, taking it to $207,000. Tierrasanta had one of the largest jumps in condo sales last year, but the area saw one of the largest dips in condo prices. Values fell from $342,000 in 2010 to $250,000 in 2011, or 27 percent. Mission Valley condo prices also took a big hit, sliding 22 percent to $200,000. More than one-third of total sales in Mission Valley last year were completed with cash. That’s higher than it was last year, when it was 27.1 percent.

Borrego Springs resales lure cash buyers and investors
Borrego Springs was one of the areas in the region to gain the most ground in single-family resales from 2010 to 2011, rising from 70 to 102, or almost 46 percent. On the flip side, the median price for a single-family home in Borrego Springs fell nearly 21 percent to $128,000. The price-sales dynamic may be explained by the fact that the area is a favorite among cash buyers and investors. Another hot spot in single-family resales was east Vista, where sales increased from 311 in 2010 to 370 in 2011. That’s a 19 percent jump. The median price for a single-family home there fell 7.8 percent last year.

Coastal Del Mar dazzles as Solana Beach stays sluggish
The coastal area of Del Mar was a standout in three real estate categories in 2011. The area saw one of the largest increases in single-family resales in 2011, rising to 159 from 107 in 2010, almost a 49 percent increase. Del Mar also was a bright spot in single-family prices. The median price in 2011 rose 8 percent to $1,350,000. Del Mar’s prices also held up in the condo category, rising from $515,000 in 2010 to $643,750 in 2011. That’s a 25 percent increase. Among the weakest spots in the coastal area: Solana Beach. Single-family resales dropped 32 percent to 139 in 2011. The median price for a single-family home fell nearly 21 percent to $1,030,000.
First-time buyers flock to Eastlake-Otay Ranch area
The Eastlake-Otay Ranch area shined in new-home sales, as new development in the low-$300,000s became available. Home sellers in the 91913 ZIP code sold 262 homes in the Eastlake-Otay Ranch neighborhood, up from 151 in 2010. That’s a 74 percent increase. The area was popular among first-timers instead of cash buyers or investors. Cold areas in South County included Imperial Beach in the single-family resales category and Nestor in condo resales.

Jamul leads in price gain, while Campo prices take a hit
Jamul was the top performer in single-family price when comparing 2011 with 2010. The median price increased 9 percent, from $390,000 to $425,000. Jamul’s single-family home resales also went up. They rose from 84 to 95, or a little more than 13 percent. Campo, on the other hand, was one of the areas that saw the sharpest price declines in 2011. The median price there fell from $145,000 to $125,000, or 14 percent. A little more than one-third of transactions there were made in cash.

Thinking of buying or selling a home visit www.thewatsongrouprealty.com