Could the tides be changing in the San Diego housing market?
So, HOW is the market doing? Well our San Diego real estate market has seen it's peeks and it's valleys in recent times. The answer to this question has been the topic of many conversations for me as a real estate professional with Prudential California Realty working in the San Diego housing market and though no one has a crystal ball the numbers for San Diego may surprise you.
Though all we hear from the nightly news is that things are still going to get worse and that the sky is falling according to the data San Diego is, as we've mentioned before, out performing the rest of the markets. The San Diego real estate market has been doing better than most parts of the country and I think this why the San Diego housing market has been recognized on some of the most recent list of the "top markets" and/or "best performing markets".
As I read my latest Data Quick report the San Diego housing market looks something like this. The median price in June was $330,000, up 1.7 percent from May but down 1.6 percent from a year ago. Home resales are the largest percentage of sales and their prices slid 1.1 percent from May to $365,000 and fell 3.9 percent from the same time last year. Month-over-Month, sales increased 12.2 percent to 2,196 but fell 4.6 percent year-over-year.
On the other hand we have condominiums which reached a June's median price was $220,000, up 4.8 percent from May and up 0.3 percent from one year ago. Sales increased to 971, or 5.3 percent from May, but were down 16.5 percent year-over-year.
One major factor that must be take in to consideration is the first time home buyer credit. Last year around this time there was an incentive for buyers to purchase home where as this year there isn't and yet the numbers year-over-year aren't that far off. Interesting? Though these figures aren't what they were at the height of the market in 2005 or so they are no where near the horrible things happening in other part of the country. If you think about it people look to migrate to the coastal areas not the middle or interior of the country thus property
Could a foreclosure auction be coming to a home next door to you?
What do you mean no more foreclosure auctions? The title of this post might seem to make you wonder about this but what it's referring to is a change in where these types of properties are sold.
I recently read an article informing the public at large that foreclosed property auctions are no longer going to be held at the court house steps. The main reason behind are concerns about safety and people traffic. There are some auction bidders that will bring lawn chairs or similar types of chairs and take up large amount of space to camp out all day for the opportunity to bid on homes.
This will be unusual because it's customary for foreclosed homes to be sold at the court house steps throughoutthe country. Using the court house steps is more of a tradition than anything else. In fact these are technically commercial activities and lack the permits to be held at the court house steps location. Therefore at the advice of the San Diego Sheriff's Dept. out of regard for safety and overall disruptions to day-to-day court activities as of Aug. 31st these auctions will have to find another location to hold their event.
So keep your eyes out in Sept for there could be an auction coming to a neighborhood near you!
How's the market doing? Have you been asked that lately? Rhetorical question I know. I discovered this really neat tool provided by one of our local newspapers in town. It's basically an interactive page showing rice changes and sales changes in pretty much all of the county of San Diego.
As with anything in real estate these numbers aren't completely accurate. I'd like to point out that thought the number of home sales is probably correct the prices are averages. Some of the zip codes contain diverse neighborhoods separated by natural and man made borders that affect prices. By not being specific enough this chart should be used as a guide and not a concrete ruler with which to precisely gage home prices.
I though think that it's worth taking a look at this information and seeing a macro picture of the San Diego real estate market before talking to an agent and seeing a micro picture of the area of interest. Please take a look and see how your zip code or area is doing. Enjoy!
Click on the folowing link... https://spreadsheets.google.com/spreadsheet/lv?hl=en_US&hl=en_US&key=tkHfs1THb0cDjvNIuXBY7EA&type=view&gid=0&f=true&sortcolid=-1&sortasc=true&rowsperpage=250
Produce doesn't get any fresher than this.
What's in store this week in San Diego? As always there's a little bit of everything and we're sure you'll find something you like. Whatever you do it will be in San Diego and that's a great start already.
Ever want to get a property at the county court steps but couldn't make it to the auction? Well this could be a thing of the past. As it turns out there could be a real time bidding site for trustee sales coming to your city and county. Dan Mayes the person behind the creation of Priceline.com has now come up with a solution for those who want to buy properties at auction but don't want to have to chase the property down and be at the county courthouse steps.
This new system affords it's users to get all of the information on the property to make an educated decision on what property to bid on or not. In addition it's real time bidding means you could be sitting in the comfort of your own home or office bidding on properties without having to stand around at the courthouse steps.
With today's technological advances it's amazing that this type of real time bidding is barely being invented. This system is currently being tested in AZ with plans for it to be expanded to other states who's markets have a high concentration of trustee sale properties. If this system is able to comply with regulations, laws and other such things it could create a whole new type of buyer similar to that of day traders.
Having said this I wonder now if this is going to be good or bad for the markets this system goes into?
A bit about me...
As a result of an accident and subsequent time off I had to reassess my future career aspirations and goals. So after 20 years in the restaurant and hospitality industry I decided to make a change in paths. After working part-time for my girlfriend, who has been a real estate agent for many years, performing various tasks in the field of real estate I decided to immersing myself full-time in real estate as a career. Real estate, being a service and people industry, appealed to me since customer service had been a my previous employments primary goal. Sales and product knowledge were also crucial but in the end it's about people.
My goal as a real estate agent is to assist and inform people in making the best possible decision with regards to their biggest assets. To advise and guide people through the complicated and sometimes confusing process of purchasing and/or selling a home in a matter that's easy to understand. To put it simply it's my client's interests and financial exposure that I'm most concerned with and work diligently to protect.
Specialties
Knowledge and understanding of using Social Media and it's use in real estate. Emphasis and usage of modern software, hardware and systems for a more efficient means of communication of voice, documents, data and such to clients thus making the transaction faster, easier and more time efficient for clients.Student and practitioner of Tom Ferry's philosophy and techniques of real estate to better serve clients with their housing needs. Bilingual in Spanish. Lifelong resident of San Diego.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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