San Diego is one of the most desired cities in America, and hence it would be worth watching the real estate trends that’s been happening there every week. The housing market in San Diego is pretty strong and there is a healthy demand that investors are looking to capitalize. When you look at the pattern of buying and selling over the past one year, you will realize that there has been an increase of 1.7% in housing prices.
Now look at the detailed trend in this quarter
There has been an increase of 5.5% when compared to last year’s prices. It means there has been an increase of $362 in the average price per square foot. From Jul 2015 to Oct 2015, the median sales price has been $465,000. This report is based on 3,298 home sales this quarter.
All instances in San Diego real estate point to a very healthy market where both buyers and sellers thrive. Though the trends prove that there has been a rapid appreciation of homes, they are still pretty much in demand. Buyers are quite pleased with the fact that prices would stabilize this year, and with low interest rates.
Buying homes in San Diego
At the present time, the homes in San Diego do not stay in the market for long, they get sold off quickly, especially highly desirable properties. If you are looking to buy a home, then do it now. Investors sitting in the sidelines must come forward as San Diego is quite hot presently, and you can buy excellent properties at good market rates. Additionally, the current median price of a San Diego home is $504,200, which is twice the national price.
One reason for the rise in prices could be because of the good job market in the city. In fact, the San Diego job market is currently very strong when compared to the markets in nearby cities. In fact it has outpaced the national average, according to certain reports.
Foreclosures are going on in full swing in San Diego. About one in every ten homes put up for sale in San Diego is in foreclosure. Though foreclosures take up a dominant part in San Diego real estate, the market is said to be very healthy and this city is leading the rest of the cities in terms of real estate recovery.
Real estate experts say that price appreciation has tempered a little bit, but the appreciation of homes has increased by 7.5% within the past one year. Despite that, you can now buy a home in San Diego and make a good purchase.