Housing statistics increase in San Diego
As the first half of the 2012 real estate year comes to a close, housing statistics are up across the nation, especially in Southern California. Industry experts are predicting 2012 to be one of the best years since the housing crisis in 2006, and there are many reasons why you should check out some of the homes for sale in San Diego.
Housing inventory and other statistics
According to the San Diego Union-Tribune, the number of pending sales in San Diego was 5,697 as of May 22, 2012, which is up 12.3 percent from just a year earlier. This increase is indicative of a general, slow recovery that has been taking place since the housing bust of 2006.
The median price of a home in April was listed at $329,500, which was an increase of 2.4 percent from a year ago, according to the news source. In addition, the nonadjusted monthly sales count in April was reported as 3,559, an uptick of 8.6 percent from April 2011.
The prices of luxury homes are increasing across California, but San Diego is the region experiencing the most stable gains, according to the Wall Street Journal. In San Diego County, home values improved 0.4 percent from the fourth quarter of 2011, and rose 1.4 percent from the first quarter of 2011. The average luxury home in San Diego is now $1.65 million, reported the news source. However, this is not indicative of overall quality.
For example, a four bedroom, four bathroom single-family home with a private pool, spa and three car garage in Carmel Valley may be listed for just over one million dollars. While this might seem like an extraordinary amount of money, a typical downpayment would run between $100,000-$200,000, a much more manageable amount of cash. For the more affluent potential homeowner, this is a great bargain, considering the panoramic ocean views and proximity to San Diego to the south.
"Luxury home prices were up significantly in the San Francisco Bay Area due to the strength of the technology sector, high demand and low inventory," said Katherine August-deWilde, President and Chief Operating Officer of First Republic Bank, according to the news source. "In Southern California, price movement was more modest. San Diego values increased modestly in the first quarter, while Los Angeles luxury values were down slightly. Low interest rates, increasing rents and higher housing affordability are resulting in increased market activity throughout California."