Thinking of buying or selling a home?. Maybe you already own real estate and are curious what’s happening in the market? These are the figures for San Diego and several micro San Diego real estate markets including Downtown, Pacific Beach, San Elijo Hills, and Mira Mesa you are looking for. This is real deal information and statistics for what is happening right now. Most other public data and “news” stories about the market follow the Case Schiller index and are already 2 months old (There is a two-month lag time in the data reported). Old news is now news in real estate.
The best argument I have heard for why it’s a good time to buy real estate: Mortgage interest rates are still a historical lows, home prices have reached a stable and sustainable level, and rental rates continue to climb and outpace home appreciation levels (rents are expected to climb 19% over the next couple years!). A mortgage payment on a home will be cheaper in most cases than renting a home in San Diego. Also, don’t forget that unlike stocks, bonds, and other investment entities and options, you get added utility from being able to live in your investment. You gotta live somewhere right? I’d like to see you move into your shares of Microsoft or Apple. Maybe the iHome? Sorry, a little real estate agent humor.
San Diego real estate market stats for November 2014 below:
San Diego Real Estate Market:
- Median Price $450,000 0% prices are flat ($450,000 previous month). +8.4% from same month last year.
- Inventory dropped 7% from 10,092 to 9,394 since last month. -7.2% from same month last year.
- Sales dropped 5% from 2,928 to 2,769 homes and condos since last month. -12% from same month last year.
Downtown San Diego Real Estate Market:
- Median Price $525,000 -.001% prices are flat ($526,000 previous month). +13.5% from same month last year.
- Inventory dropped 12% from 315 to 278 since last month. -14.2% from same month last year.
- Sales dropped 15.5% from 71 to 60 homes and condos since last month. -22.1% from same month last year.
THINKING OF SELLING REAL ESTATE IN SAN DIEGO? THINK AGAIN!
San Elijo Hills Detached Home Real Estate Market:
- Median Price $700,000 -3% price decrease ($680,000 previous month). -1.3% from same month last year.
- Inventory dropped -7% from 56 to 52 since last month. -13% from same month last year.
- Sales dropped -12% from 17 to 15 homes and condos since last month. -44% from same month last year.
Pacific Beach Real Estate Market:
- Median Price $665,000 -17% price decrease ($807,500 previous month). -6% from same month last year (It’s normal to have monthly wild price swings in PB).
- Inventory dropped -11% from 195 to 174 since last month. -8.4% from same month last year.
- Sales dropped -10% from 52 to 47 homes and condos since last month. -6% from same month last year.
Mira Mesa Real Estate Market:
- Median Price $395,000 +16% price increase ($470,000 previous month). +17.5% from same month last year.
- Inventory dropped -11% from 131 to 117 since last month. -15.8% from same month last year.
- Sales dropped -8% from 48 to 44 homes and condos since last month. -22.8% from same month last year.
HOW TO BUY A SAN DIEGO HOME OR CONDOMINIUM
