San Diego real estate is on the rise, showing a steady streak of increasing home prices while the national market — including most metropolitan areas — has been reporting declines.
“In May, the median existing single-family home price in the San Diego area was $391,400, up 18.2 percent from a year ago,” says Walter Molony, a spokesman for National Association of Realtors Public Affairs. “Sales in the San Diego area in May were running 13.9 percent above a year ago.”
And those are just the countywide stats. According to the North San Diego County Association of Realtors (NSDCAR) HomeDex report, the median price for single-family detached homes in
North County was $479,975, a 15.66 percent increase from last June’s $415,000 — the 11th straight month of year-over price increases.
The median price for all North County home sales — detached and attached — increased
5.19 percent in June 2010 from May 2010, to $425,000. Especially popular are areas with desirable school districts — Poway, 4S Ranch, Encinitas, Scripps Ranch, and Del Mar, for example.
And in the high end of the market — the million-plus range — realtors are noticing more properties available and a lot more viewings from interested parties.
All of this points to an improvement for sellers, but what about buyers?
“It’s an awesome time to buy,” says NSDCAR member Bill Ims, a realtor with Sea Coast Exclusive Properties, who points out that although prices are climbing, they’re still below the median of several years ago.
“What’s so unique about this market is that usually, you have low prices with high interest rates,” Ims adds. “Today we have the combination of low prices with super-low interest rates — the lowest in years. That makes the affordability index for many buyers wonderful right now.”
Especially buyers with excellent credit, he says. And real estate in this type of market — particularly for careful buyers who won’t treat their property as a piggy bank — is an excellent investment.
Another key piece of advice? Do your research before choosing an agent.
“Find someone who really knows the area you want to buy in,” stresses Ims. “Just because your cousin is licensed in California doesn’t mean you should turn to him when looking for a place in Carlsbad.”
Mark Marquez, the president-elect of the San Diego Association of Realtors, says it’s imperative to look at an agent’s sales records. Also, make sure your agent knows the ins and outs of today’s market.
“Right now there are three types of market,” Marquez explains. “You have bank-owned properties, you have short sale properties — people selling their house for less than what they owe — and you have traditional sales. Right now the type of agent you want to use is someone who’s been successful and understands all three types of sales.”
And, of course, a winning personality doesn’t hurt. ANNAMARIA STEPHENS
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