North San Diego County Real Estate Statistics
May 23rd, 2008 categories: Our Market
You saw the Wall Street Journal article about the housing market having bottomed out ( and if you haven’t seen it, scroll down to the subsequent article). There is local evidence of our market showing signs of stability. According to HomeDex, a service of the Board of Realtors, we can see that single family detached median home prices in North San Diego County actually increased 4.08%, from $490,000 to $510,000, from March to April, 2008. That’s a first in a long while. For the rest of the county, median prices stayed constant at $410,000 in the single family home arena. North County single family detached home prices are down from April 2007 by almost 20% making homes much more affordable overall but it seems that declines in prices have at least temporarily stalled out. This is good news for sellers and should be sending buyers a message. Timing is everything.
More good news is that median days on the market also decreased in North San Diego County for single family detached homes from 58 days in March to 46 days in April 2008. The average days on the market fell as well from 83 days in March to 74 days in April 2008. Remember, the difference between median and average; The median has the same number above as below and the average is all of the data averaged together. Either way, this spells less time on the market which means demand is increasing at a greater rate.
I have been in the North San Diego County Real Estate market for over 20 years now and have seen numerous market shifts. I personally have purchased properties at the high of the market and at market lows and most of those properties I still own and all are still profitable. History shows us that once our San Diego market begins to take off, it has tremendous elasticity. We live in a part of the world that is virtually incomparable; beautiful naturally, a comfortable climate, a vibrant and diverse economy. It’s no wonder that when the market shifts for the better, everyone wants a piece of the action. Ours is a momentum driven market and when the ball starts rolling, look out- everyone’s chasing it. That’s why prices shot up so quickly and dramatically during the last rally.
Now, home prices around the county have dropped up to 20% from the highs of 2005 and in some cases 30% where home builders have drastically reduced their new inventory. And it looks like prices are beginning to stabilize. For me, that means it’s time to buy! Today, we are seeing investors coming back into our market; particularly in the coastal areas. They recognize the opportunities that exist in this market and activity is starting to rev up.
I hope you too will take advantage of the opportunities that are beginning to take shape. Give 
a call and let us help you find the right deal to add to your financial well being!
