June Sales Rise in San Diego As Buyers Take Advantage of New Lower Prices
July 16th, 2008 categories: Our Market
Sales of existing homes rose in June according to the North San Diego County Association of Realtors. There were over 1500 detached homes sold in June, a 2 percent increase over May and even with June of 2007. This increase in sales is attributed to buyers taking initiative and purchasing destressed properties. The median price for an existing detached home in San Diego County was $418,000 in June which equates to a 3.9 percent fall from the month prior and more than 30 percent less than one year ago.
In a recent public talk, Gary London of The London Group of San Diego said that you make money when you buy Real Estate, not when you sell. It seems as though there is a trend today where investors anticipating a recovery in our local market are staking their claims by purchasing properties, both attached and detached at serious discounts compared to recent years. Today we have a buyer’s market with prices down as much as 30% and at this time, plenty of inventory to choose from. Whether you are looking for a primary residence or an investment property, having a good selection from which to choose is key to a successful purchase.
The median price per square foot for detached homes in June was $210 in South County, $240 in North County and $298 in the San Diego Metro area, the smaller home sizes in the Metro area serves to drive up the price per square foot. As to inventory, active listings for attached and detached homes in the county dropped from May to June and are slightly below June 2007 numbers. Many sellers who need to move due to job relocations, etc. are choosing to rent their homes rather than sell in today’s market. The rental market is robust in San Diego with rising rents and plenty of demand. Rentals are usually in high demand when home sales are in the lower realm of the cycle.
In Downtown San Diego, numerous newly constructed condominiums are being rented today rather than put on the market for sale. Demand is high Downtown as the culture and life style continues to thrive making San Diego one of the most desirable American cities in which to reside. Many renters are renting to own their own piece of city life.
There are more foreclosures anticipated for this year, many analysts predict the fourth quarter of 2008 for the peak, making summer the time to research your investment. For information on Real Estate statistics or availability, contact JB Home Sellers. We’ll help you find your piece of San Diego gold.
Congrats on the market surge.
Aloha,
Keahi