By Patricia Kramer & Patricia Lou Martin
The latest Southern California real estate numbers show strong summer growth for the
, according to a new report from the
- Here in San Diego, median home prices rose by 7.9% in August compared to the same time last year, while home sales increased by a whopping 22.5%. The regional market overall saw a four-year high for median home prices, and San Diego’s neighboring counties boasted similarly impressive numbers across the board.
After months of step-by-step improvements in the real estate market, August’s numbers are a reassuring bump in the right direction. Analysts believe that the summer increases were due to a reduction in foreclosures and low-end home sales compared to activity in the move-up and luxury markets. John Walsh, president of the local real estate firm DataQuick, told the Times that August was “the strongest month for home sales so far this year,” as well as the strongest August on record over the past six years. “That’s really saying something given the drop in low-end sales,” said Walsh.
In other words, while much of the initial post-recession market growth could be attributed to foreclosures and inexpensive property sales, today’s market is increasingly reflecting competitive activity at and above the median level – meaning that real estate in California just may be bouncing back for good. This activity has helped bump the median home price in Southern California to $309,000, a number that reflects a 10.8% increase over August 2011. In short, for those who have been waiting to put their home on the market, now may be the right time to cash in on higher prices.
August marks the end of the so-called “high season” for real estate. But that doesn’t mean that autumn isn’t a good time to consider buying or
, Del Mar, Encinitas, Carlsbad, or any of San Diego’s other high-end hamlets along the coast. On the contrary, with fewer homes on the market, both buyers and sellers will have less competition to deal with. If you or someone you know is interested in capitalizing on the latest San Diego housing market trends and looking for a Del Mar, Encinitas or
, contact us at
today for the best in accurate, insightful and up-to-date guidance. As experienced San Diego real estate agents, we offer unparalleled expertise and customer service. Learn more today by visiting us online, at