San Diego real estate prices show median gains, regional records in luxury markets
By Vicki Johnson
are up by 11.1% since September 2011, according to a new DataQuick report covered by the
- The report shows median home values in San Diego County increasing from $315,000 in September 2011 to $350,000 in September 2012. In addition, home sales also improved over this period, with a 4% gain and 3,214 sales for the month of September. While these developments in the median market are good news for homeowners and prospective sellers, they only reveal activity within a limited window of real estate activity. To give a broader sense of the San Diego market as a whole, the Home Buying Institute compared median prices to those found in the most expensive markets throughout the county – revealing record regional prices here in Rancho Santa Fe and similarly high-end homes in the coastal communities of Del Mar and Coronado.
As of September 2012, Coronado was the most expensive market within the central San Diego area. Median home prices hit $1,105,000, and condominium prices increased by 44% over the past year. Along the North County coast, Del Mar represents the height of the luxury market with median values at $1,554,500, together with small inventory and high demand among prospective buyers. When it comes to high-end San Diego markets, however, Rancho Santa Fe takes the top slot with a median real estate sales price of $1,912,500, making it the highest priced zip code not only within San Diego County, but throughout much of the region.
What does this mean for homeowners living in upscale markets? Fortunately, for those interested in putting their homes on the market, persistently low mortgage rates and an uptick in local job growth has led to move-up buyer momentum throughout San Diego – meaning, even in high-priced markets, sellers have the opportunity to take advantage of rising buyer demand. Industry experts predict that mortgage rates will remain low through the beginning of 2013: and for buyers with strong credit and an eye on Coronado, Del Mar or Rancho Santa Fe real estate, these rates may be enough to inspire a luxury real estate investment.
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