After our Tuesday morning office meeting conversation at our Carlsbad,CA Prudential California Realty, I decided to investigate a bit more on our market which has been raising in February versus all January combined...
San Diego County house prices only reduced -0.1% in December from November, the fourth time in five months that prices dropped, according to Standard & Poor's Case-Shiller Home Price Index released yesterday February 22sd 2011.
The national index was down -1% from November and -2.4% from previous December 2009.
Now that index showed a dropped in priced all over the US except two markets: San Diego and Washington, D.C. which both show a raise in price compared with the same month last year. San Diego house prices grew +1.7% from December 2009.**
We all noticed that prices are remaining still or cooling but the activity has increased, I was slammed the last quarter and January looked promising but the increase in calls and web traffic in February has been much significant.
We can also see some bidding war happening in all price ranges, if it is priced well and a desirable property, it will sale and don't be surprise to see a couple offers or more. Last November and December, I had clients that didn't listen to my recommendations and got out bid on properties they really wanted...
San Diego,CA is a large area and very fluid in movements, people are relocating a lot to and fro for work, award winning schools, a better climate, .... you name it! San Diego,Ca is a wonderful place to live filled with activities, jobs, greater priced homes than several years ago and more opportunities than ever!
Yes, if you pay attention at the job postings, they are here, people are recruiting in different fields and relocating key people; how do I know this? Well, I am serving as a relocation specialist and a vast majority of my clients are relocating from out of the area to the greater San Diego,CA area (Carlsbad,Del Mar, San Marcos, Oceanside...) or South of Orange County,CA (San Clemente, Dana Point..).
I have also noticed an increase in the amount of agent-to-agent reciprocal referrals which is encouraging!
Now first time home buyers can finally make their American dreams a reality and investors are making bank refurbishing properties sold previously at auction on the court step or from the foreclosure listings.
For the sellers it is also encouraging based on the stats from our local association of Realtors: San Diego County house prices were +10.2% from the low set in April 2009. At the rate of sales in January, North County buyers would need 8.8 months to buy up all available houses, according to the Realtors association.
In real estate language, when we have a 6month inventory we have an even market so 8.8 month is a bit more on the buyers favor but not dramatically, so it's time to list your home and move up!
Bottom line: demand is picking up while the interest rates are slowly rising (but still in the lowest ever seen in the last 50 yrs!!), so get ready and pick your home before your competition does!
** For your more local report, please contact me, this outlook is for the whole county of San Diego,CA but I can provide you with an outlook of the last few years and upcoming trends in your own zip code, send me an email or call me for details!
Angélique Kenney, your local San Diego and South Orange County real estate resource!
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