The median price reached the highest point seen since July of 2008.
The median home price increased 13.7% from November of 2011 to November 2012 in San Diego County. Sales are on the increase and as a matter of fact were the best seen since seven years ago in the same month reported DataQuick.
In November the median price was $358,000 which is the highest median price seen since July of 2008. This was the time when the market starting sliding downhill. In March of 2003 the prices had were on their way up at $357,000.
President of DataQuick John Walsh stated, "Investor activity and cash and more buyers feel confident about their jobs, the economy and the likelihood housing prices have bottomed and are likely to rise. We’re also seeing non-distressed sales, where people sell at a profit and buy another house, triggering more move-up activity."
In general, prices have not hit the peak of November 2005 being 30.8% of the mark but did rise 27.9% from the low seen in January of 2009 at $280,000.
In November of 2012, the number of homes on the market in San Diego County was 3,371, which was a 22.4% increase over the same time a year ago.
Michael Lea, San Diego State University economist Michael Lea, explained that the decline of distressed property in the market is a factor along with other housing. "All signals are pretty favorable for next year to continue the recent pace," Lea said.
The 19 communities found in Riverside County close to the San Diego line, the median price was at $243,000, up 3.6% from October and 10.5% from November 2011. The number of homes sales was 1,139, up 12.7% from the same time a year ago.
DataQuick credited the increases in both prices and sales to a larger demand for higher-priced homes and a decline in low-cost foreclosure properties.
The San Diego Association of Realtors explained one of the reasons for the increase in sales, which is the decline in inventory.
In San Diego County on December 5, there were 4,636 homes for sale on the local multiple-listing service. This figure was 50.2% down from the figure seen a year ago with an average listing of 9,303. This low inventory level is close to what was seen in the spring of 2004, explained the San Diego Association of Realtors.
"We’re seeing multiple offers on homes across the county and median prices are being driven up as a result," said the association’s president, Donna Sanfilippo.
Willis-Allen agent Vincent Crudo in La Jolla stated that is giving offers to home owners from his clients that are interested in the home that are not on the market.
La Jolla agent, Maxine Gellens, stated 33 homes selling for $3 million or more closed in 2011 and 59 are expected to close this year in the 92037 ZIP code area. "Once the upper end starts moving, I think everything else starts moving," she stated.
Chula Vista real estate agent, Richard Wyllie, stated at this time there is only 1.3 months of inventory available in the Eastlake area, due to the decline in bank-foreclosed properties. "It’s about the lowest it’s been for a while," he said.
The number of non-distressed properties is rising. Wyllie stated that of the 29 properties that are for sale, around 19 are standard homes that did not go through the foreclosure process.
"The market hasn’t gone up that much, but it’s enough for some people to see a little bit of profit in the sale," he said.
The trend all around Southern California is close to what is being seen in San Diego County with sales up 14.2% to 19,285 and median prices up 16.7% to $321,000 in the region.
Other findings in the report for Southern California include:
- Foreclosure sales: 15.3% of all transactions involving properties foreclosed in the previous 12 months — compared with 16.3% in October and 31.6% in November of 2011.
- Short-sales: Homes that sold for less than their mortgage balance made up 26.6% of transactions, up from 25.4% seen a year ago. In San Diego County, short sales were 28.7% of the sales, compared with 28% a year ago.
- Mortgages: 5.7% of all loans were adjustable, which is down from 6% in October and 6.2% in November of 2011. FHA-insured loans were 15.9% of the mortgages, down from 21.7% seen a year ago. The average mortgage payment was $1,146, which is up from $1,049 a year ago.
If San Diego sounds like a community, you would like to call home, contact a San Diego Realtor at 888-865-5055.