San Diego Real Estate Market
San Diego County Residential Real Estate Market Analysis: 3nd Quarter 2011 (Part2)
By Mark A. Melikian California Certified Residential Appraiser appraisals@san.rr.com P.O. Box 3051 Del Mar, California 92014 858-793-9339
Market Overview: The mean sold price for a housing unit in San Diego County peaked in 2007 at $621,675. The mean sold price in 2009 decreased to a low of $385,754, a 37.9 percent decrease from the market peak in 2007. *In 2011, the projected mean sold price is $415,743, which would represent a 7.8 percent increase from the 2009 mean sold price and a 33.1 percent decrease from the market peak in 2007 (see figure 3).
Figure 3
San Diego Home Values
San Diego County Residential Real Estate Market Analysis: 3nd Quarter 2011
By Mark A. Melikian California Certified Residential Appraiser appraisals@san.rr.com P.O. Box 3051 Del Mar, California 92014 858-793-9339
The following is a market data summary of detached and attached properties as reported by the San Diego County MLS system. The data includes all zip codes in San Diego County. * All 2011 data in figures 1 through 4 will be projected based on market data taken from January through September as reported by the San Diego County MLS system. All projections discussed in this analysis will be updated throughout the year in subsequent quarterly reports.
Market Overview: The data provided analyzes residential real estate sales beginning in the year 2000, which is used as the base year. The number of sold listings in San Diego County peaks in 2003 at 42,746 units and decreases through 2008 to 23,972 units. *The 2011 projection shows the total number of units sold for the year will be 32,089 (see figure 1). Read more 
Home Sales Fall
Home sales
home sales
The National Association of Realtors just released a report today showing that existing home sales fell 3% in September. This puts the existing home sales figures on track to at least match last year’s sales which were the worst in the last past 13 years.the good news in this report, was that even though existing home sales were down for September on a month-to-month basis when one compares the home sales on a yearly basis, the September figures were actually ahead by 11.3%! Read more
Housing Market Good News
housing market
The Commerce Department reported today that U.S. housing starts surged in September at their fastest annual pace in 17 months!
Single-family home construction, which accounts for a larger share of the market, increased 1.7 percent while buildings with two or more units rose 51.3 percent.
The largest increase in housing starts was for multi-family units.
Well, like any good news in today’s housing market, one should be kept in mind that even with this jump in housing starts, the total level of housing starts is still very depressed and has been so for the past three years.
San Diego Real Estate Market Forecasting
Real estate market outlook
Real estate market opinions just like political opinions are highly debated and often is unclear who is correct. But, the passage of time always proves who was correct. Read more
Homeownership Takes Biggest Drop Since Great Depression
Homeownership
The U.S. Census Bureau just released a report that showed the homeownership rate in the U.S. fell to 65.1 percent last year. This is the largest drop since the Great Depression! Now, many believe the U.S. may never return to its mid-decade housing boom peak in which nearly 70 percent of occupied households were owned by their residents.
Also, some are speculating that there is a shift going on where the American dream of homeownership is fading in favor of the idea of the flexibility that renting provides.
Here in San Diego, I would venture to guess that the vast majority of home purchasers from 2005 through 2010 would have been far better off, at least financially if instead of purchasing a home, they had rented one here in San Diego during this time. Read more