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 Double Dip
San Diego California real estate market has been improving & many are saying a bottom is in place. However, the San Diego real estate market activity after the end of the federal tax credit, indicates that San Diego home values have actually entered into a double dip down!
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San Diego Real Estate Value Drop
San Diego real estate values took a huge hit since the summer of 2005.
It’s been a horrible San Diego California real estate market; be glad you are not a homeowner in Las Vegas!
real estate value declines
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San Diego October Condo Prices
In the table below, www.brokerforyou.com looked at selected San Diego neighborhoods
that had 10 or more closed condominium sales in October 2008 & October 2007.
One should keep in mind the above chart is just for a one year period (October 2007 vs. October 2008) and
San Diego home values topped out around the Summer of 2005!
Lastly, I would note that these figures do not take into account the very prevalent seller concession
(usually payment of thousands in the buyer's closing costs) necessitated by an ultra strong buyers market place.
Related prior posts:
San Diego Real Estate Market … What Did You Expect?
San Diego Real Estate – 5th Largest Decline Through July
San Diego Home Sales Up … San Diego Home Median Price Drops
Southern California Home Prices Drop 34% in August
#1 Key To Purchasing Real Estate in the San Diego Market
San Diego California Home Sellers Lose Big
The San Diego California Real Estate Great Depression
Yale Professor … House Price Decline Could Be Worse than Great Depression
Survey Says Home Values Must Fall Another 14%
Jumbo Financing and the Impact on The San Diego Real Estate Market
Believe the local San Diego ‘experts’ that subprime delinquencies are slowing?
More homeowners than ever are selling at a loss!
San Diego County Foreclosures up 125% from 2007
San Diego Home Values Drop 14.7% in 3rd. Quarter
Zillow Real Estate Market Reports just released a report that shows home values in San Diego decreased -14.70% in the third quarter of 2008, compared to the third quarter of 2007. This San Diego value loss was 5% greater than the national home value drop for the same period.
Prior related posts:
San Diego Condo Sales Price Appreciation
San Diego Real Estate to Drop 20% in 2009?
One in Five Homeowners has Negative Equity
Real Estate Conditions … Housing Markets Are Local
Home Value Index – Largest Drop In History
California Home Foreclosure Filings fall 32%
San Diego Real Esate Sales Increase
San Diego Condominium Sales Price Appreciation
29% of Homeowners Have Larger Mortgage Than Home’s Value
Real Estate Record Home Price Declines
San Diego Real Estate – 5th Largest Decline Through July
San Diego Real Estate to Drop 20% in 2009?
With the industry talk of a possible San Diego bottom to the real estate market, is now the time to buy San Diego homes? It’s very possible they are correct! Who can really say? Everyone likes to be optimistic. With three years of a falling San Diego real estate market and home values that at 40 to 50% off their 2005 market highs ,we might see a market turn in 2009.
Sadly, I have my personal doubts on a significant San Diego real estate market reversal in 2009. I sincerely hope I'm wrong on this, and there is, in fact, a rebound next year.
Though it's not talked about much, there is another huge number of homes that may be newly heading into foreclosure which may accelerate the housing value decline. (There is a large number of regular adjustable loans resetting next year – for more information read: (Jumbo Financing and the Impact on The San Diego Real Estate Market.) If this occurs in the numbers forecast, San Diego home values could be down another 20-30% in 2009.
So, is it correct that if you buy today and plan to hold for at least five years you'll come out way ahead? Being just a local San Diego real estate broker and not an economist, I really cannot answer this question with any conviction. All I will say is that my three decades of real estate experience, and knowledge of the San Diego housing market, I can assure my clients that I will endeavor to achieve the best possible value, buying or selling, San Diego homes.
Prior related posts:
San Diego Real Esate Sales Increase
San Diego Condominium Sales Price Appreciation
29% of Homeowners Have Larger Mortgage Than Home’s Value
Real Estate Record Home Price Declines
San Diego Real Estate – 5th Largest Decline Through July
Southern California Home Prices Drop 34% in August
San Diego California Home Sellers Lose Big
The San Diego California Real Estate Great Depression
Yale Professor … House Price Decline Could Be Worse than Great Depression
Survey Says Home Values Must Fall Another 14%
California Home Sales Up 43.4% – Home Prices Down 40.3%
Home Value Loss … Homeowner Perception vs. Reality
San Diego CA real estate agents