San Diego real estate news

San Diego RECORDS BROKEN IN 2004

According to the California Association of Realtors (CAR), the baby boomer generation dominated last year's housing market, accounting for three out of four sales. Older buyers had the advantage of using their previous home's equity to make purchases on more expensive upgrades.

In summary, for San Diego's '04 market, overall medians remained about 23 higher than in 2003, according to DataQuick Information Systems. While a $2000 price drop in November 2004 brought the median to around $487,000, many real estate professionals predicted an end to the housing boom in 2005. However, CAR insists the market will remain strong.

A variety of state real estate sales records were shattered in 2004 according to the Realtor trade group. Early sales tallies indicate an increase of about 3 percent over 2003's figure of 60 1,800 existing detached homes. Last year also established new highs for home values. California's median price of a single-family home increased by double-digits for the third consecutive year. Final records for December 2004 are still being compiled, but CAR says the state finished last year with an annual single-family median home price exceeding $450,000. CAR's unsold housing inventory index reached a historic monthly low of 1.5 months in April 2004. The median number of days it took to sell a single-family home during the year was the third lowest on record, at a projected annual average of 29 days. As home sale statistics ride the wave of 2004 into 2005, Californians can remain optimistic.

"Many people would like to hide their age as they grow older, but to be a California home buyer over 40 in 2004 meant noticeable benefits."

San Diego real estate - Top Ranks

Southern California continues to rate as a top retirement Mecca and San Diego County appears to be one of the brightest gems. Especially during these winter months when snow falls in much of the country, many winterbound residents dream of trading snowplows for boogie boards in exchange for a warmer climate in which to spend their golden years. The sixth edition of David Savageau's, "Retirement Places Rated" has recently been released. In this 324-page guide to 203 locations, you will find San Diego's North County listed as the fifth most desirable place to live for persons over age 55.

North County was listed in particular, as opposed to all of San Diego County, because of the large number of retirees already located there. Most data, however, reflects countywide measurements. For more than a century, San Diego has relied on its climate to attract new business and residents. Italian-born Peter C. Remondino, one of San Diego's top physicians in the 1880's, compared San Diego to the mild Mediterranean and said the area was a health-seeker's natural Mecca. As Savageau says, "Climate can't be bought, built, remodeled or relocated. A place's climate is there for keeps, and the weather events that make up its climate - rain, snow, heat, cold, drought, wind - will have a profound effect on the rest of your life." Other enticing factors in the retirement survey included San Diego ranking eighth in "ambience" - including the performing arts events, outdoor recreation and restaurants. The area's robust job market also makes it fifth in economic factors and wins a respectable 18th in services - including libraries, hospitals, doctors and colleges.

San Diego ranked similarly in a publication from AARP According to this magazine, San Diego embodies, "the quintessential California town of sandy shorelines ... and computers, electronics, biotechnology and pharmaceuticals are a few of the industries that push the West Coast paradise into the top 20 cities for fiveyear job growth ... there's also the famous zoo, world-class performing arts, sports and diverse dining." Despite possible higher costs of living in comparison to some other areas surveyed, interest in San Diego, branching from the retired population, will help to continually stimulate the diversified housing market.

ROSY OUTLOOK FOR WEST COAST APARTMENT MARKET

(Wall Street Journal)

Southern California locales top the rankings of apartment markets with the best growth outlooks for the new year, according to Marcus & Millichap Real Estate Investment Brokerage Co.'s 2005 National Apartment Index.

The California-based firm studied 42 markets nationwide, looking at supply and demand indicators. The findings show that four of the five top markets are in Southern California: First - Riverside-San Bernadino, Second - San Diego,Third - Orange County, and Fifth - Los Angeles. The markets held up well during the last economic downturn, thanks to high home prices, strong demographic trends and limits on new development in many areas

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