Tag Archives: san diego housing prices

San Diego home sellers are slashing prices

San Diego County had the second-most home price reductions in the nation so far in 2019, said research from real estate website Trulia.

Price reductions are more common in the winter months, but San Diego County hasn’t seen as many cutbacks since 2014 when the market was still crawling out of the recession.

Twenty percent of homes for sale in February had a price drop, the most of any California city. At the same time last year, the percentage was 10 percent.

Felipe Chacon, economist at Trulia, said the reductions in San Diego show a shift toward better conditions for buyers but it’s not like prices are suddenly affordable for the majority of the region’s inhabitants. The median home price was $542,000 in December, said CoreLogic, up 2.5 percent in a year.

A few examples of price reductions:

  • 3675 8th Ave. — This 2,660-square-foot craftsman home in Hillcrest went on the market for $1.1 million in September 2018, but had its price reduced 15 times. It is now on the market for $905,000.
  • 4169 Balboa Way — This 1,408-square-foot condo in Clairemont went on the market for $525,000 on Feb.6 but had been reduced to $491,111 by March 11.
  • 5370 La Jolla Blvd, Unit 203 — This 1,353-square-foot condo in La Jolla, two blocks away from ocean access at Calumet Park, was listed at $799,000 in November, but has had its priced reduced four times. It is now for sale for $719,000
  • 210 Treasure Drive — This newly built 2,801-square-foot San Marcos home, with four bedrooms, started out at $829,900 but is now $799,900.
  • 333 Orange Ave., Unit 9 — This 1,087-square-foot Coronado condo started at $725,000 in September, was raised to $775,000 in December, and then reduced several times back down to $725,000.
  • 2165 Anthony Drive — This 916-square-foot single-family home near Shelltown went on the market in August for $389,000. The 90-year-old house was taken on and off the market before selling for $330,000 last week.

read more at: https://www.sandiegouniontribune.com/business/real-estate/sd-fi-price-reductions-20190312-story.html

Disclaimer: for information and entertainment purposes only

San Diego home price hits new record high: $550k

he San Diego County median home price soared to its highest point ever, $550,000, in March, said real estate tracker CoreLogic.

Home prices increased 6.8 percent in a year, which experts attribute to a lack of homes for sale and a strong economy. The previous home peak was $545,000 in June.

The big picture: San Diego County’s median home price is technically still down from the height of the housing boom. In November 2005, the median hit $517,500, which is more than $650,000 when adjusted for inflation. The San Diego region is still a cheaper option in coastal Southern California compared to Los Angeles and Orange counties, which also hit new price peaks in March, CoreLogic reported Monday.

What is causing the price increase: A strong economy is fueling demand for homes while the number of houses available remains limited, said Chris Thornberg, economist and founding partner of Beacon Economics. There were 4,857 homes listed for sale in March, said the Greater San Diego Association of Realtors. That is 488 more than March of last year. However, those listings are down from 5,652 in March 2016, 6,101 in 2015 and 6,223 in 2014.

Are we in a housing bubble? No. Economists say today’s upswing is more sustainable, driven not by risky lending but by an improving economy, low mortgage rates and a shortage of homes for sale. Thornberg said March’s peak should not be viewed as the start of a bubble, which assumes housing prices are very overvalued.

read more at: http://www.sandiegouniontribune.com/business/real-estate/sd-fi-corelogic-march-20180423-story.html

disclaimer: for information and entertainment purposes only