san diego real estate market
Median home prices does not mean your home price went up in price. In some areas it slightly did, most areas still dropped further. Relatively more homes in the $400K and up have been sold and less really cheap condos/homes in rough areas ($80K- $120K). The re-sale value of the same home is currently close to equal as a year ago.
Dataquick, October 2010
Sales Volume Median Price
All homes
|
Sep-09 |
Sep-10 |
| San Diego |
$325,000 |
$330,500 |
October 2008
As home prices went up 140% over the last 8 years in most areas in San Diego County and income barely has increased (household income did increase a little bit more: but do we want to work with 2, 3 even 4 people in a household to afford the home?)
Low interest rates are over, 7% or higher now if you have excellent credit (o points, August 2007, most banks). In 2005 rates of 5.8% were possible.
The "story" above has chnaged significantly, since 2008 rates have dropped to extreme low rates like 2.99% for a 5 year loan, 3.2% for a 15 year fixed.
Summarized, we can borrow rougly 20% less for the same monthly cost, so home prices are stable or go down as absolutely nobody can afford it
Some people still pay 60% of their income in loan payments, the other group has to sell as payments went up due to their "flex loan" .
Summarized, GNP might still increase, or so called economic growth is slow but still growth. But we do not take in account that people save less, their stock is worth 20 % less (since 2005) and the house does not increase in value, so no equity just paying 3,4,5,6 grand a month interest only payments out of your pocket (renting would have been half the price).
San Diego Home Prices
View more details about the home prices in San Diego, including Coronado, La Jolla and Downtown San Diego.
Home Loans for San Diego County
View more details about the home loan rates in San Diego, including conforming/ jumbo/ FHA rates, 5 ARM, 15yr fixed and 30yr fixed.
Make sure you check what loan rates are available as it is amazing how these rates get even lower.....
DownTown San diego Nov '11 $310,500
November 2011
Down town San Diego condo prices dropped another 8% over the last 12 months. Lots of condos (especially built in 2005-2007) are now available at 40%-55% under priori pricing. Some condo complexes are not even 50% sold. Investment companies offer these condo for rent until the market corrects (good luck with that).
Down Town San diego Condo Prices
November 2010
The median sales price for homes in ZIP code 92101 for Jul 10 to Sep 10 was $340,000. This represents a decrease of 9.2% compared to the prior year.
Condo sales prices have depreciated 34.6% over the last 5 years in 92101, San Diego.
median house prices in San Diego County
The overall median last year of nearly $500,000 represented a more than doubling of San Diego County's home prices since 2000, when the average property sold for $234,000.
2007: Real Estate in San Diego County
San Diego County resale house prices tumbled last month by the biggest number in 18 years of record-keeping and contributed to the smallest year-to-year rise in overall prices in six years, DataQuick Information Systems reported Monday.
The median resale price in San Diego County for existing single-family homes dropped $15,000 from November to December to stand at $550,000, the largest month-to-month decline since DataQuick began keeping records in 1988.
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