The Forecast for 2012 is Pessimistic however the Longer Term Looks Good
Sadly, sales in September were down quite strongly (about 7%) in the San Diego area during September. And projections for 2012 are not so rosy. It is difficult for anyone to predict sales in the coming year given political and equity market instability in the US and globally, however the trends are concerning. San Diego was mentioned as one of the brighter cities for real estate sales for 2011 however the last few months have seen home prices fall.
Distress sales (foreclosures and short sales), made up about 44% of total sales in San Diego, and will likely cause prices to remain stagnant in 2012.
In August, homes selling for less than $300,000 actually increased 10% which was a welcome reality for many San Diego realtors.
San Diego-Carlsbad-San Marcos Home Price Averages
Last Quarter -3.23% Rank: 301 of 381 cities
Last Year -5.6% Rank: 276 of 381 cities
Last 5 Years -34% Rank: 328 of 381 cities
Last 10 Years 34% Rank: 135 of 381 cities
Last 20 Years 93% Rank: 136 of 350 cities
On a positive note, Local Market Monitor cites several improving indicators in California will boost price between 4% and 5% by 2014.
Here’s the housing sales trends for San Diego, La Jolla, University City and Mira Mesa from Zillow.
Here’s the housing sales trends for Oceanside, Escondido and Carlsbad from Zillow.
Oceanside Housing Prices
This chart shows median sales prices from the last 5 years.
Carlsbad Housing Prices
This chart shows median sales prices from the last 5 years in Carlsbad.
Escondido Housing Prices
This chart shows median sales prices from the last 5 years in Escondido. Given Escondido’s closer proximity to Metro San Diego and the lower price point, Escondido may not see as steep a downturn as Oceanside, Carlsbad, La Jolla and San Diego.
Average Days on Market – On the Rise in La Jolla and San Diego
San Diego Real Estate
Are you a San Diego Real Estate agent looking to win the market? While many SD County agents are giving up or withdrawing from marketing their services so you can move in and dominate it. As your competitors begin to lose their presence on Google, you can accelerate your presence with new content and a stronger web site. Ask Realty Market Leader about high performance search engine optimization if you’re ready to take the San Diego, Oceanside, Carlsbad, Escondido or La Jolla real estate market in 2012.