This season, realtors and home-buyers alike breathe a sigh of relief as the real estate market reaches it’s highest point in five years. One year ago, a single-family home in San Diego typically sold for $360,000 – but today, that home has increased in value to $450,000. These increases in home values are being seen across the board.
The median price of a single family home in San Diego has increased 23%.
Owners of Condo’s and Town-homes have noticed a greater leap with these properties’ values, with the median price increasing 37%, according to figures presented by the San Diego Association of Realtors.
Why the Real Estate Market was Tough on Buyers in Previous Years
Up until recently, home-owners have been waiting for a real estate market recovery before selling their home(s). Not many people were selling, but there were still plenty of potential buyers that were seeking property. This has led to many buyers, up to thirty, bidding on a single property. With so much competition, buyers needed pre-qualification and to have put in an attractive bid.
Increase in Home Values Lead to Boom in San Diego Real Estate
Linda Lee, President of SDAR, predicts a surge in San Diego real estate with figures showing an increase in the median value of home’s between 23% and 37%. With the increase in home values, home-owners are more likely to sell.
The more properties that are available on the market, the less competition there will be between buyers on a single property – leading to a surge in home sales across the board – excellent news for home-owners looking to sell and buyers alike.
Linda Lee, President of SDAR, had this to say about the current real estate market when speaking with Jeff Zevely from CBS-8 (SAN DIEGO), “For all the buyers out there, it’s a great time to buy.”
By Linda Moore