San Diego – Top 10 US Cities to Buy Real Estate

Posted on August 17, 2009 | by Denny Oh

So we all know that San Diego is a great place to live, but how can you afford it?  Well, according to ABC News, San Diego is one of the top 10 places to buy real estate in the country! With  median home prices down 14% from a year ago, San Diego is a great place to buy.  Granted, the median home price has gone up for the last three consecutive months, it’s still WAY below the high of $517,500 set back in November of 2005.

Here are the reasons why ABC News thinks San Diego is a great place to buy now…

  • Median Home Value: $346,000, down 14 percent from a year ago but with shrinking declines.
  • Thirty-six percent of homes on the market are foreclosure resales.
  • Forty percent of homes are being sold for less than the owners paid for them.
  • Eighty-nine percent of home values are decreasing, but the declines are slowing and the bottom is in sight.
  • Houses cost an average of $219 per square foot.

What do you think?  Are prices still plummeting?  Is there too much inventory?  From what I’ve seen, the market is VERY busy and buyers are out there.  I do think REOs and short sales will still bring home values down a little more, but this will be heavily countered by the increasing number of multiple offers on desirable homes.  At the entry level price point, the listing price has merely become a suggestion.

Look at these numbers…

In the last 6 months, 180 condos have sold in the downtown San Diego area that has a list price of $350K or less.  Of these 180 condos that sold, the median market time was only 27 days and the median sales price was 100% of the asking price! Additionally, one downtown San Diego condo sold for 126% of the list price.

Compared to the same time period the year before, there were only 70 condos that sold in the downtown San Diego area and the median sales price was 4% below the list price.  Further more, the median days on market was 65 days – almost 2.5 times as long!

Clearly the market is picking up and more buyers are pulling the trigger.  How long are you going to wait before you try and buy a home?  Are you prepared to write 4-5 offers before you get an accepted offer?

Quit waiting, get pre-approved and call me. Denny Oh 858-243-2092 [email protected]

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