Is it a Good Time to Buy a Home (in San Diego)?

Posted on May 23, 2012 | by Denny Oh

In the last month or so, I’ve been seeing a lot of articles/blogs/reports saying that housing prices are up and sales are up.  The Union Tribune recently wrote an article titled, “SD’s April home sales hit 6-year high.” The refreshingly positive article reviewed real estate statistics that were provided by DataQuick, a self-proclaimed “leader in the property information industry, providing products and solutions to mortgage originators and lenders, real estate investors, mortgage insurance companies, credit unions, title companies, real estate companies, data resellers, and small businesses.

The article, written by Lily Leung, states that last month recorded the most sales of any April, since 2006.  With 3,559 sales in San Diego County, April of 2012 was 8.6% higher than the previous April and almost 10% higher than March’s sales.  This April’s median sales price was also up, 2.4% year-over-year and 2.8% up from March.

The rest of Southern California hasn’t done quite as well, showing a 3.4% decrease in median sales price from March and up only 5.1% from April of 2011 – 3.5% lower than San Diego.   For some reason, San Diego seems to be ahead of the curve when it comes to real estate.  Maybe we are past the bottom?!

I personally have been seeing a market that’s incredibly competitive.  What people don’t realize is that there’s very little inventory (good inventory that is).  So until you’re ready to buy something and are actually submitting offers, you don’t realize that homes are selling too fast and for too much.  Sitting on the sidelines and watching the news, or reading articles, doesn’t give you an accurate representation of what’s really going on.

If you’re thinking about buying or selling real estate in San Diego, feel free to get in touch with me.  I’d be happy to offer some free advice.  Denny Oh 858-243-2092 [email protected]

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