According to the San Diego Association of Realtors, single-family homes prices are up…a lot! Countywide, homes prices were up 19% in March (versus March ’12) and up 5% from February 2013. Condo prices in March increased 14% from February and 30% from March of 2012.
With only 1.5 months of available inventory, market times have decreased by about a third (90 to 60 days) from the year before. While prices are rising at an impressive rate, I don’t see this continuing for too much longer. Sooner than later, home owners will realize what they can get for their homes and inventory will pick up – which is the main reason why prices are rising now.
If you’re looking to sell, I’d suggest doing so soon.