We’ve Passed the Bottom!

Posted on January 30, 2012 | by Denny Oh

In a recent interview with the San Diego Daily Transcript’s executive editor, George Chamberlin, Alan Nevin was very optimistic about San Diego’s housing market.  Alan Nevin was with MarketPointe Realty Advisors for 14 years before joining The London Group, both of which are local companies that more or less, study and analyze real estate.

In the interview, Nevin is quick to admit that this is the first time he’s been optimistic about the San Diego housing market in about four years.  He points out that all seven of San Diego’s major economic driving forces were doing well(i.e. biotech, manufacturing, telecom, etc) and that the market has bottomed out and is moving forward.

Some interesting statistics mentioned were that San Diego’s unemployment rate has dropped from about 10.1%, to 8.9% in the last year and 23-25K jobs were created in 2011. Nevin also focused on the fact that vacancy rates are extremely low, at only about 3-4% and that foreclosures have significantly decreased.

No one can ever be 100% sure, but it seems like there are a lot of people out there buying San Diego real estate.  I know that I’ve been getting a lot of inquires lately and there’s a lot more demand than 12-18 months ago.  Hopefully we start to see more inventory come into the market, but they will predominantly be resales, as there’s very little new construction going on(zero condos are being built downtown right now).  Take advantage of current rates and find yourself a home!

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