In a recent study run by Redfin, San Diego was ranked the sixth hottest real estate market in the country. The study, which was summarized in the San Diego Daily Transcript (“San Diego 6th fastest” 3/18/13) said that Redfin based their report on listings that “[went] under contract in 24 hours or less.” San Diego was California’s hottest market with 135 sales (the study looked at listings from 10/1/12-2/26/13), with Los Angeles (132) and Sacramento (128) close behind.
Phoenix was at the top of the list with 540 listings selling within the first 24 hours, Chicago was second with 261 sales and Houston (188), Dallas (184) and Austin (163) rounded up the top five cities. Only Chicago, Baltimore (with 97) and Washington DC (87) were not in the West. According to the study, San Diego’s inventory dropped 50.1% in February of 2013 from the year before.
The chart below of downtown San Diego and the surrounding areas, shows how real estate values have changed in the last 12 months (the values are estimated by www.narrpr.com). I’m not sure where there are a few pockets of declining areas, but the majority of downtown shows a 5-15% increase in value (the legend isn’t clear, but those are the values I’m guessing correspond to the blues).
If you’re thinking of selling, I’d do it now. Inventory won’t stay low forever and rates have already begun to rise. Now is the perfect time to sell. If you’re trying to time the market and find the peak, just ask all the buyers who missed the bottom how they feel.
I’m free to talk to and great to work with. Denny Oh 858-243-2092 [email protected]