The National Association of REALTORS® (NAR) recently came out with second quarter statistics for 2011 for the San Diego County (including North San Diego County) real estate market. Here are several of the more interesting points I gathered from the report.
1. San Diego's median home price at the end of the second quarter of 2011 was $379,300, compared to the U.S. median price of $171,567.
2. San Diego's median sale price for the second quarter of 2011 was 3.4% lower than last year.
3. Employment in San Diego County has held up in the second quarter of 2011, and is on an upward trend, but we still have 64,000 less jobs in San Diego County than we did three years ago and the unemployment rate is still 10.4%, compared to 9.2% nationally.
4. San Diego's job growth rate in the last year is 1.3%, which is strong compared to many other markets in the U.S. The U.S. job growth rate is 0.5%. We have 16,000 more jobs now than we did a year ago.
5. New construction continues to decline from last year (single-family housing permits are down 7.0% from a year ago). The report suggests that reduced construction will limit new supply to the market, allowing demand to catch up with the inventory more quickly. No one can say just how quickly, though.
6. The decline of both 60-Day and 90-Day delinquency rates over the most recent 6-month period suggests a decline in the local foreclosure rate in the near future.
7. Mortgage rates are expected to remain low through the fall and into 2012.
The way I interpret this information is that we are still in uncertain times, economically. Some are predicting we are starting a double dip recession or dip in home values, while others insist that we are scraping along the bottom. Any financial and real estate decisions should be well-researched. In tough times I do believe that there are opportunities if you are looking for them. If you'd like to discuss what this means for you for any decisions you are contemplating, feel free to contact me at 858-437-2662.
Download the full report with graphs and charts: San Diego Real Estate Market Statistics and Trends for Second Quarter 2011.
Justin Gramm is the founder and principal broker of Globella Buyers Realty, your San Diego Exclusive Buyer Brokerage. He also writes this blog, "For San Diego Home Buyers."
Exclusive Buyer Agents do not list homes for sale and never represent sellers. They have no "inventory" to try to sell you. They can represent you in purchasing any home. They are specialists at representing buyers only on the buyers' side of the transaction. Exclusive Buyer Agents work to get buyers the best price and terms when they buy a home.
If you have excellent credit and plan to buy a home or condo in San Diego County within 90 days, contact Justin Gramm to hire an agent on your side of the transaction. Call Justin at (858) 437-2662 or E-mail.
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