San Diego Foreclosures Going Fast, Home Prices Climbing
Category: San Diego Real Estate
Published: Tuesday, June 09, 2009
San Diego median home prices rose in June, perhaps signaling the bottom of a sluggish market created by an overabundance of San Diego County foreclosures. The median price of a single family home rose to $314,000 in June, up 3% from $305,000 in May. Although still considerably lower than the $370,000 median price a year ago, this recent increase in home values has some experts wondering if the housing "crisis" is officially over and the markets will gradually return to normal.
The rise in median home values can be attributed to greater numbers of home sales across the county, particularly in neighborhoods with the best San Diego foreclosures, reducing inventory and creating somewhat of a sellers' market. A total of 3,692 San Diego homes sold in June, with 45% of them being previous San Diego foreclosed homes. This represents a 20% increase between May and June in the number of homes sold, leaving fewer quality homes to pick from and allowing sellers to be choosier about their list prices.
Market Conditions Rapidly Changing
A few months ago buyers could tour dozens of homes before settling on their dream San Diego County bank home, submit a low-ball offer and expect to close escrow in 30 days. Today however the market is rapidly shifting in response to the record number of homes sales and buyers need to pay particular attention to the prices in their desired neighborhood. With fewer San Diego County bank owned homes on the market, sellers are expecting top dollar offers and buyers are outnumbering the inventory of homes. Although they are still plenty of great San Diego bank homes to choose from, buyers should act quickly to lock in deals at today's affordable prices.
For comparison, the median home price among Escondido foreclosures is now at $267,900 while in May that value was $265,000. Coastal Oceanside foreclosures are now valued at $346,193 compared to just $334,500 in May. These are significant increases compared to the double digit declines in home values over the past 18 months. Buyers serious about finding the perfect San Diego County foreclosed home should act now before prices climb higher and the number of available homes dwindles even more.
Don't miss your chance to cash in on the best San Diego County real estate market in decades. Oak Tree Realty Group San Diego specializes in San Diego foreclosures and San Diego County bank homes in every community. For information on all the finest San Diego short sales and foreclosures contact Oak Tree Realty Group San Diego at 1-800-516-7791 for a custom showing.
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