Where is San Diego housing market going in 2010? Many “experts” think continued expansion, others are hesitant. However, they all seem to agree on the following positives:
- Prices have gone up over most of San Diego County.
- Inventory is still low with 8,120 active detached & attached listings
- Builders are still holding off – only 2,900 permits pulled in 2009 which is the lowest since World War II. Eventually this will create a shortage again.
- San Diego’s economy is well diversified.
- Interest Rates are still very low…its unknown how long this will continue.
See the Residential Weekly Stats provided by Sandicor MLS:
There are still some downsides to consider:
- More foreclosures are coming. Although banks are not releasing them by mass amounts, there are sure to be more.
- There are over 30,000 NOD’s filed (Notice of Default). Until banks get much better at making short sales a priority, and modifying loans, many of these will go into foreclosure.
- There are still ARM’s (adjustible rate mortgages) that will be due.
The Union Tribune wrote an interesting article on the the housing market, Click to read: Housing Picture not all Gloomy
From what I see being in this industry, several things I think are positive indicators
- MLS reports 405 sales in the last 30 days of homes priced between $500,000 – $1,000,000.
- Sold prices in this price range average 96% of the listed price.
- Multiple offers are still the norm, even in higher priced homes, and often they are sold over the listed price.
- The 1st time buyer tax credit was extended until April 2010 and now includes home owners who have lived 5 out of the last 8 years.
- San Diego is still one of the greatest places to live!
Please let me know if there is specific information that you would like.