It can be difficult to pinpoint the market report for the entire San Diego Metro area, but in general, home prices continue to rise and San Diego is ranked as one of the hottest real estate markets in the country. Last year the national median home price was $230,000 but San Diego was $475,000.Currently the median sales price for downtown San Diego is $527,500 or about $406 per square foot. This covers everywhere from Escondido south to Chula Vista. The median rent is $2750. It's no surprise that we've had numerous price increases as well as rent increases throughout San Diego County. Developers and construction companies are scrambling to get new homes built in order to provide more inventory for those moving to or within the city. San Diego is the country's second-biggest landlord with more than 6000 apartments. Many economists feel that the San Diego rents will increase nearly 4% in 2017 and 3.4% in 2018. We are already seeing the results of those increases.
According to Zillow, the San Diego home index value is at $558,600, a 5.6% change over last year at the same time. This continues to be a hot seller's market but for those that need to buy, there finding themselves in bidding wars, incentive guarantees, and being flat out denied or rejected on many of their offers. The median list price for San Diego is about $630,000 and most homeowners are receiving their list price or over depending on where they are located and how the home is priced originally.
So what does this mean for sellers? It's a great time to sell. If you're buying, you might want to consider renting a while, although San Diego does have some of the highest rents in the country. It really depends on your future goals. If you can sell now, wait a while and then buy, you might be in a better position, but this is all speculative and risky, to say the least. If prices continue to rise, buying now might be less expensive than waiting two years. However, if rates continue to be low, more buyers will jump into the market.
Regardless of whether you are buying or selling, it takes a skilled and seasoned real estate agent to get you the most for the sale of your property or to help you negotiate to get the home or condo you really want. Call me today to find out how can make your dreams of selling for a high price or buying for the price you want a reality.