In my never ending quest to predict the real estate market like most news people, economists, and real estate agent bloggers, it is obvious that there really are no long-term accurate predictions. A short term prediction up to 6 months is palatable, given there are no environmental disaster, economic meltdowns among financial strapped countries, terrorist attacks, or oil refinery breakdowns that have a direct impact on Worldwide Economic Markets, who also influence in the end, interest rates in the real estate sector of the United States. Faith that ALL is well does continue to prosper, while the doom and gloom attitudes or I might say the glass isn’t even half full attitude will always have an opinion, but somehow never does prevail in the big picture.
With inventory lower now than ever before, the current trend in San Diego, CA real estate in particular is a continued strong upward swing in home values for the next 6 months. Last Tuesday, June 11, 2013, DQNews and the San Diego Union Tribune Zip Code Chart lists the changes in values. In the East County, this example shows Santee, the old cowboy bustling town of years past showing a new image and strong values with desirability coming in 4th place to Alpine, Jamul, and La Mesa, beating out the rest of the East County Towns. Santee’s resurgence of the past 5-10 years of rebuilding: restaurants, shopping, recreation and new construction is the reason why it has leap frogged its neighbors Lakeside, El Cajon, Lemon Grove and not too distant Rancho San Diego (at one time the most desirable East County area) & Spring Valley in overall Medium Price average of all home sales combined Condominium and Single Family Homes.
In an article from the same source in DQ News: Southland May Home Sales Highest in 7 Years; Median Price Hits 5-Year High, available here: www.dqnews.com
30% of all sales are cash! That’s huge, no loan! Also the inventory is about 4800 units in San Diego County and that’s an uptick of 7% from last month, but 22% less than a year ago. So inventory continues to be extremely tight. Now is the time for you sellers to explore your 5-10 year life goals of where you want to be or where you will actually be in that time NOW! The market could change after the next 6 months wishing you had.
I am always available for any one-on-one questions, feel free to call. Thanks for reading and cheers to you all for a fabulous kickoff to summer 2013!!