San Diego Real Estate Market Recap for 2012

As we said goodbye to 2012, we also look at the positive occurrences in the real estate market in the area. San Diego saw home values increase, competition rose, and prospects for a steady recovery was seen for 2013. A look will show the main developments that helped the real estate market in 2012 and what we can expect to see in 2013.

Increase in Home Prices

During the off-season home prices in the San Diego rose. In November of 2012, the median home price was $358,000, which was a huge 14% increase when compared to the same time period in 2011.

Decrease in Inventory

The smaller amount of homes on the market may discourage potential homebuyers but is it great news for home sellers. In addition, it often helps raise the price of homes. Right now there are only 5,300 active listings which is about half of what was seen last year at the same time. This makes competition for buying a home strong. For anyone waiting to see if home prices are going to rise even more now may be the best time to list their home while the inventory is low and interest rates are low.

Shorts Sales more than Foreclosures

Finally, after years of most homes on the market being in some stage of foreclosure, there was a drop in homes that were underwater in 2012. Short sales which are homes in which the owners may sell for less that what they owe on the home are being seen more than foreclosures. This change shows a slow improvement in the economy and allows lenders and homeowners more benefits.

Banks Coming to the Aid

California Attorney General Kamala Harris won a $25 billion mortgage settlement to hold banks accountable for any unfair foreclosures. Critics believe the deal is not sufficient with all the recession losses. However, it does offer more bank sponsored aid to consumers than in the last few years, which helps to stop the trend toward foreclosure and start the slow trend to repair the market.

Mortgage Rates Decreased

In 2012, mortgage rated dropped quite a bit as reported by Freddie Mac while current mortgage interest rates are now below 4 percent. This mortgage rank is historically low and is a good sign for buyers that have good credit. The Federal Reserve plan to keep the rates down to help individuals buy homes and refinance mortgages.

Looking Forward

All of the above developments will still be a moving factor for the real estate market in the San Diego area in 2013. For information on selling your home or finding a home in the San Diego area, contact one of our Realtors today by calling 888-865-5055.

Homes for Sale in Encinitas is at 80

The year over year median price of homes in North San Diego County rose 18.25%.
At this time, there are 80 single family detached homes active on the market in Encinitas with nine of these home listed at under $700,000.
In the month of December, Encinitas had 44 homes sell […] Continue Reading…

Pet Care Lectures to Be Held at Drake Center

Three lectures will be held in the upcoming months at the Encinitas based Drake Center for Veterinary Care concerning pet health. The free lectures will be in Carlsbad at the Whole Dog Sports Center but a suggested donation of $10 would be a welcome gesture, which will go to […] Continue Reading…

Carlsbad to be home to the First US Legoland Hotel

The very first Legoland Hotel for the US has chosen its opening date and location. The location: the entrance to the Legoland theme park in Carlsbad, California The date: April 5, 2013
The announcement of the new Legoland Hotel will mark the third of its kind with one in the […] Continue Reading…

Carlsbad Desalination Project Closed Successfully

The San Diego County Water Authority announced on December 24 that project financing for the Carlsbad Seawater Desalination Project closed successfully. This gave $734 million in tax-exempt bond financing to construct the largest seawater desalination plant in the United States along with a 10-mile pipeline.
The closing financially was the […] Continue Reading…

Dogs banned from Hunting in California

As of January 1st in the state of California, it will no longer be legal to hunt bobcats and bears with dogs.
Gary Ramey and his grown daughter traveled to hunt California bears in November to participate in the traditional bear hunt. The father and daughter hunters traveled 2,500 […] Continue Reading…

Christmas Boat Parade Sets Sail

Newport Harbor will be full of Christmas Spirit with Christmas themed canoes, kayaks, boats, and yachts.
It is believed that thousands of individuals will be attending the Christmas Boat Parade even though a local group has been trying to lower the enthusiasm for the tradition.
The 104th annual Newport […] Continue Reading…

Poway Events

Lightbridge Carolers

Staff at LightBridge Hospice & Palliative Care along with volunteers sang at the Solaris Senior Living Community on Garden Road and Gate Manor on Gate Drive on December 12. The group did a 3-day caroling trip around the county to entertain hospice patients in San Diego. The […] Continue Reading…

Luxury Home Values Going Up

In California, the value of luxury homes is on the way up. The prices are climbing in San Francisco, Los Angeles and San Diego.
During the 3rd quarter of 2012 when compared to last year, the prices of luxury homes in the major metropolitan markets in California rose.
The Index […] Continue Reading…

Home Prices Increase in County

The median price reached the highest point seen since July of 2008.
The median home price increased 13.7% from November of 2011 to November 2012 in San Diego County. Sales are on the increase and as a matter of fact were the best seen since seven years ago in the […] Continue Reading…