In the latest San Diego real estate news, the Union-Tribune took a closer look at the San Diego real estate market. Based upon the data released by the real estate tracker DataQuick, they compared housing figures from the first half of 2011 (January to June) to the housing figures of same time period of 2010.
As any San Diego real estate broker can confirm, the majority of residential transactions involved single family resales, as they comprised about 62 percent of the total sales for the first half of 2011. As noted by DataQuick, each of the five San Diego regions reported a dip in the median price for single family resales. The same is true in sales, with the exception of East County, where sales actually increased by 2.6 percent. In the first half of 2011, only 22 of the 93 ZIP codes saw a price increase.
Though each subregion had a decrease in median prices for single family home resales, the coastal areas of North County had the smallest drop. This was largely caused by the actual median price increases in Carmel Valley, where the price went up by 5.9 percent. Other areas which had price increases were Carlsbad SW (4.5 percent) and Carlsbad SE (3.3 percent).
The most precipitous decline occurred in the East County area, in which the median price of the first half of 2011–$300,000–was a 6.3 percent drop compared from 2010 January to June housing figures. The sharpest drop were in Rancho San Diego (-13.3 percent); Santee (-10.6 percent) and Spring Valley (-8.6 percent).
Sales totals in the South County ZIP codes showed the greatest decline (-14.5 percent) among the subregions, mainly because of Imperial Beach (-39.1 percent) and Nestor (-32.3 percent). East County, however, was the one exception to the trend, as sales totals in the area went up by 2.6 percent.