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The North San Diego coastal real estate market update for April 2010

So far this year the real estate market has been shifting to a more positive footing for home sellers. Single family detached homes that are priced correctly are selling in a reasonable time at pretty close to asking price in many neighborhoods in North San Diego County. The inventory levels are down in many price brackets with the exception of the upper end. The top end homes in most coastal markets are seeing an abundance of inventory, short sale and foreclosure activity lead to soft prices and longer selling times.

The story is very different in the mid to lower price quadrants. Low inventory and multiple offers are once again driving forces in many North San Diego Coastal communities like Carlsbad, Carmel Valley, Encinitas, San Marcos and Oceanside. This brings its own challenges that must be handled properly. There are many instances of homes selling with multiple offers only to see a low appraisal cause difficulty for both buyer and seller. The highlights of April's HOMEDEX are below

Single-Family Detached Home Prices

• The median price for all homes in North San Diego County - single-family

detached and single-family attached - increased to $388,250 in April 2010 from

$385,000 in March 2010.1

• The median-priced single-family detached (SFD) home in North San Diego

County increased 1.17 percent to $474,500 in April 2010 from $469,000 in March

2010, the third month of price increases and the highest median price reported

since summer 2008. The SFD median price in Non-North County zip codes

decreased 0.43 percent to $350,000 in April 2010 from $351,500 in March 2010.

• Year-over median SFD price in North San Diego County increased 21.67 percent

from $390,000 in April 2009, making nine straight months of year-over price

increases. Year-over median price rose 12.9 percent in Non-North County from

$310,000 in April 2009, making seven straight months of year-over increases.

• The countywide median SFD price decreased 1.52 percent to $390,000 in April

2010 from $396,000 in March 2010, but increased 16.42 percent year-over from

April 2009 - this makes eight months of year-over price increases countywide

Another way to look at the real estate market in North San Diego coastal cities

People ask me all the time how is the market? As you will see from the example reports below it depends. Are you buying or selling? What city & price range are you buying or selling in? Check out the report for Carlsbad home sales in the $500,000 to $750,000 price range and you will find inventory down to low levels putting home sellers in a stronger position, Months Supply of Inventory is under 3 months in this price bracket for Carlsbad

homes.

Looking at the report for homes in the million dollar to 2.5 million dollar range you will find a buyers market, Months Supply of Inventory is at 12.9 months, note it is substantially lower than the inventory last year at this pricing level. So are the best home buy's in the million plus price range going to be gone soon? Keep watching the trends to find out....

 

If you would like a report for your specific sitution, buying or selling, we are here to give you the edge through detailed, relevant real estate information for the North San Diego coastal real estate market. Email Loren@CoastalHomeFinder.com or call me today at (760) 602-1000

 

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