17 Mar Real estate in San Diego soars
It’s more good news for the real estate market in San Diego.
San Diego real estate prices rose 18% from December 2012 to December 2013, ending the year among the nation’s top five in appreciation, according to the S&P/Case-Shiller Home Price Index. The real estate figures are impressive gains and positive developments for real estate in Carmel Valley, Del Mar, La Jolla, Rancho Santa Fe, Santaluz and Solana Beach.
Rebounding real estate in San Diego, nationwide
The real estate market in San Diego — including real estate in Carmel Valley, Del Mar, La Jolla, Rancho Santa Fe, Santaluz and Solana Beach — mirror national trends. After years of decline, average home prices across the U.S. during the fourth quarter of 2013 were back to their spring 2004 record levels, the Indices found. Nationally, home prices rose 11.3 percent.
Overall, real estate in San Diego fared well and placed among the top cities for real estate prices as measured by the S&P Indices. San Diego County homes for sale slowed in the second half of the year but still packed a powerful real estate punch to end 2013 with the best appreciation in San Diego since 2004. That year, values rose 26.6 percent. In 2013, San Diego real estate prices peaked in August at 21.5 percent.
Not only were foreclosures down in 2013, but property values in San Diego County were up. Real estate in San Diego values increased 17% from December 2013 compared to December 2012, according to DataQuick’s 2013 Property Intelligence Report. Foreclosures also decreased 55% during that time, DataQuick reported.
S&P also found real estate in Los Angeles and San Francisco also fared well. The Case-Shiller index compares repeat sales of single-family homes in 20 U.S. cities and are the leading measure of U.S. home prices.
Weak spots for homes for sale in San Diego
Despite the good news, San Diego did experience some weaknesses in 2013. Homes for sale in San Diego fell in the second half of the year after fewer distressed resales, increased inventory and low supply, as well as a higher supply of high-end real estate in affluent markets such as Carmel Valley, Del Mar, La Jolla, Rancho Fe, Santaluz and Solana Beach, the indices found.
Still, San Diego — like other cities — posted positive year-over-year gains. And the numbers for San Diego homes for sale indicate yet another sign that the real estate market in San Diego has fully recovered.