23 Jun New category of buyers fuel San Diego real estate purchases
This so-called category of ‘move up’ buyers are existing homeowners, but are looking for housing upgrades, according to San Diego real estate
experts. They’re home savvy, want bigger and better homes with more amenities, and are willing to pay for it. The numbers seem to bear this trend out. The median price of a single-family home in May was $530,000 — a $10,000 increase from April and about $35,000 higher than than the same time last year, according to the San Diego Association of Realtors.
It could become even more pronounced as the summer buying season heats up. As the median prices rise, demand continues to be an issue, however. The phenomenon of the move-up buyer combined with a lack of housing demand is concerning to real estate experts. Would-be buyers have to act quickly due to low demand. The San Diego Association of Realtors predicts a housing inventory of about 2.5 months; a health inventory is typically about six months. The most expensive home that sold recently was a 4,000 square -foot, six-bedroom, six-bath home for sale in Del Mar
for $11 million.