Today I have big news for our local market: We have finally set a new high for the median home price in San Diego County.
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June has just begun, so I wanted to stop in with a quick market update.
The big news is that we finally did it. We have set the new high in San Diego County for the median house price. Right now, the median house price is at $525,000. Believe it or not, the last peak we had was way back in 2005 at the top of the housing bubble.
If you adjust for inflation, we’re still not quite up to the $644,000 that would signify a new high but essentially, we have done that at $525,000.
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If you look at the historical trends of 3% to 4% appreciation that we’ve seen in real estate for the last 80 years, then we are still a ways below that trend line, which leads many people to believe that we still have room to grow.
June and July should be strong months for our real estate market.
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Now, inventory and low interest rates are still driving appreciation, and we won’t see a fundamental shift there anytime soon. June and July should be strong months for our market before things start to cool down in late summer and early fall.
Meanwhile, our office is under construction. We’ll let you all know about our grand opening as soon as we are officially moved into 4112 Napier Street in the heart of Bay Park.
In the meantime, if you have any questions about our current market, give me a call or send me an email. I would be happy to help you!
