Median Home Prices Rise in Encinitas, La Jolla, and OB

This news from the San Diego Union-Tribune:

As median home prices continue to decline, it seems no community is immune to the slumping real estate market. And yet, during the last quarter a few coastal areas were able to eke out a healthy rate of price appreciation reminiscent of the housing boom.

Take Ocean Beach, which experienced a 14.4 percent year-over-year increase in the median price of a resale home during the first quarter of this year. By comparison, resale home prices for the entire county fell 21 percent during the same period, according to statistics released yesterday by DataQuick Information Systems.

In fact, prices declined for all but three of the county's 59 ZIP codes that recorded at least 20 sales between Jan. 1 and March 31 of this year and last.

Bucking the trend were Encinitas, La Jolla and Ocean Beach, which experienced price gains, while in Mission Beach and Pacific Beach, the median price remained relatively unchanged from last year to this.

Click here for the whole article.

Forbes: San Diego Home Prices Set to Go Up

This bit from the latest issue of Forbes Magazine:

"San Diego's present conditions suggest that over the next half-year, prices may start to rise. That's because "there's usually a three- to six-month lag between when transactions go up and prices go up," says Jonathan Miller, president of Miller Samuel, a Manhattan real estate appraisal firm.

Another good sign for the coming year? Increased credit availability."

Click here for a link to the entire article.

Can it be true? Well, in the last week, we've made represented buyers making offers on 3 well-priced properties in Point Loma, Ocean Beach, and Rancho Penasquitos. These properties were *not* short-sales and were priced at current market conditions.

One property had NINE offers on it in 3 days, several over the asking price.
The second property had 3 offers within the value range in 4 days.
The third property? Had 4 offers in as many days, one over the asking price.

We weren't seeing this a couple of months ago! Our word to buyers: if you see a well-priced property that you're interested in, don't hestitate! The good ones are going fast.