San Diego Real Estate Reality
Although San Diego real estate has experienced a significant rebound in the last half of 2012, inventory is at historic lows, demand for San Diego houses is increasing and that causes the prices to increase.
At a meeting in December, 2012 hosted by George Chamberlin and sponsored by The Greater San Diego Association of REALTORS discussion included the bidding wars and prices of San Diego real estate hardly seem justified. I recently listed an extreme fixer San Diego house in the North Park area for a fair market value price of between $349,000-$399,000. After receiving 27 offers and negotiating the top five offers, the San Diego property is in escrow in the mid-$400’s. This is the result of the extremely low inventory of available San Diego houses.
The opinion is that it could be another two years of low inventory keeping the pressure on San Diego housing prices, and it could be up to three years before there is a “meaningful” increase in the San Diego housing inventory.