The median price paid for a home in San Diego County in July rose to four-year high. That number? According to the latest numbers from DataQuick, the median price was $342,000.
Here are the Top 20 Hottest Zip Codes in SD, as ranked by highest percentage increase in median home price.
Why do experts say median prices increased in theses areas?
The main factors attributed to the growth are…
- Foreclosed properties, which tend to sell at a steep discount, comprised a smaller part of the overall sales mix, lifting the median price.
- Home foreclosure activity in California has fallen to five-year lows, easing concerns there might be a flood of distressed sales to slow or even reverse the housing market’s recovery.
- DataQuick said homes that were foreclosed upon in the previous year accounted for 21 percent of existing-home sales in Southern California last month, down from 32.6 percent a year earlier.
- Tightening supplies also drove prices higher, San Diego-based DataQuick said.
- Sales were most robust in the price range between $300,000 and $800,000, gaining 22 percent, while sales of homes above $800,000 rose 7.2 percent
- Less expensive inland areas also saw sales grow, but the increases were more modest. Riverside County sales grew 7.8 percent from last year, while San Bernardino County sales climbed 2.4 percent.
Take a look at this graph showing the July 2012 Real Estate Trends for San Diego County. Traditional home sales have increased since the beginning of the year, while REOs have declined.
With home prices looking stronger and inventory at a low, many real estate agents report that they are experiencing and increase of multiple-offer scenarios. To best serve their clients, agents look for buyers who have a cash offer or have been pre-approved for a home loan.
If you or one of your clients would like a Samuel Scott Financial Group Mortgage Advisor to review your buying power, let us know. We can help you with a pre-approval letter that lets sellers know you are qualified to purchase their home.