2009 San Diego County Annual Real Estate Market Report

San Diego County Home Prices Bottomed Out in First Quarter

The best that can be said about last year is it’s over! While home sales were up 17.2% from 2008, the median price dropped 10.3.8%. The good news in all this is that prices bottomed out in the first quarter and started strengthening the last nine months of the year.

Buyers are out there, but they’re looking for bargains. Which begs the question, what is a bargain?

A deal has little to do with the sales price to list price ratio, which most buyers look at. Remember, you are going to have to live in that home and that neighborhood. The most important thing is to find a home, in a neighborhood, you want to live in. If the house is fairly priced, make an offer. But understand, if the house is fairly priced, or even a little under-priced, and it is a good house in a good neighborhood, there will be multiple offers. If you find such a home, you can't hesitate.

It is endemic among buyers that the deals are in bank-owned or short-sale property. But, banks have the property appraised before they put it on the market, and they price it at, or just a little below, market value. Which is why we’re seeing multiple offers and prices going over asking.

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San Diego County
(Single Family Homes)
  Prices Other Percent Change
Average Median Sold DOM SP/LP Average Median Sold
1998 $271,178 $203,995 23,960 54 96.6%      
1999 $300,019 $225,000 25,396 50 96.6% 10.6% 10.3% 6.0%
2000 $356,975 $260,000 23,878 43 96.7% 19.0% 15.6% -6.0%
2001 $367,198 $289,000 23,578 46 97.5% 2.9% 11.2% -1.3%
2002 $431,836 $350,000 24,457 44 97.5% 17.6% 21.1% 3.7%
2003 $498,756 $410,000 28,723 43 97.5% 15.5% 17.1% 17.4%
2004 $624,683 $520,000 28,396 37 97.5% 25.2% 26.8% -1.1%
2005 $683,218 $560,000 26,324 53 96.8% 9.4% 7.7% -7.3%
2006 $696,839 $560,000 20,375 66 96.2% 2.0% 0.0% -22.6%
2007 $705,340 $550,000 16,366 72 95.7% 1.2% -1.8% -19.7%
2008 $513,086 $390,000 19,552 75 96.9% -27.3% -29.1% 19.5%
2009 $441,308 $350,000 22,914 71 98.9% -14.0% -10.3% 17.2%

San Diego County
(Condominiums)
  Prices Other Percent Change
Average Median Sold DOM SP/LP Average Median Sold
1998 $162,839 $137,000 7,884 50 97.6%      
1999 $169,647 $139,900 11,757 42 97.9% 4.2% 2.1% 49.1%
2000 $193,003 $160,000 11,904 30 98.2% 13.8% 14.4% 1.3%
2001 $227,305 $190,000 11,212 34 98.4% 17.8% 18.8% -5.8%
2002 $273,998 $237,000 11,260 34 98.5% 20.5% 24.7% 0.4%
2003 $319,865 $278,500 14,146 36 98.2% 16.7% 17.5% 25.6%
2004 $408,070 $355,000 14,266 27 98.4% 27.6% 27.5% 0.8%
2005 $436,562 $380,000 14,344 50 97.7% 7.0% 7.0% 0.5%
2006 $426,361 $365,000 10,581 67 97.1% -2.3% -3.9% -26.2%
2007 $417,761 $354,000 8,871 69 96.4% -2.0% -3.0% -16.2%
2008 $312,197 $243,900 9,904 75 96.9% -25.3% -31.1% 11.6%
2009 $256,391 $203,000 11,771 73 98.9% -17.9% -16.8% 18.9%

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Detailed information on homes or neighborhoods can be had by calling or e-mailing us. Or, fill out our Buying or Selling forms located in the menu to the left.

DEFINITIONS

Median Price
Median Price is the price at which 50% of properties sold were above that price and 50% were below.
Average Price
Average Price is the sum of all prices divided by the number of sales.
DOM
Average Days on Market is calculated from when a property was first put on the market until it was put under contract, or taken off the market.
SP/LP
The average selling price divided by the average list price.

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