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 February 12, 2008

San Diego Real Estate Predictions for 2008
Mirroring new homes on the market is the resale market in San Diego. Slowly but surely, the home listings are decreasing and detached units are down almost five thousand units from the previous year. Condominiums are down the least falling approximately fifteen hundred units from the year before.
It might appear, if you look at San Diego as a whole, that it is not the best time for resales. However, some upper end areas, such as La Jolla, Rancho Santa Fe and Del Mar have managed to remain consistent and have maintained prices. Experts are predicting that 2008 will see a gradual increase in home sales and condo sales, in San Diego County. With home prices close to the bottom and interest rates continuing to gain interest, potential home buyers are busy researching online. If the activity is any indication, it looks like 2008 is the year things will begin to turn around.

The apartment vacancy rate in San Diego is low (5%) as usual and yearly rent is on the rise (4%). San Diego is not like many cities. The County is known to have one of the most stable apartment markets in the US and it can be attributed to the price of homes, as well as, the lack of new construction. Although, the Crossroads, which are UTC condos, boast 1500 units and are expected to be completed this year.

With the way interest rates are in decline, it is being predicted that San Diego will see a 10% to 20% increase in resales in 2008. Only time will tell.

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