San Diego Bay Area Real Estate Slowdown
La Jolla, CA., bay area homes remained at itís lowest point in five years in the month of February. San Diego real estate appreciation continues to slow down.
According to statistics provided by Data Quick a total of 6,206 new and resale houses and condos were sold in the nine-county region in Frebruary. That was up 3.4 percent from 6,004 for January, with a decrease of 16.8 percent from 7,463 for February 2005.
Another sign of real estate appreciation slowing down is the decrease of population in San Diego. The loss of population was 1,728 between July 2004 and July 2005, the more telling number is the net exodus of 43,126 people, many of them who most likely headed up Interstate 15 to Riverside County, where housing prices are still considerably lower than in San Diego. At some point the market has to balance and it is starting to happen.
The median price paid for a Bay Area home was $616,000 last month. That was up 1.5 percent from Januaryís $607,000, and up 12.2 percent from $549,000 for February a year ago. The annual price increase was the lowest since prices rose 9.7 percent to $443,000 in January 2004. Itís probable that appreciation will dip into the single digits again this spring.
How does a decrease in appreciation benefit home buyers in San Diego? Having a buyers market gives the upper hand to the buyer when negotiating home price and conditions.
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