What current San Diego home owners already know is finally catching on with home buyers across the country. According to REALTOR.com, the 92106 zip code in San Diego was among the most commonly searched zip codes on their site in 2014, a resounding testament to the high desirability for homes in this stunning community.
In order to get a better picture of where home buyers are buying, the real estate resource compiled a list of the top 10 most-searched neighborhoods in the country, and the results yielded quite an array of regions and types of neighborhoods. From luxurious waterfront communities such as San Diego to a historic section of New Orleans and an urban setting in downtown Orlando, the list shows that recovery and renewed interest in real estate is taking place throughout the country.
“The hyper-local markets on this list demonstrate the wonderful diversity of real estate demand across the country,” said Jonathan Smoke, chief economist for REALTOR.com.
In San Diego, much of that hyperlocal interest was concentrated in an area known as Fleetridge, which contains a mix of about 60 percent homeowners and 40 percent renters. According to the report, the median single-family home value in Fleetridge is $974,000, making it an upwardly mobile community that is seeing an influx of young families wanting to get a taste of the Southern California lifestyle.
San Diego Home Prices Edge Down As Demand Goes Up
Although Fleetridge has been making headlines lately, there are many more neighborhoods within San Diego that have helped to make this city a highly desirable place to live. According to Altos Research, a California-based real estate analytics company, demand has been on a steep incline in San Diego while home prices have been coming down, marking what could be an advantageous time for eager home buyers.
Altos reports on supply and demand for housing markets through a unique value known as the Market Action Index. This value indicates from a neutral zone of 30 whether buyers are in favor with lower values or sellers are in favor with higher values. With a current MAI of 43.17, San Diego is well into the hands of home owners. This value shows that demand is rampant as there are more buyers than available homes on the market right now.
While this high demand typically translates into rising home prices, San Diego has been dealing with a dearth of inventory for quite some time now as home buyers have been vying to get into this community since the recovery period began. Currently, the median single-family home value is $614,181, which is a decrease from the 12-month high seen back in July of $651,000.
With so many varying neighborhoods making up this vibrant city, it’s surely only a matter of time before value comes back to San Diego homes.
If you are interested in learning more about San Diego luxury homes, please feel free to contact our team of property experts today.