I’ve wanted to log the expert guesses so we can look back a year from now and see who was close, but most of them say they expect moderate growth in pricing – in the 3% to 5% range. But then the president of the local association of realtors launched this rocket:
While it’s difficult for any expert to predict market prices, I believe the median price will be higher at the end of 2014 than it currently is now. San Diego will always be a desirable destination because of its warm weather, and with the job market steadying, demand for housing increasing and low vacancy rates in the rental market, home prices will continue to stabilize and move up. I also believe San Diego will see increased demand from international buyers. Given these factors, I estimate the median home price in San Diego County will be approximately 21 percent higher at the end of 2014.
It is possible – if inventory really dries up and trading is so thin that sellers get whatever price they want. Her year-long presidency concludes next week – maybe she just wants to make sure we don’t forget her!
Dataquick’s median price for all property types in San Diego was $415,000 in November, and the Realist 2013 detached-home median is $430,000 currently (was $372,000 in 2012, which is a +16% difference).