San Diego Housing Market News and Analysis
Is NCCSD approaching bubble territory?
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Submitted by profhoff on May 12, 2016 - 2:31pm
I've been following the North County Coastal SD real estate market - single family detached between $1,000,000-$2,000,000 (Leucadia/Encinitas west of I5, Solana Beach, East Solana Beach, Del Mar Heights and East Del Mar). So we are talking the entry level stuff...
Good houses (clean, look nice, don't need gut renovation) are selling pretty quickly and my real estate agent tells me that a number now have multiple offers and bidding wars.
From studying Redfin, I've noticed that houses that closed within 6-8 months have current Redfin estimates that put them maybe 50-65% higher than just SIX MONTHS AGO. That's insane!
Real estate agents are claiming the market is up about 10%/year give or take - so is Case Shiller - but that also things are up quite a few percentage points from just a few months ago in some areas.
Is the NCCSD area that much in demand? That much immune from market forces like income, the stock market, and what not?
Or are we seeing the beginnings of the bubble?
There's not that much inventory and not that much closing so it's hard to discern trends.
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