Optimism rules in the 2016 real estate market
Based on the year end percentages and economic forecasts I predict that San Diego will experience an energized real estate market in this New Year. The housing recovery has been faster paced here than in other Southern California counties thanks to the solid job recovery we’ve seen.
While the sales volume in 2015 wasn’t as impressive as many hoped it would be, the numbers are still very respectable.
- Single family home sales were up 6.3% over 2014
- Home sale prices increased an average of 6.5%
- Homeownership rates remained fairly steady, ending the year around 52%
Easing credit requirements may be the largest contributing factor to continued growth into 2016. If inventory levels increase as predicted that will certainly have a positive effect on sales volume for this coming year. Another factor to consider is our large military population. While they do contribute to a higher than average turnover rate, they also present one of the largest real estate buying pools. Between the beneficial VA loan packages and the CalNet mortgages available to assist them with purchasing, many have the option of choosing to own over renting.
Our area attracts a wide variety of people from all walks of life which will continue to fuel growth in the community as a whole. As the job market enjoys increases so will the real estate market.
Beyond the financial considerations and great real estate opportunities, there are many fantastic reasons to make San Diego home:
- Our fantastic weather patterns
- Terrific tourist attractions fund constant economic growth
- Excellent public transportation system
- Fabulous parks and don’t forget about the 250 acres of FREE wi-fi area
- Cultural attractions
- Outdoor activities galore including the popular kiteboarding
- Outrageously good food
- Jobs for almost every skill level
- The incredible San Diego Zoo
San Diego remains a magnet for smart, entrepreneurial young people for all of the above reasons. These reasons and more attract families looking for stable growing communities in which to raise their children. Moving into the 2016 real estate market, all of these great reasons cause optimism in predicting how the year will grow and take shape. One of the best reasons to choose San Diego for your next home purchase is also my biggest reason for choosing to live and work here; how friendly all the people really are!
What’s your favorite reason to visit San Diego? Would you like to call this great county home?