San Diego in 2009 Top 10 Worst Real Estate Markets
San Diego Real Estate Blog
San Diego is predicted by Forbes to be in the top 10 for worst real estate markets in 2009. The article stated that the median home price in 2008 is $412,490. The 2008 real estate year isn’t finished yet and the numbers wont be in for a while so I’m guessing Forbes got this number by looking at the 11 previous months in the 2008 which is only partially 
accurate although probably very close to the number that should come out in mid January of 2009. Forbes predicts that there will be a 21.1% drop in the San Diego median home price in 2009. If their prediction for 2009 San Diego median home values is correct the median home price at the end of 2009 should be $326,000. They also predict that in 2010 there will be a 2.9% drop in median home values from the 2009 number.
As a real estate agent in San Diego going into the 2009 market I think it’s going to be a great year. One of the best. I’m not one to sugar coat things either. The upper end homes in San Diego still have a ways to drop and many larger more expensive homes will need to come down and this is where you will see most of the bloodshed in the San Diego Real Estate Market in 2009. The lower end homes in San Diego which I would say are the homes under $400,000 in many cases have multiple offers on them when priced correctly. In some areas of San Diego County the lower end of real estate has leveled off. The median home price is not the average home price. The median home price is the home that is in the middle of all of the homes sold in a particular year. This means that if 20,000 homes sold in 2009 in San Diego the home that was number 10,000 is the median home price. Since the upper end will still come down, maybe 20% to 40% in some areas of the county this median price will be lower in 2009. Will it be 21.1% lower? Forbes thinks so and they might be right.
San Diego has a silver lining and that silver lining is that it’s San Diego. San Diego is one of the most desirable places to live in the United States and the world. San Diego was one of the first areas to head into the real estate downturn and will undoubtedly be one of the first to come out of it. They also predict that in 2010 there will be a 2.9% drop in San Diego median home values from the 2009 number. This is a great sign showing that the recovery should start then in the whole real estate market and the lower end should be getting a bump in 2010. When it does the lower end will start the recovery first flowed by the upper end. 2009 should be the best year for opportunity and getting the pick of the San Diego real estate litter especially with interest rates down and dropping even further in 2009. If you are considering buying a San Diego home in 2009 make sure you contact us. We know the market and what’s going on in San Diego County.
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