The stats are out and this past November 2008 Southern Californian median home prices dropped 35 percent! MDA DataQuick announced that the median home price for both condos and homes dropped to $285,000! That’s a $150,000 reduction from the median price for November 2007. Can we say bargains anyone?!
True, prices today may not necessarily be considered bargains to all. Those who have watched the San Diego real estate market over the past few years know that this is the time for bargains. It’s just a matter of whether or not you are in the market to take advantage of it. Last month many bargain hunters did, with the region’s homes sales up 27 percent compared to November 2007. A total of 16,720 homes sold, with 55 percent of those sales being foreclosures. We’ll let the numbers speak for themselves.
What do you think about San Diego’s real estate market, have you or anyone you know purchased recently or are in the process of seeking a “bargain” today? Leave us a comment and let us know your story!
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Wow! what a drop. We have a similar situation in our market here in Sarasota Florida. I am sure you heard during the boom how Sarasota was near the top of the bubble. Now we are infested with bottom feeders. How it gets back to stable soon.
Jose Lopez
Sarasota Foreclosures