North County Median Home Prices Hit $400,000
Wow, talk about a straight up climb as we get back up to the $400,000 benchmark. We have not seen that number here locally since 2007 and only at the height of the bubble from 2005 through 2007 have we ever seen higher numbers. In 2004 the average median price was $375,000. In 2008 it was $350,000 so you can see prices are climbing and we expect that trend to continue. Who knows but the 2014-2015 season is shaping up to be a barn burner and while we still trail the $485,000 we saw in 2005 we may not be too far from that in the upcoming year. Time will tell.
As of July 1st the median single family home price in the north county region jumped another 3.6% over the past 30 days. Looking back to July 1st of last year prices are up a hefty 12.3%. As we reported just days ago pending home sales in the area dropped for the 2nd straight month to a new 4 month low. Inventory however seems to be the main culprit and the choices buyers have today continue to dwindle. As of July 1st they had dropped for 4 consecutive months to the lowest levels we have seen since last November.
Interesting times indeed and while the summer months here in south Florida the market tends to pull back the prices realized continue to climb which is a very bullish sign indeed. If you are contemplating a real estate transaction in the coming months pay very close attention to the numbers in the neighborhoods you are watching. Complete information is your best friend when it comes to making knowledgeable decisions. Always interesting, always fun.
Paradise Sharks Real Estate