Rancho Santa Fe CA 92067, San Diego Luxury Homes

San Diego’s Luxury Market

Rancho Santa Fe CA 92067, San Diego Luxury Homes

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San Diego is the 8th largest city in the United States, and the 2nd largest in California. Known for its almost perfect year-round climate, and miles of beaches, it boasts an impressive 1.3 million inhabitants who possess a median household income of $60,797, which is $3,510 more than California’s median household income, as of 2011. San Diego’s estimated median house or condo value in 2011 was $429,200; $73,600 more than the state’s median. The city’s affluent community, and breathtaking views, weather, and attractions, make it the ideal place to buy or sell luxury real estate.

Previously, the stagnant economy, and depressed wages made it difficult to find, or sell, the perfect luxury home. But now that the NYSE is at an all-time high, and banks are lending money at near bottom interest rates, the luxury real estate market is prime to take off as San Diego’s spring real estate market heats up.

A recent study conducted by Gallup shows that Americans consider real estate to be the best long term investment. Even when presented with other strategies like gold, stocks/mutual funds, savings accounts, or bonds Americans still favor real estate. This affinity for real estate is reflected in San Diego’s rising home prices which have increased by 13.9% per square-foot over the same time period last year, according to Trulia. The Rancho Santa Fe luxury real estate market has seen an even greater improvement in price-per-square-foot, with a 34.2% jump to an average of $600, year to date.

Trulia’s real estate statistics for Rancho Santa Fe Real Estate also show that the volume of homes has decreased by 16% from this time last year. This lack of available quality homes may be a contributing factor to the 11.8% increase in median sales price from $1,800,847 to today’s average listing price of $2,012,500.

The dwindling supply of quality homes in the area, coupled with increasing home values, and growing consumer confidence in the real estate market, make it the perfect time for potential sellers to test the market and list their luxury homes as “For Sale”.

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