Rancho Santa Fe Real Estate: 2013 Year in Review

19101 Fortuna del Este (1)A recent article in the San Diego Union Tribune  reviewed San Diego’s 2013 Year in Real Estate.  This article featured important real estate information for Rancho Santa Fe (including 92067 and 92091) as well as the county as a whole.  The bottom line: incredibly low interest rates combined with an increasingly limited inventory saw San Diego’s home prices appreciate more than they have since the early 2000’s!  Some experts note that home prices in San Diego are now where they would have been had the recession never happened.

 

Here are the important bullet points on San Diego Real Estate in 2013:

  • San Diego residents bought 42,702 homes last year, the most since 2006.
  • San Diegans bought 26,921 single family homes, 12,484 condos and 3,297 new homes, all up from 2012 totals.
  • Home values rose most in the summer, but December 2013 home values were still up 15.9% compared to December 2012.
  • The median home price in all of San Diego county rose 18.4% over the  2012 average
  • Median home prices in the Rancho Santa Fe zip code (92067) rose 10-20%.

 

 

So what are we looking at in 2014?  Here are some predicted trends to keep an eye on:

  • Mortgage rates are going up.  The last year of historic lows may be over, but on the bright side for buyers, they remain within an affordable range, and rates are not predicted to skyrocket anytime soon.
  • Home prices are still on the upswing, but percentage gains in home value in 2014 are expected to be more modest, ranging from about 3.5% to 7% in predictions.

 

 

What does all this mean for YOU and your home?  Well, broadly speaking, it means it’s a seller’s market out there; but how that affects your home in particular depends on your neighborhood, the homes around you, and the market in your area.  For a detailed, no-obligation chat about your real estate goals in 2014 (and how to achieve them!), give Katie a call at 858-922-2226, and don’t forget to visit our Rancho Santa Fe Real Estate website!

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