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Occupancy rates here put at 94.8% January 19, 2006
Apartment rents in San Diego County rose a modest 3.3 percent last year, in contrast to big rent spikes in the rest of Southern California, according to a report to be released today.
The average apartment rent in San Diego County was $1,254 a month across all apartment types, according to RealFacts, a Novato-based real estate research firm.
In Southern California overall, the average rent was $1,336 as landlords regained some pricing leverage that they've lacked for much of the past decade.
San Diego occupancy rates dipped to 94.8 percent, a 0.3 percent decline from 2004, according to RealFacts. The Southern California occupancy rate was 94.9 percent.
The large number of condo conversions in San Diego may be turning more renters into homeowners, stifling demand for apartments. But conversions also reduce the supply of rentals, so it's difficult to pin the market softness solely on conversions.
The Los Angeles/Orange County area demanded the West's highest rents at $1,459. The next five most expensive rents also were in California: Santa Cruz/Watsonville, $1,397; Thousand Oaks/Ventura, $1,363; San Francisco/Oakland, $1,359; San Jose/Sunnyvale, $1,330; and San Diego, $1,254.
January 20, 2006
Hot housing prices begin to cool off!January 17, 2006
San Diego County's sizzling real estate market fizzled last year, when prices climbed only a third as fast as they did in 2004 ? the largest year-over-year drop in appreciation on record.
The overall median price last year was $494,000, up 7.6 percent from 2004, when home prices soared 21.1 percent during one of the hottest San Diego real estate periods ever.
So ended a five-year run of double-digit price increases for San Diego Real Estate.
The number of overall home sales slid 9.1 percent to 55,366 last year, the first year-over-year decline since 2001.
In another indication of last year's slowdown, DataQuick said December's $550,000 median for resale single-family homes dropped 2.7 percent, or $15,000, from November. That was the biggest monthly decline since just after the September 2001 terrorist attacks, when the median dropped 3.2 percent.
The median represents the midpoint of all prices with half above and half below that figure.
Although there were wide variations in price trends among San Diego County neighborhoods, last year was the first time since 2003 that some communities posted price declines. The declines reflect, in part, the growing number of apartment units that have been converted into condominiums.
In all, 10 of 91 area ZIP codes showed price drops, ranging from 6.1 percent in La Jolla to 0.2 percent in downtown San Diego.
Despite price declines in some neighborhoods, there were a number of communities where home values soared as high as 39 percent.
In general, San Diego homes on the market took longer to sell last year ? 62 days compared to 54 in 2004. The number of listings currently on the market stands at about 13,600, up 34 percent from this time last year, according to the San Diego Association of Realtors.
January 20, 2006
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