Home prices in San Diego are not only high but also continue to increase to date. However, its commercial real estate gets positive outlook this 2016.
Market Watch reports that the home prices in San Diego are on the gets higher. It is noted that today the average home price is already much higher than the average home price for the entire state of California, which is only $364,900. As of December 2015, San Diego's average home price was $575,000 already.
Report says the increasing home prices in downtown San Diego gives Escondido an opportunity to welcome home buyers who want to acquire houses that are in the nearby area. This northern suburb's real estate activity has become vibrant specifically in the single-family market. Based on record, the average selling price in Escondido is around $415,000.
Who does not want to live in Escondido suburb? Everyone knows that it is the "home to to the San Diego Zoo's Safari Park and the California Center for the Arts, as well as several local vineyards and breweries." Tourists do flock to this northern side of the county.
Times of San Diego, on the other hand, says that "despite higher interest rates and slower economic growth, confidence on the part of developers indicates a positive outlook for commercial real estate growth through 2018." This information is lifted from a survey conducted UCLA economists, which was released on Tuesday.
Report states that the Allen Matkins/UCLA Anderson Forecast Commercial Real Estate Survey has released a statement stating that "continued confidence among developers through 2018, indicating both the probability of new supply and of opportunities for new investment." This statement has something to do with the most recent survey conducted by the UCLA Anderson School of Management.
According to the report, "the biannual survey projects a three-year outlook for California's commercial real estate industry and forecasts potential opportunities and challenges affecting office, multi-family, retail and industrial sectors." In addition, this said survey was "taken by California's commercial real estate industry leaders in December 2015."
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