Solana Beach Home Sales & Future Trends
Solana Beach Homes & Trends in Real Estate
Solana Beach has a unique, quirky beach town feel and lies between Cardiff and Del Mar. It is flanked by beautiful beaches on all sides and presents majestic views and scenery, which only adds to its splendor. The area is just becoming to come to the fore, as tourists and nature lovers are now beginning to take interest in real estate investment in this community. It has a feel akin to Leucadia, for wealthier people looking to be closer to San Diego.
Solana Beach has quite a storied history, which dates back to the late 18th century when it was first discovered by the George Jones family. The homes in the area represent that period as well, as the oldest house in the community was built in the year 1888. It was officially incorporated in the year 1986 and is one of the fastest growing communities right now! The great thing about the Solana Beach is the fact that it is extremely residential in nature and presents the ideal setting for families. This is one of the primary reasons why so many people are being encouraged to invest in the real estate market in Solana Beach. The area is extremely laid back and relaxing, which is why even artists and professionals are looking to purchase property in the area, since it presents them with a great setting to relax in.
All the residents currently in the Solana Beach are long time tenants and the sale of prime property pieces is at a slow measured pace – people like to hang on to their holdings in Solana Beach. This however has not deterred from people from all over the world trying to find a property to purchase in the community.
Solana Beach is quite similar to the other communities located on the coastal side of San Diego County. There are two main neighborhoods in the area, each having a distinct edge and personality to the other. The homes in the community are mostly condominiums and luxury beach homes. There are also a lot of rental homes and apartments, since a high number of tourists visit the area regularly. There are loads of recreational activities available for people, as well as shopping malls, night clubs and restaurants.
The construction of new homes is quite slow, but currently there have been expansion projects going on in order to provide more options for real estate investors. The schools in the area are also highly rated and present fabulous schooling options for young and old kids, which is another incentive for parents and young families.
A Look into the Real Estate Market in Solana Beach
Even though there are a limited number of opportunities for home buyers and real estate investors in Solana Beach, the real estate industry is still one of the hottest in the United States right now. There is excess demand for property in the area right now, which has boosted the home value median in the community towards $1,024,900. This has reflected in a 13.5% rise in home values in the past year and it is estimated that prices will increase by nearly 4% more in the next year. The square foot list price median for homes in the city is $590 and that figure is higher than the $283 in San Diego Metro.
The median price for homes that are currently on the market in Solana Beach is estimated to be around $1,100,000, while homes that have been sold in the past year have a price of $898,000. The rent medium price in the area is $3,000 and that is higher than the $1,875 median of San Diego Metro. Home values are estimated to fluctuate according to the rate of foreclosures in the community, which suggest that currently there are 1.4 homes out of 10,000 that are foreclosed annually. This is lower than the value of 2.1 homes in San Diego Metro and significantly less than the 5.0 homes on the national level.
The increasing prices of homes in Solana Beach means that home buyers will find it a more competitive market in which to purchase area homes. However, price-wise, if you are looking to invest in real estate in Solana Beach, now is a good time to get in before prices soar as they do traditionally.