For the first time, the median price of a single-family home in San Diego County reached $1 million in April, according to resale housing statistics compiled through the San Diego Multiple Listing Service by the Greater San Diego Association of Realtors.
Dan Sirota, a real estate agent who has been in the business for 25 years, gave NBC 7 a tour of a home in Spring Valley that just sold for more than $1 million.
“It’s three-bedroom, two-bath and 2,250 square feet,” Sirota said.
Get San Diego local news, weather forecasts, sports and lifestyle stories to your inbox. Sign up for NBC San Diego newsletters.
Five years ago, comparable homes on this street were going for about $650,000, Sirota said. But in today’s market, this home sold for $1.1 million.
“We sold it basically in three hours … second person who walked in the door … for over asking price,” said Sirota.
It’s a snapshot of the San Diego housing market right now: Homes sometimes only on the market for hours. Sirota said it’s basic supply and demand. Inventory has been low and lots of buyers want in.
Sirota encourages families trying to buy right now to keep an open mind when it comes to location.
“Some of the areas around Spring Valley and Mount Miguel — it’s kind of a hidden gem area … not everybody goes to these areas,” Sirota said.
The agent also encourages people to consider older homes that have potential if they’re willing to put in a little work.
“Sometimes it’s good to buy a home that you can put sweat equity in,” Sirota said.
That’s how Sirota’s son Brady managed to buy his own first home. After a grueling search, he beat out 20 offers on a home in Tierrasanta.
“To make my offer stand out more than the others … you have to waive things," said Brady Sirota, who is also in the real estate business. "And that’s what I did.”
Brady said he waived certain repairs and decided to renovate parts of the home himself.
Dan and Brady work together as the president and vice-president of Brookeshire Real Estate. They say some relief could be in sight: As interest rates have gone up, they predict the number of people looking to buy should go down.
“There’s a bit more opportunities for buyers now," Dan said. "It’s still a seller’s market … but the pendulum is starting to swing just a little bit.”