Real Estate Expert Blog

A community within the city of San Diego, Ocean Beach is an area in Southern California about seven miles west of downtown San Diego and at the San Diego River’s estuary on the Pacific Coast. The community is home to the longest pier, at more than 600 meters, on the West Coast. Because of its ideal and desirable location along the ocean’s coast, Ocean Beach real estate can be quite pricey, and of course, the market has seen many shocks since the beginning of the economic downturn in the U.S. Most recently, however, signs have begun to show promise again with increases in prices.

According to the San Diego Union Tribune monthly zip code chart, in March, the latest month for which statistics were available, there were nine single-family resell homes sold in Ocean Beach with a median price of $850,750, a 35% increase in price year-over-year. There were additionally four resell condos sold at a median price of $427,250, a full 50% increase in the median price from March 2009. When including all homes and condos, both new and resell, there were 14 sales in March in Ocean Beach at a median price of $680,000, a 58% annual increase. Ocean Beach had the third-highest median home price of any community in central San Diego in March.

Looking back at the previous year, we can see that these signs so far in 2010 are especially promising because the area ended 2009 down overall. According to the San Diego Union Tribune’s yearly zip code chart, there were 116 single-family Ocean Beach homes for sale sold throughout the year at a median price of $628,000, a 13% decrease from 2008. Resell condos saw 65 sales for a median price of $309,000, a 23% decline. When all total homes and condos, both new and resale, were combined, there were 186 properties sold during 2009 at a median price of $536,750, a 12% decline. As can be seen, the median price for resell single-family homes has increase nearly $200,000 from the 2009 median price to the March 2010 monthly median price, a sign that the market is back on track for the new year.