What will Spring bring?
Can you believe it? The first quarter of 2011 is winding down and Spring is in full swing. Reflecting on the first three months of 2011, it really gives you pause. Of course there are the local events and day to day business, but the world events have really been astonishing in this first quarter of 2011. We have been intrigued, mesmerized and shocked by many of the events that have unfolded. Not only do they make for interesting news but they also have an impact on us, both personally and economically. When watching a news show last week we were reminded of all the big events that have taken place in such a short time: Uprisings in Egypt and Libya, floods in Australia, the devastating earthquake and tsunami in Japan. Let us hope that the remainder of the year brings less devastation and more peace and prosperity.
Turning to real estate, the first quarter was a bit of a mixed bag. There was the good, the bad and not so good news. However, most of the bad or not so good news had been predicted. Remember, most experts predicted that the first half of 2011 would be rocky and that the market stability and growth we would experience this year would occur in the second half. While other markets have continued to see declines, San Diego has been a bright spot. For example, according to the latest S&P Case Shiller Index report released today, only San Diego and Washington D.C. posted positive annual growth rates in January 2011. These are the only two cities whose annual rates remained positive throughout 2010.
I expect San Diego will continue to be a bright spot and look forward to an exciting second quarter as we enter the home buying season. Thanks for reading and have a wonderful day.