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Similar homes separated by $400,000 price tag

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Posted at 5:41 PM, May 18, 2022
and last updated 2022-05-18 20:55:53-04

SAN DIEGO (KGTV) — In San Diego County's hot real estate market, a matter of miles could mean the price difference of $400,000 for homes similar in size and year built.

"Real estate is all about location, location, location, and just a 25 mile difference makes a huge difference in price," Realtor Mark Powell said Wednesday.

Powell is the listing agent for two single-family homes built in the 1950s and 60s, and around the same size. The biggest difference is where they are.

A recently renovated three bedroom, two bathroom home in Lakeside is on the market for $699,000, which is about $150,000 less than the median price CoreLogic reported Wednesday.

Powell said the 1,441 square-foot home built in 1969 has been rehabbed with new flooring, new paint and staged to sell. He said it's ideal for a first-time buyer or an owner looking to move-up.

But about 20 miles west in Clairemont, Powell has a pending listing for a four bedroom, two bathroom home built in 1958. The price tag: $1.02 million, which Powell says got multiple offers.

The house had been upgraded with wood flooring, granite counters and light fixtures.

"However, did the upgrades justify a $400-$500,000 price difference between the two locations? Apparently they do because this house is selling," he said.

Powell says the market has cooled in some respects since rising interest rates and soaring inflation have taken some buying power away. But in reality, he said San Diego County remains a sellers market because there remains such low supply plus sky high demand.

On Wednesday, CoreLogic reported the median price for a home in the county rose to $842,250 in April, a 20 percent gain over the same month last year.