Tag Archives: market statistics

Housing Statistics Report for San Diego County and North San Diego County December 2013

In November we continued to see a slow down in appreciation coupled with a tightening of inventory. This resulted in a decrease in prices compared to October, but still gave us increases in year-over pricing for single family detached homes in the North County area at 11 percent and outside of North County at almost 15 percent.

Prices of attached homes fared even better in North County with a 10 percent increase over the previous month and 30 percent compared to November 2012.

Continue reading Housing Statistics Report for San Diego County and North San Diego County December 2013

Housing Statistics Report for San Diego County and North San Diego County November 2013

As often happens at this time of year, we’re seeing a tightening of inventory but also a slowing down in appreciation. If you are looking to buy a home right now, you won’t have as many choices, but there isn’t quite as much pressure on home prices. In spite of this, we are still seeing year-over median price increases for single family detached homes at 19 percent in San Diego County. Click on the links below the snapshot to read the full housing statistics reports.

Continue reading Housing Statistics Report for San Diego County and North San Diego County November 2013

It Can’t Hurt to Wait, Can It?

Wait signIt’s been said that more money has been lost due to indecision than was ever lost because of a bad decision. Regardless of whether you agree with the statement, delaying the decision to buy in today’s market is going to cost the buyer more. 

Home prices have gone up considerably in almost every market in the country in the past year and while inventories are beginning to grow, prices are expected to continue to rise. Mortgage rates jumped 1% from the beginning of May to now. They could easily reach 5% by the end of the year and continue to rise in 2014.

Many of the financial experts in the country believe that the economy will not be strong until rates are in the 7% area.

The two components that move the cost of housing are price and mortgage rates. Escalation of either one will have an affect but when both are going up simultaneously, it is dramatic. It can literally eliminate buyers who could have purchased earlier.

The following example shows what would happen to the payments on a $200,000 home if the price were to go up 3% at the same time that the mortgage rates went up 1%. Not only would the payments go up by $150.81 per month, the price of the home would be $6,000 more. Even though the down payment may not change much, the new owner would have to borrow more money. By not acting, it is costing them more in price and payment. The loss of the appreciation would have been equity had they purchased prior to the rise in price. With the median price of a detached home in San Diego County coming in at $429,750 as of last month, a 3% price increase would cost the buyer even more.

cost of waiting to buy chart

 

 

 

 

 

 

 

Check out the Cost of Waiting to Buy to see what the effect will be using your own projections.

Housing Statistics Report for San Diego County and North San Diego County July 2013

Prices continue to increase, and inventory is still tight in North County and San Diego County as a whole. Here is a snapshot of the June housing reports with links to both the full statistics for San Diego County and North San Diego County.

  • The median price for all North County home sales – attached and detached – increased to  $495,000 in June 2013 compared to $485,000 in May 2013.
  • Detached homes in North County rose 1.71 percent in June 2013 to $565,000 compared to $555,500 in May 2013. June 2013 was the highest reported SFD median prices in North County since January 2008.
  • Year-over median SFD price in North San Diego County jumped 20.21 percent, compared to $470,000 reported in June 2012.
  • The countywide median SFD price increased 2.32 percent to $429,750 in June 2013 compared to $420,000 in May 2013.
  • Year-over non-North County median price jumped 23.49 percent compared to $348,000 in June 2012, a 15-month trend of year-over median price increases.
  • The number of North San Diego SFD listings (active and contingent) rose 5.97 percent in June 2013 compared to May 2013.
  • The number of sold North San Diego County SFD units decreased 5.76 percent in June 2013 compared to May 2013. Year-over sold SFD units decreased 0.88 percent compared to June 2012.
  • Median days-on-market for single-family detached homes sold in North County increased to 19 days in June 2013 compared to 18 days in May 2013.
  • The HomeDex affordability percentage for all homes in North San Diego County remained at 34 percent in June 2013.

JULY 2013 FULL County HomeDex Report

JULY 2013 NORTH COUNTY HomeDex Report

Information taken from HomeDex™ Copyright © 2012 by the North San Diego County Association of Realtors (NSDCAR). Used by permission.