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.
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.
While the market is not as frenzied as it was earlier this year, the housing statistics report is still showing significant year-over price increases in both San Diego County as a whole and North County communities. Prices of single-family detached homes increased 18.75 percent in North County and 21 percent in the county as a whole from September 2012 to September 2013. In the same period, single-family attached home prices increased 30 percent in North County and 29 percent in all of San Diego County. Click on the links below the snapshot to read the full reports.
• The median price for all North County home sales – attached and detached – increased to $499,950 in September 2013 compared to $495,000 in August 2013.
• Detached homes in North County declined 0.87 percent in September 2013 to $570,000 compared to $575,000 in August 2013.
• Year-over median SFD price in North San Diego County jumped 18.75 percent, compared to $480,000 in September 2012 – making 14 months of year-over median price increases.
• The countywide median SFD price increased 3.32 percent in September 2013 to $449,450 compared to $435,000 reported in August 2013.
• Year-over non-North County median price jumped 23.14 percent compared to $365,000 in September 2012, the 18th straight month of year-over median price increases.
• The number of North San Diego SFD listings (active and contingent) increased just 0.18 percent in September 2013 compared to August 2013.
• The number of sold North San Diego County SFD units fell 21.25 percent in September 2013 compared to August 2013. Year-over sold SFD units decreased 5.9 percent compared to September 2012.
• Median days-on-market for single-family detached homes sold in North County increased to 25 days in September 2013 compared to 21 days in August 2013.
• The HomeDex affordability percentage for all homes in North San Diego County was 30 percent in September 2013.
SEPTEMBER 2013 FULL COUNTY HomeDex Report
SEPTEMBER 2013 NORTH COUNTY HomeDex Report
Information taken from HomeDex™ Copyright © 2012 by the North San Diego County Association of Realtors (NSDCAR). Used by permission.
Following his heart surgery in August, after an issue was discovered during his annual physical, President George W. Bush encouraged everyone to get regular check-ups.
Another important checkup that should be done on a regular basis and can be just as beneficial for your finances is an annual homeowner advisory. Why would you treat your investment in your home with less care than you treat your car or even your HVAC system?
Consider investigating the following:
My goal is to create a lifelong relationship to help you be better homeowners. I want to be your “go to” person whenever you have a real estate question. I want to help you not only when you buy and sell but all of the years in between.
I want to provide good, consumer-based information about homeownership on a regular basis. If it benefits you by helping you be a better homeowner, hopefully, you’ll consider me your real estate professional for life.
Anytime you or your friends need help, please call. Knowing where to get the answer is just as important as knowing the answer. If you’d like information on any of the items I suggested, please let me know.
Here is a snapshot of the August housing statistics with links to both the full report for San Diego County and North San Diego County. In North San Diego County, the price of a single-family detached (SFD) home continues to increase, but we are seeing slightly more inventory and longer market times than in July. In San Diego County as a whole, the median-price of an SFD home has been constant during the past three months, but increased 24 .36 percent compared to August 2012.
• The median price for all North County home sales – attached and detached – increased to $495,000 in August 2013 compared to $494,000 in July 2013.
• Detached homes in North County increased 1.95 percent in August 2013 to $575,000 compared to $564,000 in July 2013.
• Year-over median SFD price in North San Diego County jumped 26.10 percent, compared to $456,000 in August 2012 – making 13 months of year-over median price increases (the last six months exceeding 20 percent). August 2013 reported the highest median SFD price since late 2007.
• The countywide median SFD price remained at $435,000 in August 2013 compared to July 2013.
• Year-over non-North County median price jumped 21.17 percent compared to $359,000 in August 2012, the 17th straight month of year-over median price increases.
• The number of North San Diego SFD listings (active and contingent) rose 11.49 percent in August 2013 compared to July 2013.
• The number of sold North San Diego County SFD units decreased 6.94 percent in August 2013 compared to July 2013. Year-over sold SFD units fell 7.71 percent compared to August 2012.
• Median days-on-market for single-family detached homes sold in North County increased to 21 days in August 2013 compared to 17 days in July 2013.
• The HomeDex affordability percentage for all homes in North San Diego County was 33 percent in August 2013.
AUGUST 2013 FULL COUNTY HomeDex Report
AUGUST 2013 NORTH COUNTY HomeDex Report
Information taken from HomeDex™ Copyright © 2012 by the North San Diego County Association of Realtors (NSDCAR). Used by permission.
It’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.
Check out the Cost of Waiting to Buy to see what the effect will be using your own projections.