It’s June and time for a mid-year market update to review this year’s most important real estate news and get a sneak peek into what analysts predict is around the corner for 2024.
Continue reading 2024 Mid-Year Market Update: What Buyers and Sellers Need to Know
North County and San Diego housing markets are continuing to slow, but at this point, we’re just moving toward a more balanced market. The median and average sales prices have been dropping since April, but are still showing strong year-over gains. Inventory has also not yet hit pre-pandemic levels, and homes are selling faster than they were in 2019.
Continue reading North County and San Diego Housing Markets August 2022
January’s increasing interest rates put more pressure on the already insane North County and San Diego housing markets pushing the median, year-over sales price up by 20 percent in San Diego County. According to OJO Labs, we now are the nation’s least affordable metro.
Continue reading North County and San Diego Housing Markets February 2022
The North County and San Diego real estate markets are still hot, but it looks like a cool down might be starting.
Continue reading August 2021 North County and San Diego Real Estate Markets
The North County and San Diego real estate markets are still seeing record breaking price growth, multiple offers over asking price and homes selling in just days. Compared to May, home prices were higher and market times were shorter, but inventory did grow very slightly.
Continue reading July 2021 North County and San Diego Real Estate Markets
Reports of March’s record-breaking price increases are all over the news right now. But did you know that in the North County and San Diego real estate markets home prices grew even faster in April?
Continue reading May 2021 North County and San Diego Real Estate Markets
Just when we thought the number of homes for sale in the North County and San Diego real estate markets couldn’t go any lower, it has. Normally as we enter spring, inventory starts to move up. This year it has dropped. This is putting more pressure on an already red-hot market.
Continue reading April 2021 North County and San Diego Real Estate Markets
The North County and San Diego markets remained very tight in January. There were few new listings and very little existing inventory. Continued low interest rates and pent-up demand are keeping buyers in the market.
These factors are pushing up home prices. In fact, the S & P CoreLogic Case-Shiller Indices show that in November, we had the highest monthly price gains we’ve seen in six years. And they expect pressure on prices to continue for at least the first six months of 2021.
The year-over median price was up 14.2 percent in North County and 9.2 percent in San Diego County overall. New listings dropped sharply, but while North County saw fewer pending and closed sales compared to the previous year, the county as a whole had increases in both. Supply remained very low in all areas with less than one month’s inventory. This continues to make the market a great one for home sellers and a difficult one for home buyers.
See below for this month’s statistics and daily interest rate updates.
Continue reading February 2021 North County and San Diego Real Estate Markets
While quite busy in October, the North County and San Diego real estate markets did see some slowdown in November. But because new listings dropped more than pending listings and sales, inventory levels plummeted. They’re lower now than I can ever remember seeing. This severely limited inventory paired with historically low interest rates has created an incredibly competitive market for home buyers. Due to these factors, we continued to see strong year-over price gains.
The California Association of Realtors 2021 Housing Market Forecast projects that this inventory shortage will continue, but price increases will be more moderate. They expect interest rates to stay just above three percent, and home sales to increase slightly in 2021.
Year-over, median prices were up 10.7 percent countywide and 11.6 percent in North County. Inventory dropped by about 50 percent compared to the previous year, and market times were very short. New listings, pending sales and closed sales dropped countywide. The same was true in North County, but closed sales saw a 10.5 percent gain.
See below for this month’s statistics and daily interest rate updates.
Continue reading December 2020 North County and San Diego Real Estate Markets
“2020 will be known for a lot of things, and a record-breaking year for real estate will certainly be one of its more unexpected legacies,” prominent economist Daryl Fairweather said. And he’s right. Most of us would have expected the housing market to suffer from circumstances like a global pandemic and historic inventory shortages. Instead, we’re experiencing a strong seller’s market.
Continue reading A Strong Seller’s Market: The New Normal?