Change is in the air, but North County and San Diego housing markets are just starting to feel it. Nationally, mortgage applications are down, home touring activity dropped by 24 percent between January 1 and May 1, and more sellers are lowering their asking prices.
Continue reading North County and San Diego Housing Markets May 2022
Even with high inflation and rising interest rates, we had another record-breaking month in the North County and San Diego housing markets. Year-over prices in North County were up a whopping 25 percent, and homes sold at 106.7 percent of their asking prices!
Continue reading North County and San Diego Housing Markets April 2022
The February North County and San Diego housing markets looked a lot like they did in January, just a little crazier. Although year-over appreciation numbers weren’t quite as high, homes sold at 105.5 percent of their asking prices countywide, and inventory remained at a very low 0.5 months.
Continue reading North County and San Diego Housing Markets March 2022
Where is real estate headed in 2022? Last year was definitely one for the real estate history books. The pandemic helped usher in a buying frenzy that caused home prices to soar nationwide by a record 19.9% between August 2020 and August 2021.
Continue reading The State of Real Estate in 2022
Recent news is that nationally the housing market is cooling off. That’s true in the North County and San Diego real estate markets, but they are still very strong. Homes continue to sell quickly and often over their asking prices, but not to the extent they were earlier this year.
Continue reading North County and San Diego Real Estate Markets October 2021
Prices saw incredible growth in North County and San Diego real estate markets in May with North County jumping almost 34 percent year-over and San Diego County gaining 28.4 percent. But while closed sales were significantly higher than the previous May, they didn’t keep up with April’s numbers.
Continue reading June 2021 North County and San Diego Real Estate Markets
When’s the best time to sell your home? Now. According to a recent study by realtor.com, the week of April 25-May 1 is when conditions are best for selling a home in the San Diego-Carlsbad market.
Continue reading When’s the Best Time to Sell Your Home?
Last year we couldn’t find toilet paper to buy. This year we can’t find homes. In December, the North County and San Diego real estate markets had the fewest homes for sale we’ve seen since December 2001. To make things worse, the situation didn’t improve in January or February. This incredibly tight inventory combined with historically low interest rates and a lot of pent-up demand has created a red-hot market.
Continue reading March 2021 North County and San Diego Real Estate Markets
We are continuing to see tight inventory and short market times in North County and San Diego real estate markets this July. Bidding wars are commonplace. But experts predict a slowing market in months to come. CoreLogic’s Home Price Insights report forecasts a year-over decline of 6.6 percent in home prices nationally. Though in San Diego, they estimate that drop to only be 1.3 percent.
Although prices are expected to soften slightly, it’s doubtful we will see many foreclosures due to COVID-19. This market is very different than it was during the Great Recession. Inventory is scarce. Homeowners have equity, and mortgage delinquency rates in San Diego County are very low compared to the rest of the country. The San Diego Union Tribune recently published a good explanation of why large numbers of foreclosures are probably not in our future.
Of all the markets within the county, North County is the only one that saw a year-over decrease in prices with the median sales price dropping 2.5 percent. Countywide, year-over prices were up 2.4 percent. Inventory dropped by almost 50 percent in both markets, and pending sales were up over 20 percent compared to the previous year.
See below for this month’s statistics and daily interest rate updates.
Continue reading July 2020 North County and San Diego Real Estate Markets
The March 2019 North County and San Diego Real Estate Market Report shows only modest appreciation compared to the previous year with properties taking longer to sell and fewer homes selling overall. This market adjustment will help bring the cost of purchasing a home more into alignment with buyers’ ability to pay.
The Fed is also helping with the cost of purchasing a home, and announced yesterday that they would hold interest rates steady for now and didn’t expect to increase them this year. This is good news for home buyers.
Continue reading March 2019 North County and San Diego Real Estate Market Report