The North County and San Diego Real Estate Market Report has been talking about market changes since spring. Now the numbers are finally coming in, and major sources are reporting a shift in the real estate market. This is what the California Association of Realtors® said, “Home sales in California have been lackluster in recent months and prices began to show signs of softening. We cannot deny that a market shift is underway anymore.”
Realtor.com® agrees and says the market is shifting from a seller’s to a buyer’s market with “California experiencing the nation’s biggest increase in the number of homes seeing list price reductions.”
As we head into a new year, the most common question I receive is, “What’s the outlook for real estate in 2018?”
It’s not just potential buyers and sellers who are curious; homeowners also want reassurance their home’s value is going up. The good news is that a strong U.S. economy, coupled with low unemployment rates, is expected to drive continued real estate growth in 2018. However, changes on the horizon could significantly impact you if you plan to buy, sell or refinance this year.
The October 2017 San Diego Housing Market Report is showing strong year-over price increases, and a continued drop in the number of new listings and sales compared to 2016. Despite our lack of inventory, the San Diego County market moved up to number five on the hottest U.S. markets list from realtor.com® for September.
The San Diego and North County real estate markets remain strong with good appreciation and short market times. Inventory is still at its lowest point since 2004. Despite the lack for homes available to purchase, March saw an increase in the number of homes that went under contract in both markets.
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) recently published its California housing market forecast for 2015. They are predicting something we are already seeing happen in San Diego County – moderate price increases and a return to a more traditional market.
The San Diego and North County real estate markets remain strong with good appreciation and short market times. Inventory is still at its lowest point since 2004. Despite the lack for homes available to purchase, March saw an increase in the number of homes that went under contract in both markets.