North County and San Diego County Events – August 2016 certainly feel like summer. There are so many outdoor activities — concerts, movies, star gazing, sailing, surfing, horse racing, car shows, even a street fair for dogs! If you’re looking to beat the heat, no worries. There’s plenty to do indoors too!
Prices continue to rise throughout San Diego County and we are approaching the 2005 pre-recession median home price peak of $517,500. In fact, multiple zip codes throughout the county have met or exceeded their pre-recession peaks with many of those zip codes located in the North County Coastal area.
This is great news for those who are building equity, hard on those trying to enter the market, and scary for those who got hurt during the recession. But what do those numbers really mean? Housing affordability in San Diego County has dropped significantly since 2012, but even with significant price increases, it hasn’t changed much since 2014. This is because those price increases have not been adjusted for inflation, or changing incomes and interest rates. First American’s Economic Center has taken these factors into account in a recent report titled, First American Real House Price Index (RHPI).
The index set the RHPI at 100 in January 2000 and then compares those values to today’s numbers adjusting for income and interest rates. San Diego’s Real Price Index in April 2016 was 84.1. Recent events, like “Brexit,” have helped push down interest rates, increasing buying power even more. I’ll have our updated RHPI in next month’s San Diego County Real Estate Report.
Click on the links below to read the full housing statistics reports.
Continue reading July 2016 San Diego County Real Estate Report and Interest Rates
North County and San Diego County Events – July 2016 will keep you busy. There are so many fun things to do in July.
TGIF Concerts in the Parks
July 1, 8, 15, 22, 29
6:00 – 8:00 PM
Location: Carlsbad, various parks
For over 30 years, the City of Carlsbad Cultural Arts Office has presented live music events throughout the city. When summer rolls around in Carlsbad, everyone gears up for TGIF Concerts in the Parks! The 2016 season runs Friday nights from June 24 through Aug. 19, from 6 to 8 p.m. (all fields open at 4 p.m.) and features great music, food and a chance to dance the night away with friends and neighbors in a beautiful outdoor setting.
This year’s band lineup offers a music genre for everyone, from country to rock, cover bands to spicy Latin and world grooves. Concerts are free and open to the public and move across the city, from Stagecoach to Alga Norte, Poinsettia and Calavera Hills community parks. A free shuttle service is available at most concert locations, as onsite parking is limited.
The music at TGIF is just the beginning. A variety of food vendors are onsite at the events, or you can bring your own feast from home. Family Open Studios is back with free, hands-on art making activities for all ages. And of course, there will be plenty of chances to enter the Opportunity Drawing from the Carlsbad Friends of the Arts. There are prize packages each night, all to support future arts and cultural events in Carlsbad.
San Diego County jumped up to eighth position in realtor.com’s® 20 Hottest Real Estate Markets. That’s our best ranking in May since Realtor.com started comparing markets three years ago.
May’s market statistics certainly support that hot ranking. Countywide, the median sales price increased 7.9 percent compared to the previous May and the supply of available inventory fell to a meager 2.1 months.
This is wonderful for San Diego County home sellers, but rising prices are making it difficult for buyers. The California Association of Realtors reports that only 28 percent of households could afford the median priced home in the first quarter of 2016. With home prices continuing to rise, that number will most likely drop even lower.
See below for today’s interest rates.
Click on the links to read the full housing statistics reports.
Continue reading June 2016 San Diego County Real Estate Report and Interest Rates
North County and San Diego County Events – June 2016 run the gamut from gold rushes and Highland games to fairy fests and powwows.
North Coast Rep Hedda Gabler
June 1 – June 26
Location: Solana Beach, 987 Lomas Santa Fe Dr, Suite D
A world premiere adaptation created by the company at North Coast Rep. Arguably one of the most complex and intriguing female characters ever written, Hedda Gabler by Henrik Ibsen, translated by Anne-Charlotte Harvey, weaves a mesmerizing tale of a woman trapped in a loveless marriage and driven by a need for power and freedom. It is a spellbinding drama of revenge, manipulation, sexual repression, deceit and despair, climaxing in an ending that never fails to shock and surprise. Discerning theatre lovers will not want to miss this freshly translated classic.
It’s a great time to sell, and may be your last chance to buy. San Diego County home prices continue to rise; inventory keeps dropping, and interest rates are near historic lows.
With increasing prices, low inventory and short market times, the second quarter of 2016 looks very promising for San Diego County home sellers. But those rising prices are pushing buyers out of the market. If interest rates increase, this will squeeze many buyers out of an already tight market.
Here’s the three minute skinny for North County’s first quarter report with a forecast of what the second quarter will bring.
See below for today’s interest rates.
Click on the links to read the full housing statistics reports.
Continue reading May 2016 San Diego County Real Estate Report and Interest Rates
North County and San Diego County Events – May 2016 is sure to entertain with rodeos, festivals, fun beach events, movies, music and art.
Carlsbad Village Faire
May 1
Location: Carlsbad, Grand Ave from Carlsbad Blvd to Jefferson St
North County’s favorite street fair is returning to The Village the first Sunday in May. The streets will come alive with the sights and smells of fair-time as 800 vendors set up unique booths, fairgoers search for handmade gifts, try mouthwatering foods, and have some fun in the sun.
The Carlsbad Village Faire – the largest one-day street fair in the nation – will take place from 8:00 a.m. to 5:00 p.m. Sunday, May 1.The fair stretches 14 blocks. Grand Avenue from Carlsbad Boulevard to Jefferson Street, and all of the cross streets in between, would be close for the event. Each year, the Carlsbad Chamber of Commerce hosts the fair in May and November. Now in its 43rd year, the free event has grown to be so popular that it not only continually attracts people from all over Southern California, but also from other states.
The fair draws over 100,000 visitors with its 800 unique vendor booths offering handcrafted arts and gifts, art, antiques, jewelry, unique clothing, home décor, plants and more. The international food court will once again feature more than 50 booths serving everything from Thai to Hawaiian cuisine. The children’s area will entertain youngsters with games, a super slide, a bounce house, a rock climbing wall, and face painting.
The Rotary Club of Carlsbad’s beer garden will entertain fairgoers with a large screen TV and live bands. The Kiwanis Club of Carlsbad will continue its more than 25-year tradition of hosting a pancake breakfast at the Carlsbad railroad depot. The meal, which includes pancakes, sausage, coffee and juice, will be served between 7:00 a.m. and noon.
To make parking more convenient, complimentary shuttles will run to and from the fair. Shuttles will pick up and drop off passengers at the Poinsettia Coaster Station and the west corner of Sears at The Shoppes at Carlsbad.
San Diego County home prices continue to recover, but still have not reached their 2005 peaks according to CoreLogic and reported in the Union-Tribune.
March brought more listing and sales activity compared to February, but the continued low inventory and rising prices are keeping the total number of sales low for what is normally a busy time of year.
San Diego County saw a year-over median price increase of 6 percent with prices reaching $485,000. In North County the median price was $537,000 with a year-over increase of 4.1 percent
See below for today’s interest rates. Click on the links to read the full housing statistics reports.
Continue reading April 2016 San Diego County Real Estate Report and Interest Rates
North County and San Diego County Events – April will keep you entertained with everything from the IRONMAN triathlon to horse and cars shows, festivals, plays, music, art and artists.
Goodguys Meguiar’s 16th Del Mar Nationals
April 1 – 3
Location: Del Mar Fairgrounds, 2260 Jimmy Durante Blvd
Hot Rods, Customs, Classics, Muscle Cars and Trucks thru ’72, Goodguys AutoCross, Indoor Car Show, Vendors, Swap Meet, Cars 4 Sale Corral and All American Sunday. The show features:
Although North County saw a drop in the median sales price compared to January, and San Diego County as a whole was mostly flat, the San Diego County real estate market continued moving upward with healthy year-over price increases.
As is typical this time of year, there were more new listings on the market in February, but the number of homes going under contract, or pending, also increased. This is keeping the inventory hovering at a painfully low two months’ supply. Most experts expect to see six months’ supply in a healthy market.
The continuing low interest rates, low resale inventory, and lack of new homes being built in San Diego County has created a housing shortage. This lack of available housing is keeping upward pressure on home prices and rents. We’ve seen an increase in the number of homes being built in the county, 25 new projects this year according to the Union-Tribune. It’s still not enough to meet demand, and many of those homes are in a price range that most buyers can’t afford.
See below for today’s interest rates. Click on the links to read the full housing statistics reports.
Continue reading March 2016 San Diego County Real Estate Report and Interest Rates