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
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
Although prices dropped for a second month in a row in the North County and San Diego real estate markets, experts don’t expect a big slowdown anytime soon. Year-over median prices were still up 15 percent in August, and countywide inventory crept back down to less than a month.
Continue reading North County and San Diego Real Estate Markets September 2021
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
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
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
The October North County and San Diego real estate markets both saw 15 percent, year-over price increases. Paired with strong price growth were steep decreases in available inventory and days on market compared to the previous year.
Historically low interest rates paired with very little inventory and pent-up demand are forcing prices up quickly. If we see more inventory coming on the market or an increase in interest rates, those price increases should slow down.
The California Association of Realtors 2021 Housing Market Forecast projects that interest rates will stay just above three percent next year. But inventory may start to increase with the recent passing of Proposition 19.
Proposition 19 will allow homeowners who are over 55, severely disabled or those whose homes were destroyed by wildfire or disaster to transfer the tax base value of their primary residence to a replacement residence of any value, anywhere in the state. This may help motivate some homeowners to make a move.
Both North County and San Diego County as a whole saw strong, year-over, median price gains of over 15 percent. Inventory dropped compared to last year by approximately 48 percent. Year-over market times were significantly shorter. North County saw increases in new listings, pending sales and closed sales while San Diego County as a whole had more pending sales but fewer new listings and closed sales.
See below for this month’s statistics and daily interest rate updates.
Continue reading October 2020 North County and San Diego Real Estate Markets