Category Archives: San Diego Real Estate

How’s the Market?

How's the Market?

While no one can predict the future with certainty, most experts expect to see modest growth in the U.S. housing market for the remainder of this year and next. Inventory while still tight, has started to creep upward. Mortgage rates will continue to climb, and affordability will remain a major issue in many parts of the country.

So what does that mean for San Diego County home buyers and sellers? If you ask me right now how the market is, I’d say just like our fall weather—cooling. Let’s take a closer look at some of the top indicators.

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October 2018 North County and San Diego Real Estate Market Report

October 2018 North County and San Diego Real Estate Market Report

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.”

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September 2018 North County and San Diego Real Estate Market Report

September 2018 North County and San Diego Real Estate Market Report

The September 2018 North County and San Diego Real Estate Market Report continues a pattern that started five months ago. Although we are still seeing strong price increases, the number of homes available for sale has been growing while the number of homes selling continues to drop. Along with these changes, homes are staying on the market longer, and sellers are not receiving as much of their asking price when their homes sell.

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August 2018 North County and San Diego Real Estate Market Report

AUGUST 2018 NORTH COUNTY AND SAN DIEGO REAL ESTATE MARKET REPORT

The August 2018 North County and San Diego Real Estate Market Report indicates a continuation of a market shift that started four months ago. Inventory is growing. Sales are slowing down, and homes are starting to stay on the market longer. CNBC reports that San Diego saw the largest increase in inventory in the second quarter compared to other high priced communities.

This is great news if you have been thinking of buying. The market is still tight and homes are still selling quickly, but you will have more choices. It’s cautionary news if you are planning on selling. Even though inventory is growing, it is still well below norms. But now home sellers have more competition and should price their homes to be the best option in their marketplace.

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July 2018 North County and San Diego Real Estate Market Report

JULY 2018 NORTH COUNTY AND SAN DIEGO REAL ESTATE MARKET REPORT

The July 2018 North County and San Diego Real Estate Market Report shows inventory increasing for a third month in a row while sales continue to drop. Even with this slight growth in inventory, the market is still very competitive for home buyers. Prices continue to rise, and market times are short. Experts predict that demand will continue to outpace supply, and this will hurt San Diego County’s economic growth.

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June 2018 North County and San Diego Real Estate Market Report

June 2018 North County and San Diego Real Estate Market Report

The June 2018 North County and San Diego Real Estate Market Report continues to show a slight turnaround in the years-long trend of tightening inventory. As I noted last month, the number of homes for sale in San Diego and North County has been shrinking since 2015. Last month, year-over inventory in both markets finally increased. This month, we saw it continue to grow in North County and level-off countywide. This will be something to watch as the year progresses.

Statewide, we also saw a rise in inventory, but not across the nation as a whole. Experts are predicting home prices will continue to grow at double the pace of wages.

We have not seen enough of a shift to make any kind of major change in our market, but the lack of inventory is what has kept pressure on housing prices. If inventory continues to rise, this will bring more choices for home buyers and weaken home appreciation. Rising interest rates will also put pressure on home values.

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May 2018 North County and San Diego Real Estate Market Report

May 2018 North County and San Diego Real Estate Market Report

The May 2018 North County and San Diego Real Estate Market Report brings us a month of firsts. The median home price countywide hit its highest point ever at $575,000. That’s $15,000 higher than in March and 8.7 percent more compared to the previous year. North County also saw a new high with its median price increasing 7.4 percent over the previous year, hitting $644,500.

April’s other first was a year-over increase in new listings in both North County and San Diego County as a whole. We haven’t seen this happen since August 2016. This increase in new listings combined with fewer sales kept inventory levels from decreasing. They are still quite low at 2.1 months in North County and 1.9 months in San Diego County, but this is the first time inventory has not seen a year-over drop since 2015.

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Interest Rate Impact

Interest Rate Impact on Your Bottom Line

Rising interest rates have a significant impact on your mortgage payment and your ability to qualify for a loan. Whether you are looking for your first home or your fifth, you are probably going to need a mortgage to purchase it. The infographic below shows what your payment would be as interest rates increase.

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April 2018 North County and San Diego Real Estate Market Report

April 2018 North County and San Diego Real Estate Market Report

The April 2018 North County and San Diego Real Estate Market Report continues to show strong price growth, tight inventory and fewer sales compared to 2017. Those price increases along with rising mortgage rates are making it tough for home buyers. The San Diego economy is strong based on a recent study by University of San Diego, but experts don’t see the real estate boom lasting forever.

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