Tag Archives: San Diego home prices

May 2020 North County and San Diego Real Estate Markets

May 2020 North County and San Diego Real Estate Markets

We have seen a significant drop in the number of homes selling in the North County and San Diego real estate markets due to COVID-19, but in April as in March, there was also a large decrease in active and new listings. In addition, the number of homes that are going under contract (pending) has increased quite a bit since the beginning of April as you can see in the chart below.

May 2020 North County and San Diego Real Estate Markets Pending Sales

This is keeping the real estate market very competitive, especially with entry-level homes. Many homes are seeing multiple offers. They are selling more quickly and at a higher sales price to list price ratio than they were at the same time last year.

Does this mean that our real estate market will see no effect from COVID-19? Not necessarily. The Mortgage Bankers Association reports that as of May 10, 2020, slightly over 8 percent of loans nationwide were in forbearance. The San Diego and North County markets could be adversely affected by this, but most likely we won’t know what those effects are until 2021. And because there are so few homes available to purchase, the consequences may be minimal.

North County and San Diego Real Estate Markets

Year-over prices were up 4.3 percent countywide and 6.3 percent in North County. Inventory dropped by about one-third compared to the previous year, and market times were 31 percent shorter. New listings and pending sales all dropped by over 40 percent in both markets.

See below for this month’s statistics and daily interest rate updates.

Continue reading May 2020 North County and San Diego Real Estate Markets

April 2020 North County and San Diego Real Estate Markets

April 2020 North County and San Diego Real Estate Markets

North County and San Diego real estate markets were heating up in March with little inventory and short market times. Then COVID-19 requirements shut down many businesses. This is definitely slowing down home sales and making it difficult to view homes, but it’s not 2008. Back then we had a large number of homes on the market. Now we have entered this pandemic with few homes for sale and a housing shortage.

There has been a decrease in the number of homes that are selling, but that’s been balanced by homeowners taking their properties off the market and a drop in new listings. If you compare March’s pending sales and new listings with the previous years’ markets, you’ll see that both have dropped by close to 20 percent.

North County and San Diego Real Estate Markets

Year-over prices were up 6.9 percent countywide and 2.9 percent in North County. Inventory dropped by over 33 percent compared to the previous year, and market times were shorter. New listings and pending sales all dropped by close to 20 percent in both markets.

See below for this month’s statistics and daily interest rate updates.

Continue reading April 2020 North County and San Diego Real Estate Markets

March 2020 North County and San Diego Real Estate Markets

March 2020 North County and San Diego Real Estate Markets

February brought continued price growth to North County and San Diego real estate markets. Because of the coronavirus, the California Association of Realtors® is planning on revising this year’s forecast lower, but say the changes will be modest. The uncertainty the virus has brought to financial markets has also led to lower interest rates. Those low rates are spurring on home purchases and refinances.

North County and San Diego Real Estate Markets

Year-over prices were up 8.1 percent countywide and 5.0 percent in North County. Inventory dropped by over 40 percent compared to the previous year, and market times were shorter. We continue to see fewer new listings but more pending and closed sales.

See below for this month’s statistics and daily interest rate updates.

Continue reading March 2020 North County and San Diego Real Estate Markets

February 2020 North County and San Diego Real Estate Markets

February 2020 North County and San Diego Real Estate Markets

North County and San Diego real estate markets saw solid price growth along with strong sales and tight inventory in January. Due to the market upturn in the last half of 2019, experts think that as long as interest rates and inventory stay low we’ll see a one to four percent growth in home prices this year. San Diego markets have fared well with prices here rising more than in other West Coast markets that usually show higher gains.

North County and San Diego Real Estate Markets

North County’s year-over median price increased 6.6 percent in January compared to the previous year. Countywide, the median price increased 7.9 percent. Pending and closed sales rose in both markets while new listings dropped by close to 20 percent.

If you’re looking to sell your home, this is a great time to take advantage of the low inventory and strong market. If you are planning on buying, lower interest rates are making it more affordable, but finding the right home will require patience and diligence.

See below for this month’s statistics and daily interest rate updates.

Continue reading February 2020 North County and San Diego Real Estate Markets

January 2020 North County and San Diego Real Estate Markets

January 2020 North County and San Diego Real Estate Markets

December brought moderate price increases to both North County and San Diego real estate markets. This lines up with the Freddie Mac end of year forecast which predicts modest but slowing growth in the housing market in 2020 and 2021. That’s good news compared to previous predictions, but business leaders are still expecting an economic slowdown by the end of 2020 with 97% of CFOs saying a downturn has already begun or will by the end of this year.

For more information on where the real estate market is headed, see my 2020 Real Estate Market Forecast.

Continue reading January 2020 North County and San Diego Real Estate Markets

December 2019 North County and San Diego Real Estate Markets

December 2019 North County and San Diego Real Estate Markets

North County and San Diego real estate markets continued last month’s trend of price increases paired with dwindling inventory and sales. This reflects a nationwide trend with credit for the recent upturn going to today’s lower interest rates and the slower price growth earlier this year.

But in spite of these year-end price improvements, experts still predict a slowing market in 2020. The 2020 Forecast from REALTOR.COM® estimates home prices in the greater San Diego market (including North County) will increase by only 0.2 percent in 2020, and home sales will drop by 3.2 percent.

Continue reading December 2019 North County and San Diego Real Estate Markets

November 2019 North County and San Diego Real Estate Markets

November 2019 North County and San Diego Real Estate Markets

For the first time since June, North County and San Diego real estate markets both showed year-over increases. Along with higher prices, we saw more homes go under contract and fewer new listings come on the market.

Lower interest rates have helped bolster prices, , but experts are still predicting a slowing market. They cite high home prices compared to wages, low inventory and the difficulty in getting a mortgage as factors.

Continue reading November 2019 North County and San Diego Real Estate Markets

October 2019 North County and San Diego Real Estate Markets

October 2019 North County and San Diego Real Estate Markets

North County and San Diego real estate markets continue to bring mixed results. Year-over prices dropped, but for the first time since January 2017, more homes sold and went under contract compared to the previous year. And there were some areas where prices saw slight gains.

The rise in pending and closed sales may be due to the combination of lower interest rates and stable home prices making buying more affordable in the San Diego market. While data is still showing a slowdown in national real estate sales, experts predict that if a recession does hit, real estate markets will fare much better than they did in the last recession.

Continue reading October 2019 North County and San Diego Real Estate Markets

September 2019 North County and San Diego Real Estate Markets

September 2019 North County and San Diego Real Estate Markets

North County and San Diego real estate gave us another month of mixed results. Prices dropped slightly in North County, but countywide they saw a slight, year-over gain. The strong economy, low interest rates and tight inventory are keeping pressure on the market, but our high prices are working against that. According to Forbes, home prices in the San Diego market are 19 percent higher than they should be based on incomes in our area.

Although some experts predict our market is at a higher risk of a downturn, others don’t put the San Diego market into their high-risk category should a recession hit. What does this mean for you as a home buyer or seller? It means there are still great opportunities for you. As a buyer, you should focus on long-term investments, and if you are selling, make sure your home is one of the best values for buyers in your specific market.

Continue reading September 2019 North County and San Diego Real Estate Markets

August 2019 North County and San Diego Real Estate Markets

August 2019 North County and San Diego Real Estate Markets

North County and San Diego real estate markets show a mixed bag of results this month. We should be seeing a robust market with unemployment and interest rates so low, but price increases are stalling out and sales continue to slow.

Experts cite several reasons for the slowing market, the 2017 tax changes that limit state and local deductions, trade wars, and fewer foreign buyers. Some think that home buyers are waiting for prices to drop. But San Diego County’s lack of available homes for sale may keep that from happening. Although we have been seeing inventory slowly creep upwards, it pulled back this month. If that continues, there will be fewer choices for home buyers.

Continue reading August 2019 North County and San Diego Real Estate Markets