Market Statistics

San Diego County April Market Report

Buying and Selling in San Diego County During SiP

If you were planning to put your house on the market in 2020 or beyond or considering purchasing a new home, the coronavirus (COVID-19) pandemic has likely given you pause. Is now a good time? Can I protect myself and my family from the virus? And assuming you proceed, what changes can you expect with regard to the usual past procedures and practices here in San Diego County? Read More..


San Diego County April Market Analysis


San Diego County’s median home price continued to rise in March to $680,000 and stayed steady at that number in April, reflecting optimism in the home market before the coronavirus crisis.   Low mortgage interest rates, almost a point lower than last year, partnered with high demand and low inventory for homes in the area were contributing factors.   There were 2,809 home sales in April, a 31% percent drop from the same time last year however the median price at $680,000 was up 4.4 percent year over year, nearing record highs!

Now let's talk about March! Rumors of coming restrictions due to COVID-19 in early March were followed by a California statewide Shelter In place (SIP) order on March 19th . While the stock market recovered significantly in March, the effects of COVID- 19 to the economy continue to be felt. In just the last 8 weeks weeks, more than 30 million people filed initial unemployment claims according to the United States Department of Labor, fueled by the stay at home orders and a slowdown of economic activity across the country.  In the face of these challenging times, real estate activity in April slowed a bit.

In the last few weeks, we started to see the number of sold listings drop by almost 31% and inventory has dropped by about 38% year over year. This is not an unexpected trend since most escrows are 30 days which means the March/April numbers were still high from escrows entered in February/March. Pending sales in the San Diego were also down 1.2 percent overall however homes in the $1,250,001 to $2,000,000 range saw large gains with an 7.3 percent increase. The final numbers from May will start to really give us a glimpse of how COVID-19 and California's shelter-in-place order has affected the local market.

While we have seen some potential buyers pulling back from home searches in March/April, as well as clients walking away from home purchases close to closing, it was not as prevalent as expected.   With a lot of buyers out there still wanting to purchase a home in the next few  months it will be interesting to see how May numbers look.  

While the effect of COVID-19 continues to vary widely across the country, it is expected that social distancing, higher unemployment, and lower overall economic activity is likely to continue to constrain real estate activity in the near term. At the same time, the industry is adapting to the current environment by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges.


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Making It In San Diego

If you are wondering what the HOT areas of San Diego are, below I list the top 20 zip codes for San Diego County by Median Sale Price and Year over Year growth. With over 181 zip codes and 4,207 sq miles of total land area there are housing options in every price range.

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Del Mar At A Glance    

 
 

When the rich and famous need a vacation, where do they go? They go to Del Mar! Del Mar is a small coastal city in northern San Diego County and about an hour and a half south of Los Angeles. With under 4,500 residents, it’s a big change from the hustle and bustle of city life. Visitors and residents love Del Mar because they can finally slow down and enjoy California for what it is: paradise.

Del Mar is popular for its peaceful ambiance, historic downtown, scenic landscapes, thoroughbred racing, and Read More..


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San Diego and Santa Clara County March 2019 Market Report Comparison

San Diego and Santa Clara County Markets - Are they that different?

There are a few factors affecting San Diego's housing market that have caused it to flatline the last few months however we are seeing a more positive outlook for the coming months. First, the beginning quarter of 2019 saw a fair share of adverse weather which impacted most of the U.S. markets. As the weather has improved we are seeing more activity in the market. Second, there has previously been more multi-family construction occurring than single-family homes due to the ongoing shift to renting rather than home ownership. However, we are seeing single family home construction increasing which is starting to outpace that of multi-family units. Third, there have not been enough homes avialable to middle-income families and rising interest rates have given would-be home buyers pause in making their home purchasing decisions. However, the Federal Reserve recently announced that no further interest rate hikes are planned for 2019. Fed actions also tend to affect mortgage rates, so the pause in rate hikes was also welcome news to the residential real estate industry.

The Bay Area was affected in the first quarter by some of the same factors as San Diego such as adverse weather and mortgage rate concerns. However, the Bay Area also felt impact due to the stock market volatility and affordability constraints and buyers’ concerns that prices had peaked. However, following a doldrum first few months of the year the for the housing market in the Bay Area, potential impacts around Lyft and Uber’s already filed IPOs and other anticipated IPOs are already being felt as activity is rising from both buyers and sellers.

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Making It In San Diego

If you are wondering what the HOT areas of San Diego are, below I list the top 15 zip codes for San Diego County. With over 181 zip codes and 4,207 sq miles of total land area there are housing options in every price range. Santee is considered part of the East County Region, and for ~$550,000 you can live 18 freeway miles from the San Diego’s premier beaches. If you are looking for a home in a town that sits on the waters look no further than Carlsbad. The average price in this family friendly zip code is $1,089,000. If opulence and ocean views are your goal, La Jolla is a picturesque village by the sea. An ocean view can be found for as low as $1.7M however homes that are the talk of the town will run you near $7M with homes on the water selling for up to $20M. Rancho Santa Fe is the Beverly Hills of San Diego. This is where the stars come to live and play. Rancho Santa Fe is known for its luxury real estate and mansions that average 5000 sq ft.  Rancho Santa Fe started as a ranching community and has countless orchards, sprawling land, and many groves of citrus trees. If you're planning on moving to The Ranch, be prepared to pay top dollar with an average sale price of $3.5M but you'll have perfect views of the beautiful countryside, and in some cases, even the ocean.

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We respect your privacy. By signing up for this newsletter you agree to receive site updates, announcements, freebies and/or promotional content.

Privacy Policy per GDPR Rules: We do not divulge or pass on your personal information or e-mail addresses, anywhere, ever, at any time.


San Diego and Santa Clara County December 2019 Market Report Comparison

San Diego and Santa Clara County Markets - Are they that different?

Whether you live in SoCal or the Bay Area the Real Estate Market is trending in a similar manner.   Active Inventory has been going down in the last few months while DOM (Days On The Market) have been going up.  Median Sales price in both counties is up year over year. All the statistics you need below.

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We respect your privacy. By signing up for this newsletter you agree to receive site updates, announcements, freebies and/or promotional content.

Privacy Policy per GDPR Rules: We do not divulge or pass on your personal information or e-mail addresses, anywhere, ever, at any time.


San Diego County Market Report - May 2018

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10 HOTTEST MARKETS IN SAN DIEGO COUNT