Annual Report on the North San Diego County Housing Market for 2019

The 2019 housing market was fueled by the overall strength of the economy across most of the country. The stock markets reached new highs throughout the year, improving the asset bases of millions of Americans. Unemployment rates fell to 50-year lows, while wages increased, creating new home buyers. Mortgage rates also declined significantly from 2018, helping to offset affordability stresses caused by continued price appreciation nationally.

With a strong economy and low mortgage rates, buyer activity has been strong. However, most markets are being constrained by inventory levels that are still below historical norms. With supply and demand continuing to favor sellers, prices continue to rise.

With 10 years having now passed since the Great Recession, the U.S. has been on the longest period of continued economic expansion on record. The housing market has been along for much of the ride and continues to benefit greatly from the overall health of the economy. However, hot economies eventually cool and with that, hot housing markets move more towards balance.

Sales: Pending sales increase 4.1 percent, finishing 2019 at 15,118. Closed sales were up 1.4 percent to end the year at 14,785.

Listings: Comparing 2019 to the prior year, the number of homes available for sale was lower by 32.6 percent. There were 1,974 active listings at the end of 2019. New listings decreased by 4.6 percent to finish the year at 21,603.

Distressed: The foreclosure market continues to remain a small player in the overall market and is likely to remain that way in 2020. In 2019, the percentage of closed sales that were either foreclosure or short sale decreased by 1.6 percent to end the year at 6.2 percent of the market.

Prices: Home prices were up compared to last year. The overall median sales price increased 0.5 percent to $637,000 for the year. Single-Family Detached home prices were down 0.1 percent compared to last year, and Single-Family Attached home prices were up 2.2 percent.

List Price Received: Sellers received, on average, 97.1 percent of their original list price at sale, a year-over-year reduction of 0.2 percent.

While the Federal Reserve moved to temper the hot economy with four interest rate hikes in 2018, in 2019 they turned the heat back up, and reduced rates a total of three times during the year. The Fed’s rate decreases were due in part to GDP growth in 2019 that came in notably lower than 2018, showing the Fed’s alternating efforts to keep our economy at a steady simmer and not a full boil.

The housing market continues to remain healthy nationwide with price gains and limited inventory being the most common threads across markets. Tight inventory continues to constrain buyer activity in part of the country, while some areas are seeing increased seller inventory starting to improve buyers’ choices. New construction activity continues to improve, but is still below levels required to fully supply the market’s needs.

As we look at 2020, we see continued low mortgage rates and a healthy economy giving a great start to housing in the new year. But in election years, we sometimes see a softening of activity that may temper the market in the second half of the year.

Annual-2019

Bizarre Beverly Hills Estate Owned by Dr. Phil Is the Week’s Most Popular Home

Last week famed TV interventionist Dr. Phil McGraw decided to part with a home he owns in Beverly Hills, CA. And while a notable name selling a pricey property in SoCal isn’t anything we haven’t seen before, it was the home’s daring decor that caught us all a little off guard.

It’s the mansion where the rocker son of the syndicated TV star was living, and it was outfitted to resemble a Tim Burton fever dream, complete with custom artwork, bizarre vine-covered staircase, and, perhaps most puzzlingly, a wall of firearms displayed behind glass in the dining room wall. Photos of the maximalist emo-millionaire frat house spread far and wide across the web, catapulting the property to the top of the most popular homes of the week.

Other homes that caused you to click this week included a gigantic, 47-bedroom Colonial mansion, which was used as a location in the new film “Little Women,” a home from Season 4 of “Fixer Upper,” and two mansions meant for the billionaire set: a 226-acre ranch in Jackson Hole, WY, and the eternally epic Palazzo di Amore in Beverly Hills.

While we wouldn’t dare ask you to explain the decor choices in a home owned by Dr. Phil, we would like you to scroll on down and have a look at all of this week’s most popular homes.

See the homes HERE

Mortgage Rates Drop as 2020 Gets Underway

Mortgage rates fell to the lowest level in thirteen weeks, as investors sought the quality and safety of the U.S. Treasury fixed income markets. The drop in mortgage rates, combined with the strong labor market, should propel a continued rise in homebuyer demand.

Monthly Market Overview North San Diego County December 2019

In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three-quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.

  • Closed Sales increased 18.0 percent for Detached homes and 46.2 percent for Attached homes.
  • Pending Sales increased 15.5 percent for Detached homes and 14.4 percent for Attached homes.
  • The Median Sales Price was up 4.0 percent to $728,000 for Detached homes and 15.0 percent to $480,000 for Attached homes.
  • Days on Market decreased 12.8 percent for Detached homes and 12.2 percent for Attached homes.
  • Supply decreased 38.5 percent for Detached homes and 25.0 percent for Attached homes.

With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.

San Diego North County Monthly Housing Market Indicators December 2019. Listings, Sales, Days on Market and more.

Dec-19-Monthly

Merry Christmas To One and All

Christmas or Christmas Day (Old EnglishCrīstesmæsse, meaning “Christ‘s Mass“) is an annual festival commemorating the birth of Jesus Christ, observed most commonly on December 25 as a religious and cultural celebration among billions of people around the world. A feast central to the  Christian liturgical year, it is prepared for by the season of Advent or the Nativity Fast and initiates the season of Christmastide, which historically in the West lasts twelve days and culminates on Twelfth Night; in some traditions, Christmastide includes an Octave. Christmas Day is a public holiday in many of the world’s nations, is celebrated culturally by a large number of non-Christian people, and is an integral part of the holiday season.

Continue reading

Best of the Best: The 10 Most Popular Homes of 2019

As we wrap up another fascinating year in real estate, we like to look back on the homes that made you click the most in 2019. We counted allof your clicks to come up with the 10 most popular homes of the year on realtor.com®.

The resulting list ran the gamut. There was the salacious (the sedate suburban home harboring a BDSM dungeon), the hilarious (the lonely chair of NHL star Phil Kessel in the middle of his home theater), and the mind-blowing (a bunker sunk 26 feet beneath Las Vegas).

And, of course, there were A-listers amid the most popular properties. You were extremely interested in Tom Brady‘s mansion in Massachusetts going on the market and the Obama family‘s purchase of a compound on Martha’s Vineyard.

Reality TV also played a role: The Duggars had a tough time unloading their house-flipping project in Arkansas, and one of Chip and Joanna Gaines‘ masterpieces from “Fixer Upper” had trouble attracting a buyer.

However, we don’t think you’ll have any trouble enjoying the homes listed below. After sorting through millions and millions of page views, we can definitively say these were your 10 favorite homes of the year. Scroll on down for the complete list.

See the homes here!