Monthly Market Overview North San Diego County

New residential real estate activity has been relatively slow in the first quarter of 2018, yet housing is proving its resiliency in a consistently improving economy. Some markets have had increases in signed contracts, but the vast majority of the nation continues to experience fewer closed sales and lower
inventory compared to last year at this time. Despite there being fewer homes for sale, buyer demand has remained strong enough to keep prices on the rise, which should continue for the foreseeable future.

Closed Sales decreased 14.7 percent for Detached homes and 18.5 percent for Attached homes.

Pending Sales decreased 6.6 percent for Detached homes and 11.4 percent for Attached homes.

The Median Sales Price was up 9.9 percent to $714,400 for Detached homes and 2.6 percent to $436,000 for Attached homes.

Days on Market decreased 17.6 percent for Detached homes but increased 4.5 percent for Attached homes.

Supply decreased 9.1 percent for Detached homes and 7.7 percent for Attached homes.

The Federal Reserve raised its key short-term interest rate by .25 percent in March, citing concerns about inflation. It is the sixth rate increase by the Fed since December 2015, and at least two more rate increases are expected this year. Borrowing money will be more expensive, particularly for home equity
loans, credit cards and adjustable rate mortgages, but rising wages and a low national unemployment rate that has been at 4.1 percent for five months in a row would seem to indicate that we are prepared for this. And although mortgage rates have risen to their highest point in four years, they have been quite low for several years.

Monthly Market Overview North San Diego County
San Diego North County Monthly Housing Market Indicators March 2018

Download (Mar-2018-Monthly.pdf)

Carmel Valley, Poway, Rancho Bernardo, Rancho Penasquitos, and Scripps Ranch housing stats January 2018

Carmel Valley, Poway, Rancho Bernardo, Rancho Penasquitos, Scripps Ranch January 2018 Numbers by Zip Code

Carmel Valley, Poway, Rancho Bernardo, Rancho Penasquitos, and Scripps Ranch
Listings, Sales, Days on Market and more broken out by zip code.

Use the ‘Pop-Out’ to view report or the link to download.

Download (Jan-2018-RB-RP-CV-SR-POW.pdf)

Monthly Market Overview North San Diego County

Last year, U.S. consumers seemed to be operating with a renewed but cautious optimism. The stock market was strong, wages were edging upwards and home buying activity was extremely competitive. Not much has changed in 2018 in terms of those measures, yet there is a sort of seasoned prudence mixed into the high emotions that go with a major expense like a home purchase. We are now several years deep into a period of rising prices and low inventory. Those in the market to buy a home have caught on. As sellers attempt to take advantage of rising prices, expect buyers to be more selective.

  • Closed Sales decreased 14.1 percent for Detached homes and 3.7 percent for Attached homes.
  • Pending Sales increased 0.8 percent for Detached homes and 0.4 percent for Attached homes. The Median Sales Price was up 0.2 percent to $649,000 for Detached homes and 0.4 percent to $415,000 for Attached homes.
  • Days on Market decreased 21.3 percent for Detached homes but remained flat for Attached homes.
  • Supply decreased 20.0 percent for Detached homes and 9.1 percent for Attached homes.

Whatever external forces are placed upon residential real estate markets across the country – whether they are related to tax legislation, mortgage rates, employment situation changes, new family formations, the availability of new construction and the like – the appetite for home buying remains strong enough to drive prices upward in virtually all markets across the country. New sales are not necessarily following that trend, but monthly increases are expected until at least late summer.

 

Download (Jan-2018-Monthly.pdf)

Monthly Market Overview North San Diego County

The number of homes for sale, days on market and months of supply were all down in year-over-year comparisons in a majority of the country for the entirety of 2017, as was housing affordability. And although total sales volumes were mixed, prices were consistently up in most markets. Buyers may not benefit from higher prices, but sellers do, and there should be more listing activity by more confident sellers in 2018. At least that would be the most viable prediction for an economic landscape pointing toward improved conditions for sellers.

Closed Sales decreased 15.9 percent for Detached homes and 8.4 percent for Attached homes.

Pending Sales decreased 4.2 percent for Detached homes but increased 6.0 percent for Attached homes.

The Median Sales Price was up 8.9 percent to $685,000 for Detached homes and 15.3 percent to $449,700 for Attached homes.

Days on Market decreased 26.5 percent for Detached homes and 19.4 percent for Attached homes.

Supply decreased 30.0 percent for Detached homes and 20.0 percent for Attached homes.

Unemployment rates have remained low throughout 2017, and wages have shown improvement, though not always to levels that match home price increases. Yet housing demand remained incredibly strong in 2017, even in the face of higher mortgage rates that are likely to increase further in 2018.

Home building and selling professionals are both cautiously optimistic for the year ahead. Housing and economic indicators give reason for this optimism, with or without new federal tax legislation.

Download (Dec-2017-Monthly.pdf)