Archive for the ‘Housing Market’ Category

San Diego Housing Market Update-September 2017 Sales

San Diego Housing market update for home salesBelow is my monthly analysis of the San Diego housing market. It will show many different metrics to help us get an accurate “feel” for what is happening in our local real estate market!

Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings. And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-14.1%

+10.0%

-24.8%

Closed Sales decreased 12.7 percent for Detached homes and 16.8 percent for Attached homes. Pending Sales decreased 3.2 percent for Detached homes and 2.1 percent for Attached homes. Inventory decreased 27.0 percent for Detached homes and 18.1 percent for Attached homes. The Median Sales Price was up 8.0 percent to $610,250 for Detached homes and 11.9 percent to $414,000 for Attached homes. Days on Market decreased 14.3 percent for Detached homes and 17.2 percent for Attached homes. Supply decreased 25.9 percent for Detached homes and 11.8 percent for Attached homes. Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.

 

The San Diego Association of Realtors analyzes housing market data for San Diego county every month. Below is their monthly report for home prices. The figures represents ALL property types.

August 2017 San Diego housing market stats and update

CLICK IMAGE TO ENLARGE

According to Bankrate.com, interest rates have continued to stay near the 4% level, despite the Federal Reserve Bank finally raising the fed funds rate to .75%. They are currently at 3.99% for a 30-year fixed loan (they were at 3.85% at this time last month). This is well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment or see what you can afford, go HERE.

Ryan Blanco-Realtor-San Diego Real Estate BlogAbout Me: I am a full time agent and I dedicate 100% of myself and my time to my valued clients in addition to the San Diego communities that I serve. It is imperative that I continuously evolve with local and national trends in addition to always looking ahead of the industry. It is a must to always provide the best service to my clients, their families and friends.

619.384.2248
Ryan@RyanYourRealtor.com

 

 

San Diego Housing Market Update-August 2017 Sales

San Diego Housing market update for home salesBelow is my monthly analysis of the San Diego housing market. It will show many different metrics to help us get an accurate “feel” for what is happening in our local real estate market!

August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a
natural market cool down before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.

 
Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-8.0%

+9.4%

-26.4%

Closed Sales decreased 6.4 percent for Detached homes and 11.0 percent for Attached homes. Pending Sales increased 2.2 percent for Detached homes
but decreased 2.9 percent for Attached homes. Inventory decreased 27.9 percent for Detached homes and 22.1 percent for Attached homes.

The Median Sales Price was up 8.3 percent to $610,000 for Detached homes and 6.7 percent to $400,000 for Attached homes. Days on Market decreased 9.4 percent for Detached homes and 15.4 percent for Attached homes. Supply decreased 31.0 percent for Detached homes and 21.1 percent for Attached homes.

The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.

 

The San Diego Association of Realtors analyzes housing market data for San Diego county every month. Below is their monthly report for home prices. The figures represents ALL property types.

August 2017 San Diego housing market stats and update

CLICK IMAGE TO ENLARGE

According to Bankrate.com, interest rates have continued to stay near the 4% level, despite the Federal Reserve Bank finally raising the fed funds rate to .75%. They are currently at 3.85% for a 30-year fixed loan (they were at 3.98% at this time last month). This is well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment or see what you can afford, go HERE.

Ryan Blanco-Realtor-San Diego Real Estate BlogAbout Me: I am a full time agent and I dedicate 100% of myself and my time to my valued clients in addition to the San Diego communities that I serve. It is imperative that I continuously evolve with local and national trends in addition to always looking ahead of the industry. It is a must to always provide the best service to my clients, their families and friends.

619.384.2248
Ryan@RyanYourRealtor.com

 

 

San Diego Housing Market Update-July 2017 Sales

San Diego Housing market update for home salesBelow is my monthly analysis of the San Diego housing market. It will show many different metrics to help us get an accurate “feel” for what is happening in our local real estate market!

How long can the residential real estate market go on like this? We are about two years into a national trend of dropping housing supply and increasing median sales prices. There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete. Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-8.8%

+9.8%

-26.7%

Closed Sales decreased 9.7 percent for Detached homes and 7.2 percent for Attached homes. Pending Sales increased 7.2 percent for Detached homes and 3.9 percent for Attached homes. Inventory decreased 26.0 percent for Detached homes and 28.7 percent for Attached homes.

The Median Sales Price was up 10.7 percent to $620,000 for Detached homes and 6.7 percent to $405,000 for Attached homes. Days on Market decreased 15.6 percent for Detached homes and 8.3 percent for Attached homes. Supply decreased 30.0 percent for Detached homes and 30.0 percent for Attached homes.

Although the unemployment rate remains unchanged at its favorable national 4.4 percent rate, wage growth has not been rising at the steady clip that would be expected in an improving economy. Sales activity manages to keep churning along despite looming shortages in new construction. Lower price ranges are starting to feel the effects of the supply and demand gap, as first time buyers scramble to get offers in at an increasing pace.

The San Diego Association of Realtors analyzes housing market data for San Diego county every month. Below is their monthly report for home prices. The figures represents ALL property types.

San Diego Housing market statistics for July 2017

CLICK TO ENLARGE

According to Bankrate.com, interest rates have continued to stay near the 4% level, despite the Federal Reserve Bank finally raising the fed funds rate to .75%. They are currently at 3.98% for a 30-year fixed loan (they were at 4.12% at this time last month). This is well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment or see what you can afford, go HERE.

Ryan Blanco-Realtor-San Diego Real Estate BlogAbout Me: I am a full time agent and I dedicate 100% of myself and my time to my valued clients in addition to the San Diego communities that I serve. It is imperative that I continuously evolve with local and national trends in addition to always looking ahead of the industry. It is a must to always provide the best service to my clients, their families and friends.

619.384.2248
Ryan@RyanYourRealtor.com

 

 

San Diego Housing Market Update-June 2017 Sales

San Diego Housing market update for home salesBelow is my monthly analysis of the San Diego housing market. It will show many different metrics to help us get an accurate “feel” for what is happening in our local real estate market!

There has been a general slowdown in sales across the country, and this cannot be blamed on negative economic news. Unemployment remains low and wage growth, though nothing to overly celebrate, has held steady or increased for several years in a row. There is strong demand for home buying, emphasized by higher prices and multiple offers on homes for sale in many submarkets. As has been the case for month after month – and now year after year – low inventory is the primary culprit for any sales malaise rather than lack of offers.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-7.2%

+11.0%

-26.2%

Closed Sales decreased 3.4 percent for Detached homes and 14.0 percent for Attached homes. Pending Sales increased 8.7 percent for Detached homes and 7.1 percent for Attached homes. Inventory decreased 25.9 percent for Detached homes and 27.0 percent for Attached homes.The Median Sales Price was up 10.1 percent to $619,900 for Detached homes and 10.1 percent to $415,000 for Attached homes. Days on Market decreased 12.5 percent for Detached homes and 23.1 percent for Attached homes. Supply decreased 27.6 percent for Detached homes and 26.3 percent for Attached homes.

With job creation increasing and mortgage rates remaining low, the pull toward homeownership is expected to continue. Yet housing starts have been drifting lower, and some are beginning to worry that a more serious housing shortage could be in the cards if new construction and building permit applications continue to come in lower in year-over-year comparisons while demand remains high. Homebuilder confidence suggests otherwise, so predictions of a gloomy future should be curbed for the time being.

According to Bankrate.com, interest rates have continued to stay near the 4% level, despite the Federal Reserve Bank finally raising the fed funds rate to .75%. They are currently at 4.12% for a 30-year fixed loan (they were at 4.00% at this time last month). This is well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment or see what you can afford, go HERE.

The San Diego Association of Realtors analyzes housing market data for San Diego county every month. Below is their monthly report for home prices. The figures represents ALL property types.

San Diego Housing Market Stats for June 2017

CLICK TO ENLARGE

 

Ryan Blanco-Realtor-San Diego Real Estate BlogAbout Me: I am a full time agent and I dedicate 100% of myself and my time to my valued clients in addition to the San Diego communities that I serve. It is imperative that I continuously evolve with local and national trends in addition to always looking ahead of the industry. It is a must to always provide the best service to my clients, their families and friends.

619.384.2248
Ryan@RyanYourRealtor.com

 

 

San Diego Housing Market Update-May 2017 Sales

San Diego Housing market update for home salesBelow is my monthly analysis of the San Diego housing market. It will show many different metrics to help us get an accurate “feel” for what is happening in our local real estate market!

Home prices across the U.S. are reaching all-time highs, prompting worry over another boom-and-bust scenario like we experienced roughly ten years ago. Yet, as we glance across the state of residential real estate, what is clear compared to the last extended run of price increases is that lending standards are now much stronger than they were before. Incomes must be verified, a reasonable amount of money must be paid toward the home prior to purchase and a more stringent loan approval process is in place to prevent a repeat performance of the Great Recession.

 
Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-4.3%

+8.0%

-25.2%

Closed Sales decreased 6.1 percent for Detached homes and 0.8 percent for Attached homes. Pending Sales increased 12.5 percent for Detached homes and 3.1 percent for Attached homes. Inventory decreased 24.7 percent for Detached homes and 26.8 percent for Attached homes.

The Median Sales Price was up 8.0 percent to $612,500 for Detached homes and 5.1 percent to $394,000 for Attached homes. Days on Market decreased 15.6 percent for Detached homes and 34.5 percent for Attached homes. Supply decreased 25.9 percent for Detached homes and 27.8 percent for Attached homes.

In addition to a stronger base upon which to conduct real estate transactions, the overall economy is in better shape than it was a decade ago. More jobs are available, unemployment is relatively low and workers have more faith in their wages and the potential for wage increases. Although we continue to battle an inventory shortage in much of the country, optimism remains high for a successful summer for buying and selling homes.

According to Bankrate.com, interest rates have continued to stay near the 4% level, despite the Federal Reserve Bank finally raising the fed funds rate to .75%. They are currently at 4.00% for a 30-year fixed loan (they were at 4.09% at this time last month). This is well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment or see what you can afford, go HERE.

The San Diego Association of Realtors analyzes housing market data for San Diego county every month. Below is their monthly report for home prices. The figures represents ALL property types.

San Diego Monthly housing report for May 2017-001

CLICK TO ENLARGE

 

Ryan Blanco-Realtor-San Diego Real Estate BlogAbout Me: I am a full time agent and I dedicate 100% of myself and my time to my valued clients in addition to the San Diego communities that I serve. It is imperative that I continuously evolve with local and national trends in addition to always looking ahead of the industry. It is a must to always provide the best service to my clients, their families and friends.

619.384.2248
Ryan@RyanYourRealtor.com

 

 

San Diego Housing Market Update-April 2017 Sales

San Diego Housing market update for home salesBelow is my monthly analysis of the San Diego housing market. It will show many different metrics to help us get an accurate “feel” for what is happening in our local real estate market!

The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-13.2%

+6.4%

-28.0%

Closed Sales decreased 13.4 percent for Detached homes and 13.0 percent for Attached homes. Pending Sales decreased 1.7 percent for Detached homes but increased 1.4 percent for Attached homes. Inventory decreased 26.0 percent for Detached homes and 33.1 percent for Attached homes.

The Median Sales Price was up 7.0 percent to $599,350 for Detached homes and 6.9 percent to $385,000 for Attached homes. Days on Market decreased 9.4 percent for Detached homes and 11.5 percent for Attached homes. Supply decreased 26.9 percent for Detached homes and 36.8 percent for Attached homes.

Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand.

According to Bankrate.com, interest rates have continued to stay near the 4% level, despite the Federal Reserve Bank finally raising the fed funds rate to .75%. They are currently at 4.09% for a 30-year fixed loan (they were at 3.98% at this time last month). This is well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment or see what you can afford, go HERE.

The San Diego Association of Realtors analyzes housing market data for San Diego county every month. Below is their monthly report for home prices. The figures represents ALL property types.

San Diego Housing Market Update for April 2017 Sales

CLICK TO ENLARGE

 

Ryan Blanco-Realtor-San Diego Real Estate BlogAbout Me: I am a full time agent and I dedicate 100% of myself and my time to my valued clients in addition to the San Diego communities that I serve. It is imperative that I continuously evolve with local and national trends in addition to always looking ahead of the industry. It is a must to always provide the best service to my clients, their families and friends.

619.384.2248
Ryan@RyanYourRealtor.com

 

 

This theme is sponsored by California along with Texas, Radio and corporate office contact address
Sitemap