San Diego Real Estate Trends
RESIDENTIAL SALE TRENDS~
San Diego Market
January 2nd, 2018
FIRST NEW YEAR'S PEEK AT DECEMBER SALES DATA: HOW HIGH, HOW LOW THIS JANUARY?
While some hung-over listing agents may be late reporting last minute December closings here in San Diego, data this early out* still tell the tale of a market continuing to run out of home listings--and the chart shows this is at record low levels. The combination of fast sales (38 days on the market) nearly 16% faster than last December, and record low new listings per chart, put pressure on prices to the upside, up 8.8% from last December to median price of $615,000. The charts also show that historically, there will be even greater constraints on supply this month , so could active listings force a reformatting of the bottom of the charts? The lack of inventory is by no means a sign of weakness, as the dollar volume in sales leaped back up to $2.3 billion, a 63% increase from last December, putting smiles on SD tax assessors' bookkeepers. Since we're in no man's land as far as the data shows going back to 2004 on all key indictors supporting sellers, home-owners looking to sell early this year will find a welcome mat awaiting.
*(the data is preliminary and unofficial. Official findings will be announced later in the month).
December 6th, 2017
CHRISTMAS COMES EARLY IN NOVEMBER (?)
Preliminary data* on November sales shows homeowners receiving the gift that seems to keep on giving: double-digit increases in home values this November on detached resale homes compared with last November. While it is great to receive, the giveth on the part of would-be buyers is where frustrations must be felt. Lofty plans to own a home by Christmas has been snatched up by the Grinch, represented by the lucky buyers with the winning bid on a skimpy list of active sales. The record speed of sales is keeping pace with October (see report below), but you have to wonder why listing agents think that a quick sale within a few days of listing is in the best interest of the seller, without the benefit of being exposed to the maximum amount of buyers. Unlike the forced sales of years gone by, the bank owned sold chart tells the tale that Ebenezer look-alikes are few and no longer knocking on doors with trustee sale notices.
Mesa Pacific can help stimulate sales by our discounts in mortgage prices (at least $3000 in provable savings), cash rebates to buyers, and low to no cost listing programs. Contact us today for details.
*(figures are unofficial and subject to change)
November 1st, 2017
EARLY BIRD STATS FOR OCTOBER: SPEED SELLS
Detached home prices continue their streak, rising 6.4% higher than October last, and staying even with median price record high of $615k registered for both June and July. The charts say that prices start to slip after the Summer but this is not happening, no doubt due to continued demand. The unusual demand can be measured in one number: 36. That's the average days on the market for these October sales, 10% faster than last year, and as the chart reveals, faster than all years since 2004 at the height of the Summer buying season. Naturally every agent will take a bow for their remarkable sales strategy. The charts are talking to would-be sellers and saying these are unusual times where off-season is still on-season to make a good sale happen. After all, competition continues to shrink with active listings for detached homes down a whopping 28% from last year with new listings not picking up the slack, down 7.8% from last year (Major correction for new listings reported below as the chart showed the criteria for only detached 2 bedrooms).
October 7th, 2017
EARLY PRELIMINARY PEEK AT SEPTEMBER DATA: A POKE IN THE EYE?
While unofficial results show property values continue to rise at a very healthy pace ( detached medium price at $610,000 is up 8% from September last), and sales still brisk (34 days on the market, 17% better than this time last year), all of the rest of the data will make the tens of thousands of r.e. agents in San Diego County wince. There is no doubt home-owners have decided to stay put for the rest of the year, as new listing on detached homes are down to just 142, 21% lower and active listings are down 26% compared with this time last year. Pending sales at 2002 will help level out the graph when October sales are registered, but sold detached totaled 1864, down 11% from September 2016, all partially due to the lack of new construction that would lure them out of their abode. As an example, historical building permits in SD County for single-family (including condos) were down 23% from 2015 to 2016, and a whopping 74% lower than the heydays of 2004, when condo-conversions were the rage of developers. They later became the rage of attorneys digging up building defects and mounting class action lawsuits, which steers developers away from condos to this day. Will new proposed Federal tax cuts help turn these charts around?
Mesa Pacific can help stimulate sales by our discounts in mortgage prices, cash rebates to buyers, and low to no cost listing programs. Contact us today for details.
September 9th, 2017
FALL BACK AND UP (?)
While sales activity took a dip from June's highs, August median sales price for detached homes rose 8.5% from a year ago to $611,000. The number of sales were down 2.3% from last year to 2247, and 11% lower than two months ago. Total volume for all sale categories was $2.2 billion, one half billion shy of the record in June of 2005, when condo conversion sales were on fire. Condo developers who past that costly 10 year litigation window were far and few between-- thus far fewer conversions today to fill the void of supply. As the chart shows, from that point, the slow drip of foreclosures started ratcheting up to the record high of $388 million in sold volume in October 2008, which is in stark contrast to today's $14.5 million, down 36% from last year. The Short sale chart followed the same pattern, from a high of $314 mil in August 2008, to just $12.7 mil today, 54% lower than last year. Active listing shortages still plague would-be buyers today, with current listings snaking its way down by 26% from last year. But active buyers still remain on the scene, as days on the market remain at a fast pace of just 34 on average.
August 12th, 2017
JULY DATA SHOWS SAN DIEGO SELLERS ON LONG VACATION
Wow! Another 25% decline in active listings in July compared with last year has to give would-be buyers heartburn (see attached chart). For homeowners, it translates to another 10% annual boost in the median prices for detached homes to $619,500. So where are the new San Diego homes to fill the void? A report back in May offers some clues: fewer lots to build on, expensive lots, and a lengthy and costly regulatory path to pull permits. Sounds like a long road ahead before we see a buyers’ market return in a land with small borders north and south, east and west.
Whether you are a buyer or a seller, we can show you how to achieve large savings in your sale, including our “no cost listing” service, so contact us today.
July 9th, 2017
JUNE SALES PUTS SMILES ON THE TAX MAN or/ BIORYTHMS OF THE MARKET
Both sellers and the County Tax Assessor are smiling at this chart, where dollar volume in residential sales hit a new 12yr record high. While total sales are still lagging 2015 levels, record high sales prices (detached median price now at $619,900 up another 10% from last year) help boost this figure to $2.535 billion, which is up 5.9% from last year. Active listings chart shows a regular stair step downward since 2013, no doubt many before this time were forced sales (current bank owned properties are a mere 18 throughout the County when there once was 1500). It is not too late for sellers since average time on the market is also hitting record lows of just 32 days. Buyers and sellers of real estate show they are only human, as the charts on pending sales and closed sales over the years follow very distinct biorhythmic patterns (likely dancing to the beat of the new school year), showing its all downhill from here, and rising once again early next year. Whether you are a buyer or a seller, we can show you how to achieve large savings in your sale, so contact us today using the contact info in upper right corner of page.
June 1st, 2017
While the official report on pending sales is just now out, it only involves April, which is ancient history is this push button news cycle. The headlines say: Pending home sales down 1.3% last month (April). But unofficial results for May here in San Diego shows detached pending sales are up 12.5%, and 2% higher than April (see chart). The sad news continues on the inventory front, where active listings bottomed out with only a total of 3927, down a whopping 27.4% from this time last year, and lowest in modern times for this time of year. With this new bottom low of active listing, it follows that total sold is down 13.2% from last year, and the squeeze on inventory forced median sales price up 8.4% from last year to $615,000. Naturally, this is all good news for homeowners. Will they come out for the Summer season? For buyers, the task is rough but Mesa Pacific has tactics to help you into ownership this Summer.
May 4th, 2017
MAY DAY!... MAY DAY!
Granted, this headline was last year's headline, but it is worst than last year and even better for sellers. This is a distress call for buyers to see these charts that say so much about the record squeeze on home resale inventory. The result of buyers lining up and bidding higher on limited supply shows a price chart taking off. Average sales prices on detached homes between 1000 to 3000 sq.ft. have leaped to $656,400. No doubt many appraisals are coming in short of sales price, as previous months' values known as comparable sales don't reflect the price buyers are willing to bid to win the bid. This problem was solved in past markets by granting the appraisal industry an appreciation adjustment. For example, a 7% annual gain year after multi- year performance would allow the appraiser to use a 3.5% adjustment on a 6 month old comp. But for now, the best method is to seek mortgage financing solutions that offset low appraised values and negotiate a price with the seller. Contact us today on these techniques.
February 3rd, 2017
UNOFFICIAL RESULTS OF JANUARY RESIDENTIAL ACTIVITY--BOTTOM OF THE BARREL?
One would think with population and job growth since 2004 that active detached home listings would be higher today than back then, but the chart says they ain't. Naturally, there were a lot of forced sales due to the miseries from the mortgage meltdown that began in mid 2007, with a high of 16,551 detached listings in September, 2007 (26,232 when you include attached), and slowly descending for nearly a decade to 3511 today, eclipsing 3719 in March of 2004. Yipes! Is it any wonder prices continue to rise (up 6.5% from last January) with that volume squeeze.
Now that equity has returned why are homeowners staying put? Local economist Allen Nevin has the answer. For every new home built and sold there are 4 resale homes sold. Why are builders reluctance to build more high density units? According to Nevin, in a word: condo lawsuits. What builders build now are rental apartments to avoid costly litigation. Compared with the normal market where California would build 100,000 detached units per year, half that amount are being built now. Click here to see his report for 2017.
For information a little closer to home, contact us to see the stats for your area of interest. When we represent buyers, large cash rebates to you will take care of that kitchen not meeting your standards. For sellers, check out our No Cost Listing program.
December 10th 2016
EARLY PEEK AT NOVEMBER SALES
CHRISTMAS COMES EARLY--FOR THE TAX ASSESSOR
Medium sales price is up 5.4% from last November but takes that characteristic off-season drop, lowering to $560,000. True to form, sellers have pulled the For Sale signs during the holidays, but even more so this year, as active listings drop 12.7% from this time last year. Part of the reason for the drop in inventory was due to a 23.9% increase in sales from a year ago, which occurred at a decent pace of 41 average days on the market, faster than last year's 45 days (30 days is considered fast). The chart that really jumps out and has the tax assessor salivating is the record leap in total dollar volume, up 116% from last year to a record of over $3 billion.
For information a little closer to home, contact us to see the stats for your area of interest. When we represent buyers, large cash rebates to you will take care of that kitchen not meeting your standards. For sellers, check out our No Cost Listing program.
November 16th, 2016
OCTOBER FEST OR FAMINE ?
While sellers were feasting on higher prices, which were up 11.5% on detached homes to $580,000 median sales price (a whopping $733,860 if you go by average price), would be buyers had to feel a famine in selection with inventory down 10.8% from last year. These historical charts going back to 2004 may show the old norm of supply back then is the new norm as forced sales go into major retreat (44 REOs now listed vs over 1500/mo. back in 2009 and only 59 active short sale listings). There will be a lot of handwringing over the jump in interest rates and negative effects on home purchases, but July of 2015 offered even higher rates and the sale charts show buyers didn't blink an eye as there were more sales then than this Summer.
October 1st 2016
Before It's Official on September Sales And Summer Look Back For Chart Watchers
Like a bulldozer that seems unstopable, detached home prices maintain that similar trajectory rising 8.6% from last year to $570,000 in September (unofficial for another 20 days). Pending sales are up 17.2% from last September so prices look to rise further in October with this momentum. The chart is interesting over the years, following a pattern similar to that of an EKG screen of a normal heartbeat. On chart that is not interesting but tells it like it is: exceptiionally low inventory. One would think rising prices and very low inventory would get more sellers activated.
June 6th, 2016
Before It's Official: May Resales Up, Inventory Down
Initial data on May's resale detached homes shows supply not keeping up with demand, as this 10yr inventory chart shows supply crawling along the bottom and lowering to a scant 2.2 month supply, 24% lower than last year. Part of the supply problem are locked up in pending sales, which are up 12.5% from last year, with new listings up a paltry 1.2% from last year and sold up only 2.2%. This squeeze continues to drive up the median sales price by 8.2%, though a more accurate measurement from S&P/Case-Shiller Index will register this in the months to come in the 6.2%+ arena, which is what they have recently released for March sales. All of this adds up to prime time for home owners looking to make a move, but don't make a move without checking out Mesa Pacific's No Cost Listing Program, saving tens of thousands in selling costs.
May 7th, 2016
April's Siren: MAY DAY..MAY DAY!
Early chart readings for April sales activity here in San Diego County are flashing warning signs ahead. But not for homeowners or sellers, where prices rose on detached homes by 9.3% from last year, or where competition is weakest
since early 2004, when the recession ended and pent up buyers leaped back into the market, snatching up available properties. Instead, the warning is for would-be buyers waiting for a better property at a lower price. The charts back in 2004 say even higher prices followed. While agents take a bow for a quick sale, it is really just market forces at work, with average days on the market dropping to 37 days, lowest in over a decade and only topped by the hay days of early 2004. And what of May sales? The pending chart says it will be a banner month. For a closer look at your neighborhood charts, contact us today.
April 2nd 2016
Chart Readings For March Sales
Based on preliminary MLS data, the chart shows single family detached home prices staged a comeback from February, rising 5% month-to-month, and 7% higher than last year to $551,300. While the lumbering sales data for January (see below) was adjusted higher to 1,341, March sales leaped from there by some 527 more, up 39%. Granted there is still a mountain to climb to reach June, 2015 sales of 2576, but the trajectory is healthy for sellers. One unheathly chart for buyers, however, is current inventory, which is pretty ugly compared with the past and sitting at record lows. So where are the sellers? Many are now pending in escrow, a record high of 2516, as the chart depicts. With 41 average days on the market closing in on the record low of 38 days in August, 2015, the charts are flashing sales opportunities for sellers, and for buyers to make a move. Contact us today to get a move-on and learn about large cash rebates for buyers and discounts for sellers, including our "no cost listing" plan. Phone: 619-390-4042.
March 31st, 2016
February Home Sales Out of January's Rut
The number of San Diego detached home rose by 6.3% from last month, reversing the nose dive January sales have taken each year since 2014, but the median price did not rise, signaling more sales at the lower end, dragging down the average by .8% to $537,580. Nevertheless, values were up from last year by 7.7%.
February 6th 2016
Early Bird Look At January's Lumbering Sales
While this is a preliminary snapshot of San Diego resale activity in January with possibly more data to follow, the charts tell a sobering story of one very weak month. Only 1277 closed detached home sales is the lowest in years, and down 4% from this time last year. The problem: exceptionally low numbers of properties for sale. January of 2015 was low, but current active listings of 4284 is 19% lower than then. Prices have flatlined, but if historical charts tell us anything, this heads up from here along with more listings and sales as we move into the Spring. A good indicator of this projected movement upward is in pending sales, which are up a whopping 27% from December. Sellers should see this as an opportunity to jump into the market.
January 11th, 2016
December Reading By The Numbers
Buyers are no doubt wondering where exactly is their home of choice. Preliminary reports show that It likely is not on the market yet as inventory here in San Diego is way down to 2 months supply (6 months is considered a normal supply). Buyers will also be frustrated in the prices paid as the medium price of a detached home rose 8.8% from a year ago to $538,750. While sellers should be smiling at that number and the speed of sales ( 41 average days on the market vs 53 last year), the historical charts don't bode well for January. Though 1895 detached homes closed in December, in line with last year, historical sales drop off the charts in January. With El Nino pretty well keeping buyers in doors so far this January, it could be a long vigil for sellers. But if history has a say, Spring buyers start very early here in San Diego as this chart illustrates. Like San Diego's micro climate, the same holds for micro real estate markets. For a free detailed look at trends and prices in your area, please send an email today or call 619-390-4042.
December 3rd 2015
What's Up? San Diego Home Prices
First peek at November sales posted here in San Diego shows medium prices up 10.7% from last year at $540,000 on SFR detached. While nationwide pending sales in October were up only 3.9% from last year, we jump ahead to current pending sales here in San Diego, which are up 12% from last year. This bodes well for December closings. Days on the market are still speedy, averaging 39 days. Inventory is heading lower big time, with only 4721 detached homes on the market compared with 6037 last year, a 22% drop. This is a green light for potential sellers to jump into the market--even during the holidays.
November, 2nd, 2015
Pending Sales Down--But What's New?
National news media looked at the decline of pending home sales nationwide for September as a harbinger of things to come, but sales always decline heading into the off-season of Autumn and Winter. The decline reported has much to do with fewer foreclosures and short sales, which makes for a healthier market. The pending sales chart for San Diego shows the off-season pattern, which is better than previous years, and actually up in October from September. The charts show it is pretty clear that sales decline with the decline of inventory, which is even lower than prior years here in San Diego and a big challenge for buyers hoping to find just the right property. For sellers, the days on market shows demand is not lagging by much, sitting at 44 days, verses the lowest of the year in August of 39 days. The best chart to show a continued improvement in the economy via home resale market is this sales volume chart, continuing to rise each year, adding to the tax coffers of local government agencies. And finally, the sales price chart for detached homes, which stands at $530,000, up 8.3% from this time last year. For a detailed look at prices in your area, please send an email today or call 619-390-4042.
September 24th, 2015
Sales Down But Values Up
The volume of August home sales here in San Diego could not keep up with July sales, as they were down 13% from July but still higher from a year ago by 11%. While prices were 9% higher than last year, July's average price is better than August by about 1%. Supply of homes on the market is taking another dip. While a 6 month supply is considered normal, San Diego is way down there at 2.7 months and heading lower going into Autumn, which continues to frustrate potential buyers. But the low inventory on resale homes is creating a window for new home sales nationwide, which were up in August 5.7% and highest since 2008.
August 8th, 2015
San Diego Real Estate Data Ups The Ante
On average, it cost 7% more to buy a single family detached home from last year in July, now with an average price of $555,000. This is being driven by 12% higher sales and continuing low inventory of some 7200 active listing (both SFR detached and attached). The average price will jump in August for La Jolla, where the Copley estate home just sold for $17 million to the well known Doug Manchaster, who paid cash for this 17,368 square foot home sitting high on the bluffs with 8 acres. Click here for photos and details. For more affordable digs and lowest rates, contact us today.
June 13th, 2015
Hitch in the Get Along (?)
The jump in sales in April was apparently a hard act to follow, as sale numbers of detached resale homes in San Diego dropped 10% in May. But the slowdown didn't hurt prices which rose 7% from May of 2014. Active listing average days on the market have not changed since April and still somewhat sluggish at 64 but do vary from place to place. Will continued tight inventory, rising prices. and now rising mortgage rates, become a wall to climb for Summer sales? For a detailed look at your area, contact us.
May 20th, 2015
Spring Sprung In Sales
The California Association announced today that April sales took a leap from March's figures, up 17.9%, leaving the lackluster sales in Jan-Feb time period way behind. Median sales price for SFR detached rose to $530,810, up 7.9% from last year, but inventory of resale homes is still way down to only 3.2 months, half of what is considered a normal market balance. That continues to translate to a sellers' market with higher prices to come.
May 18th, 2015
What's Up? Rental Rates & Home Prices
The squeeze is on for San Diego area renters, where in some places it jumped as high as 18% from last year while other areas average 5%. CBRE estimates average rents of $1756/mo. in San Diego County and projects 3% increase until 2020. That would add up to $2036 average rents by 2019. The bigger hit is in home resales. Just a 5% increase in a home that sold for $395,000 last year, costs $20,000 more this year. Typical mortgage financing with 3% down on a $395,000 purchase amounts to $2354/mo. housing expense (APR of 4.42%) but trim this cost with taxable deductions on interest and property taxes and this drops to around $2000/mo. (see your accountant on this). Since the rate is fixed for 30 years, Nearly all of these costs are locked in (outside of property tax and insurance increases), and equity increases as the loan is paid down. But the average renter, based on CBRE projections of only a 3% annual increase on $1756/mo., would shell out $114,598 by 2020, all going down the proverbial rathole-- never to be recovered. Even with no value increases calculated on the home ownership equation, the mortgage loan would by paid down by $33,000 and gaining equity by that much. This accelerates each year to $75,500 in 10 years, and $128,000 in 15 years. Of course the final bonus comes in 30 years with 0 mortgage expense. That is why the best retirement plans necessarily include home ownership.
April 17th, 2015
What a Difference A Month Can Make
Both the number of sales and prices for resale homes were up in March throughout the State. C.A.R. President Chris Kutzkey sums it up: “The housing market is picking up momentum and continuing its upward trend as economic conditions improved throughout the state”, “A better economy, improved job creation, and an increase in inventory in Central Valley and Southern California, in particular, are pushing sales higher, which led to the strongest February-to-March increase we’ve seen since 2008.” While San Diego medium prices rose 8.2% from a year ago, the number of sales increased by only 5.7%. But the difference in volume from a sagging February to March was up a whopping 32%. A quick look at an MLS unofficial tally of sold detached homes so far in April shows the momentum is growing: already 2001 have closed and we are only half way through the month.
March 30th, 2015
Housing on The Rebound
Last week's rise in new and existing home sales for February needed an encore so today's report on pending homes did the job, rising 12% higher than last year. This agurs well for a good final sales showing this March. The West, where sales have been running flat, were part of this jump start.
San Diego's Slim Pickings
In Home For The Holidays posted below on January 13th, 2015, San Diego sellers of detached homes faced an 86 day average wait time to go into escrow. That has improved to 70 days now, but when you figure 30 days is a very active market, this is still mighty slow moving. It is also evident that Spring has not yet sprung with new sellers, as there are only 48 more listings of detached homes than were had in mid-January. While the lack of competition in inventory readings is a plus for sellers, it is not for buyers.
March 23rd, 2015
February Bounce in Existing Home Sales
Sellers had a lonely vigil in December and January, but data released this A.M. shows the January plunge in resale homes nationwide rebounded. Here in the West, January sales dropped 7%, but rose 2.8% in February, led by SFR detached homes
February 25th, 2015
Purchase Loans Up (Finally)
The National Association of Mortgage Bankers track purchase and refinance transactions weekly, and today's results ends 6 straight weeks of declines, rising 5% in the latest week. New home sales in January were up in the South 2.2% and up .8% here in the West. With only 5.4 months of inventory, builders should have more reason to build.
February 23rd, 2015
Up In Price But Sluggish Sales Nationwide
NAR just released January's home resale data, which shows average prices were up 6.2% but the number of home sales dropped by 4.9%. Tighter supply of resale homes on the market are still putting price pressures on 1st time home-buyers, whose pay increases are not keeping pace with home prices. While the deep freeze in the Northeast is one culprit, sales in the sunny West dropped 7.1%.
February 7th, 2015
Pent Up Pending Sales
The chart released last week showing December pending home sales nationwide was somewhat predictable as many sellers had bailed out of the market for the Holidays (see below). Though it may not seem encouraging for sellers looking for redemption in January, for the several thousand that stuck it out here in San Diego, and now in escrow, saw turn-times improve fairly dramatically, dropping to 56 days on the market, way down from the 73 days happening during October-November.
Heads Up For 1st Timers
The clock is ticking. Each month that property values rise, a notch is tightening on the qualifying belt. Meanwhile, rents keep on rising. But the window of opportunity is still open with Fannie Mae's 3% down program: On a $400,000 purchase of a detached home, put down $12,000, and payments are (including mortgage insurance paid by lender) are $1853/mo. Don't have the down, get your favorite relatives to gift you the downpayment (5% on conventional and 3.5% on FHA). The alternative is to see your rental payments go down that proverbial rat hole, never to be recovered.
January 13th, 2015
San Diego Sellers Home For The Holidays
Perhaps the average number of days on the market back in October at 73 days was too much for sellers going into December holidays. Nevertheless, inventory of detached home listings dropped 21% from October to 4240 today. Some, of course, are pending in escrow and sold, but these have not been replaced by new listings. For buyers, it is slim pickings while the fewer sellers will get more attention, though at the moment, average days on the market is now 86 days (90 is very slow and typical of Winter sales, while 30 days is considered fast-moving). The same case is likely happening with new home sales nationwide and the lack of buyers as National home builder KB Homes put the word out this morning that profits will be flat in the coming quarter, lowering the boom on it's stock and other home builders.
November 25th, 2014
Still Rising Here in San Diego
October sales just now posted by Dataquick show continued modest value increases, with detached single family rising the highest in North County Coastal, up 11.7% from last year. South County was up 8.6%, followed by East County homes at 7.3%. Central and North County Inland had marginal increases. The S&P/Case-Shiller Home Price Index posted today for September sales and a more accurate measure of same property increases, nearly matched Dataquick figures (see below), posting a 5.1% for the County. Click here for a closer look at zip code areas, or contact us for a free assessment of your property value.
October 25th, 2014
Back to the Averages in San Diego
September home resales from Dataquick shows that annualized property appreciation rate of 5.5% is lowering and just a touch above the historical average of price gains of 5.2% (since 1988) here in San Diego. With the average sales price of $445,000, that would still amount to a gain of $22,000 and reason enough for renters on the fence to jump in while mortgage rates remain at record lows. As usual, some areas fared better than others. East County, for instrance, was up 10%, and Ocean Beach and La Jolla, rose 27%. For a look at your area of interest, click on sales by zip code.
October 8th, 2014
Days Gettin' Shorter
While daylight is getting shorter heading into Autumn, many San Diego home sellers are feeling like they're getting longer--longer, that is, between appointment showings to buyers. From a Summertime sleeper of 67 average days on the market with 5742 SFR detached homes listed for sale, sellers are now fewer (5403) but the average number of days waiting for the right buyer has grown to 73. But buyers could be losing their illusive behavior as Mortgage Banker's Association reported today a sharp increase nationwide in purchase applications the first week of October.
September 17th, 2014
San Diego Sag On Sales Continues
While the median price on resale homes in San Diego rose in August by 8.1% from August 2013, Dataquick reports that the number of closings continue to slide, down 4.5% from July and 18.9% from a year ago. As usual, the price appreciation varies from one location to another. One stand out is Escondido West (92029) that shows an increase of 56% for SFR detached on 16 sales (albeit the fewer the sales the more volatile the percentage). Perhaps more impressive is Poway SFR detached, which had more the twice the sales at 38 with a 26.7% increase. To see how your area of interest fared in August, click here. For a look at your home and neighborhood, contact us for a free evaluation.
August 25th, 2014
Sagging Summer Sales Still Makes For A Rise
Nationwide new home sales are supposed to rise in the Summer and then drop off, but the rise didn't happen this year, falling off after May,and dropping 15.2% here in the West in July, which is pretty much the same case for resale homes here in San Diego. In July, the number of SD resales declined by 7% from June and 18.5% from last year. And June sales were down from May's (see Spring Bounce Flattens below). The median sales price dipped by $5000 from June, but still managed a rise of 6.6% from last year. What's not so good for the goose, is for the gander, so potential buyers may want to re-enter this market. Contact us today for more information. For a look at how your area of interest fared in July, click here.
July 20th 2014
San Diego Home Sales: Dog Days of Summer (?)
When the stat, average days on the market, grows longer in the Summer than the Spring, that is not good news for sellers. But it is for buyers who were once facing competition from multiple offers. Currently, active listings are running 67 days on the market, verses 43 days for those sold in June. And these stats would show longer days on the market (from active to pending), if it were not for listing agents canceling older listings and showing them as fresh new listings. The only effective way to counter these long listing days for sellers needing to sell is to lower their asking price, which should flatten out another stat in the future, average price increases, which have had hefty price gains in the past. These double digit price gains have tapered down to single digits in most areas, according to Dataquick's tracking of San Diego home sales in June, though several areas still posted average gains over 12%: North County Coastal, and South County. Click on Dataquick for a look at your zip code area of interest, or contact us for a more detailed report.
June 15th 2014
Spring Bounce Flattens
The normal upward bounce of home resale activity that occurs in May from April didn't happen this year, according to Dataquick. In May of 2013, there were 4236 closed transactions, 444 more than April, 2013. But this May, there were just 3654, a 14% drop in sales from 2013, and surprisingly, 10 fewer than April,2014. Higher prices are definitely having an impact here, but the 20% annual gains in value of last year are tapering down to single-digits in May (and no digits in some areals). For a look at how your area fared, click here.
No Cost Listing? No Kidding
Mesa Pacific just completed the close of a replacement property for a client, and only 40 days after listing his former home. That home went into escrow in just 10 days after MPM listed the property-and the client received a full refund of his listing fees under our "no cost listing" program. Attracted by our very competitive rate and fees, the client chose Mesa Pacific to originate his purchase money loan, so earnings came from our wholesale lender and from commissions earned on the purchase of the replacement home paid by the seller. While the client saved about $13,000 in listing fees, Mesa Pacific earned fees as well, making the program a win-win for all. Whether you are a buyer or seller, you will be surprised at the amount of money you can save through our services.Click on "no cost listing" for details and call or write today to see how much is in store for you.
June 8th, 2014
San Diego County Real Estate Gains
April was yet another solid month for property value gains in the East (up 16.3%) and South (up 16.6%) counties of San Diego, but the gains were a mixed bag for other areas. This is likely due to the affordability factor, where higher priced areas lagged. A snapshot of nationwide sales show prices are not making those double digit gains anymore with the latest showing price increases at 6.9% from a year ago. For a look at your area of interest for San Diego County, go to Dataquick summary or contact us for a look at your home and immediate neighborhood where the real value lies.
May 5th, 2014
Americans Gearing Up For Home Purchase
According to a recent poll by Pultegroup, a large home builder, 57% of those surveyed nationwide feel now is the time to buy a home, while 32% said they plan to buy in next 2 years. Here in San Diego, with price increases between 15% to 20%, a 2 year wait is not advisable.
April 30th, 2014
Another Month, Another Price Jump
S&P/Case-Shiller report for February sales here in San Diego shows prices up 1% from January, and 19.9% from last year. San Diego suffers from a lack of inventory and strong demand from a relatively good economy compared to other regions.
March 27th, 2014
San Diego Top Residential Market in Price Rise
The S&P/Case-Shiller index on residential real estate prices is considered the most accurate gauge as it compares sales of identical properties over time. Their findings conclude that San Diego's 1.8% increase from December to January was the largest one when comparing 20 cities around the nation. Their gauge showed San Diego also led the nation in year- over-year price increases of 19.4%. Dataquick, a bit quicker on their reports than Shiller, shows February median sales price was up 14.2% from a year ago at $410,000. For a look at your favorite areas, see the figures broken down by zipcode.
February 24th, 2014
San Diego Residential Real Estate A Mixed Bag
While the number of sales in January were down, according to Dataquick, values keep on rising from last year--and leaping in some. In Del Mar, for instance, the median price of detached homes rose a whopping 79% on 15 sales ( a few high end sales can do that), helping to push North Coastal prices up 39.6% on 266 sales. Central San Diego was up 24% on 401 sales, while East County was up 16% on 222 sales. For a look at your area of interest, click on Dataquick January sales, and for an even closer look at your value, contact us..
January 14th 2014
Another Month, Another Set of Double Digit Gains
Dataquick's report on San Diego home sales for December just now released, shows most areas beat prices of December 2012, by over 10%, and some areas rose sky high: Solana Beach up 41% on 24 sales, with University City having similar numbers. The highest run up in prices with minimum of 15 sales goes to Rancho Bernardo West condos sales up 115%. For a look at your areas of interest, click here. For a closer look at your neighborhood, contact us.
January 7th, 2013
100 Million in A Deep Freeze
While a couple million folks bask in temperatures here in San Diego around 70 degrees today, a huge arctic storm sweeping thru the Midwest, South and East Coast is bound to trigger New Year's resolutions to get packing. With a large group of baby boomers set to retire soon, no doubt they are warming up to the idea of buying a home here in sunny San Diego. Renters here should see this coming and buy a home before the migration begins.
December 27th, 2013
San Diego Prices Keep on Keepin' On
"Tapering" is on everyone's mind in the credit markets, and the term could be used to describe San Diego home prices, as most areas of the County still register double digit increases in November, but to a lesser extent than prior months. The hefty swings in prices occurred in North County Inland condo resales, up a whopping 48.2% on 143 sales, while North County Coastal detached resales were up only .9% on 326 sales. For a look at your favored zip codes, see DataQuick results. For a closer look at neighborhoods, contact Mesa Pacific.
November 26th 2013
The Price is Right (?)
Builders nationwide think the price is right on resale homes-- sufficient enough to make a profit, so new permit filings are the highest in 5 years. But builders don't have a crystal ball, just like they didn't have back in August of 2008, as the recession had already started early that year. Pending home sales nationwide are down as reported yesterday, as they tend to be in the off-season. Here in San Diego, there are currently 2569 pending sales, a good showing for this time of the year. Higher prices have drawn out more sellers with 4476 active listings, while short sales have dropped significantly, with only 947 awaiting lender approval, compared with over 2400 back in 2009 at this time. What does stand out is that days on the market for active sales is now 68 days, nearly double the averages in the fast paced Summer months. Buyers should be able to take advantage of this slowdown, instead of having to compete witht multiple offers. Whether you are a buyer or seller. Contact us today for a closer look at your area,
October 31st 2013
San Diego Buyers Not Yet Spooked By Higher Prices
With prices on single family detached homes up between 14% and 21% in the various sections of San Diego County in September, and some 2055 sold (per DataQuick), buyers still press forward in their pursuit this Hallow's Eve. In fact, there are some 2775 sales pending in escrow on detached homes this very day. Granted, the rush to buy in the Summer is now more in step with a zombie-like pace, decreasing by 20%, as days on the market widen from 35 to 42. More sellers are peeping out their windows as the number of listings grow to 4756 from a paltry 3021 back in February. For a peek at sales in your neighborhood, dare to click here.
September 24th, 2013
San Diego Home Price increases Near Top In Nation
The S&P/Case-Shiller report this A.M. lists San Diego as one of four areas in the nation where values increased more than 20% from last year. The data they collect is considered more reliable as it compares the sale of the same properties from previous sales, but it does match up with the report below on medium price increases for July. August sales per DataQuick shows that July was the month to beat, as sales volume dipped as did medium sales prices, slipping from $417,500 to $415,000. For a close look at your neighborhood sales, contact us today for a summary.
August 15th, 2013
Sales Leap In July
The volume of home sales in San Diego County returned to the hay-days of June, 2006, one year before the mortgage meltdown began. Buyers felt the urge to jump in after watching interest rates rise, and pushed up sales to 4524 in July, 12% higher than June sales. An increase of 13% in sellers opening their doors during June also help stir up the numbers, with median sale prices up 22% from last year. And only 5% of sales involved lender owned properties, which compares with 55% in early 2009. For a look in your zip code of choice, click here.
July 24th, 2013
Thin Supply Benefits Home Builders
Today's data on new home sales is what have builders finally smiling about. Sales are up the highest in 5 long years. Here in San Diego, reports are that buyers have formed lines for new home sales, just like the old days in San Diego County. The thin inventory MPM has been reporting since December of 2011 (see Inventory Lite below), is now a nationwide phenomenon, pushing up prices on existing homes sufficient enough for builders to finally make a profit.
May 24th, 2013
The markets received back-to-back confirmation that the residential housing market is back on its feet, as existing home sale prices reached new highs for the recovery period, up 9.7% nationwide from last year, while new home sale prices are up 14.9%. The California Association of Realtors reports that distressed sale properties (REO and short sales)are down 23% from a year ago in San Diego, with the share of regular sales up to 75.6% of all sales in California.
April 26th, 2013
Sellers Missing (?)
Last month at this time, there were 3086 listings for detached homes, which was a 35% decline from the prior year. The number has increased to only 3131 today, which continues to give sellers the upper hand, creating multiple bids. and higher prices.
April 4th, 2013
San Diego's Double Digit Gains In Prices
Whether single family detached, condos, new or resale, all categories in most areas of the County recorded increases of over 10% from last year, with some areas registering 20%, and even as high as 40%, as tight inventory with fewer foreclosures and short sales meet growing demand. Click here for a breakdown by zip code. If you would like a list of available properties based on your search criteria, contact us today.
March 27th, 2013
LOWER PENDING SALES A GOOD THING, DEPENDING...
Nationwide, pending home sales declined .4% in February, but that was not due to a lack of interest of buyers, and certainly not here in San Diego, but a lack of opportunity. Last year in San Diego County at this time, there were 4752 active listings, compared with 3086 today, a 35% decline. As to pending sales in escrow, there were 3667 detached homes, compared with 3487 pending today. Buyers, compared with last year, didn´t wait around, as the average days on the market declined by 37% as well. More importantly, contingent sales (contracts usually awaiting lender approval of a short sale), went from 2960 to 1618 today. That's a drop of 45% and a good sign that the market here is returning to some normalcy. The question remains as to when more regular sellers start opening their doors to buyers. And the answer is: when the price is right.
February 15th, 2013
The Big Squeeze (?)
San Diego home prices are up again by double-digit gains (14.8%) in January from a year ago, but the number of sales slowed. How could that be? In February of 2009, there were 9389 SFR detached homes for sale. In March, 2011, it declined to 7692. Today, there are only 3021 listings. That's a whopping 60% decline in inventory in 2 years. Will sellers come out in the Spring, attracted by the higher prices that might make sense to sell, or will prospective buyers have their frustration continue.?
January 21st, 2013
UP, UP, BUT NOT AWAY (?)
It was December 8th, 2011 when we headlined the article: INVENTORY LITE (see below), which cited low real estate inventory, and predicted higher prices coming in 2012. With inventory still down, the headlines now at the Union Tribune read: "SD Home Prices Highest in 41/2 Years." Would-be sellers read the same headlines, and coaxed by higher prices their friendly agent swears to get, more properties should be coming on line by March. However, the increased competition of homes on the market, coupled with buyer anxiety over a feckless job market and higher taxes, along with owners still trapped with little equity, will likely put a lid on the double digit increases of November and December. Click on your zip code to see how prices fared in your area.
June 10th, 2010
FLOPPING, ET AL
Apparently the flip side of "flipping" properties is called "flopping." The difference is that one is legal and one is not. On short sales, lenders opt to take less than the balance owing on the mortgage in a sale because the losses are greater going thru the foreclosure process. The lender relies on the real estate brokerage firm to asses property value and provide a viable buyer of the property when giving the go ahead. Flopping occurs when the value given is lower than market value, and the r.e.agent has another buyer offering a higher amount. After the first sale goes thru, the property is immediately resold at the higher amount. The real estate agent doubles commissions and the first buyer pockets the profit. An easy remedy would be to hire an independent appraiser. In San Diego, short sales are long in the tooth, taking an average of 4.25 months.
June 2nd, 2010
With pending sales now released for April on the national home resale front, MPM will have a look at pendings as of 6/2/10 in San Diego later today.