September saw a slight dip and slowdown in the number of homes sold throughout San Diego.  The San Diego Association of Realtors compared single family homes sold in Sept 2013 to August 2013, and saw a drop of 20.4% for SF and 16.9% for condos and town homes.  The drop in sales reflects the end of an exceptionally busy real estate season in San Diego as we worked through and closed most available homes for sale.  Also it is common sales drop in the Fall as this is not the most popular time of year to purchase a home.  

The median sales price for single family homes in San Diego for September as compared to August increased only slightly to 0.7% for SF and 1.6% for condos and town homes.

However, comparing the median sales price to last year at the same time, we see a 20.1% increase for SF and a 27.1% increase for condos/town homes.  This is a huge appreciation increase and one that many of us did not forecast to be so great.  

October real estate sales data for San Diego should also come in reflecting a slowing as the government shut down delayed closings and prevented many VA and FHA buyer’s from purchasing a home in San Diego.  However, most experts predict 2014 will be a strong and healthy year for San Diego’s real estate market.  

Run don’t walk to this wonderful opportunity to own a great house in a highly sought out are of Escondido.  This home is located on a quite street where pride of ownership abounds.  

Spacious 4 bedroom, 2 bath home features great remodeling such as upgraded kitchen, bathrooms, dual pane windows, central AC and heat and laminate wood flooring.  Two car garage with lots of additional parking in the driveway and spacious yard complete this find!

Don’t delay, this one will go fast!  Showings start this Sunday!  

Seller will consider all offers between $299,000 and $325,000.  

In today’s real estate world, it seems as if everyone is shopping for a home or their first, second even third investment property. So why is buying once again, so popular? The California Association of Realtors set out to discover, just why Californians purchase real estate at such high rates.  Below is a summary chart of the top 5 reasons they found buyers purchased a pie of the American dream in 2013.

On a local level, most investors and home buyer’s I talk to feel San Diego’s housing market has corrected and is actually on the up and up. With interest rates slowly trending upward, the two facts combined have created a flurry of interest in San Diego’s real estate market.   I would have to agree.

What are you waiting for? Its time to jump in!

Sad news for buyers as interest rates jumped almost 1 full percent from 3.5% to 4.5 % for 30 year fixed last month.  This is the largest hike in several years.  Reflective of overall positive economic news in the nation’s economy, the rise in interest rates forced buyers in escrow to make some hard decisions.  Such a rise in interest rates should equally show a slowing in sales, if you are a realist.   Not the case for San Diego.   Sales and demand actually rose as did our interest rates.

Here are June’s Stats Provided by San Diego Association of Realtors:

Total sales volume of single family residences: 

UP 16.887% compared to last year to ring in at 1,349,903,804 total sales

Average sales price:

UP 19.176% ringing in at $629,326K

Median sales price:  

UP 23.330% for a price point of $481,000

Average days on market: 

DOWN to 48 days a 38.462% drop compared to last year

Below is a year to date chart, also provided by San Diego Association of Realtors, illustrating the median sales price for condos and single family homes in San Diego.

San Diego’s housing market continues to respond to historically low inventory levels as we surface from the worse of the foreclosure crisis.  Contingent listings are the lowest they have been in the past 12 months in San Diego’s Real Estate market.  Contingent listings are typically short sales; although they can be temporary space holders until an offer is accepted as in the case of foreclosures.  The chart below, provided by the San Diego Association of Realtors, tracks active (available), contingent (short sales) and pending (in escrow) home sales from May of 2012 to May of 2013.  It is clear from this chart the short sale inventory is at an all time low. 

Shrinking Foreclosure and Short Sale Inventory in San Diego

Most real estate professionals agree we have worked out way though the supply of short sales and foreclosures and are now on the other side of the foreclosure crisis.  As the dust settles on distressed sales, San Diego home buyer’s are left with little inventory to choose from making competition, pricing and the need to act quickly increase weekly.  Good deals and good homes are still out there in San Diego but now more so than ever, it is essential to arm yourself with a seasoned, aggressive agent who will work overtime to ensure your success.  Give me a ring today- I can help!