Archive for January, 2015

How Oil Prices Affect the San Diego Housing Market

posted on January 27th, 2015 | filed under: Buying Strategies, For Sale, Loving the Lifestyle, Market Update, Successful Selling, Uncategorized

gas pricesHow Oil Prices Affect the San Diego Housing Market

Most of us rejoice when the prices at the pump go down. To us, it means freed-up cash in our personal economy. When we’re consider buying or selling a home, however, the price at the pump can impact our bottom line in ways we don’t realize.

Local economy

When the local economy relies on income from crude oil sales, a drastic reduction in prices can depress the local market. So in places like Houston or the Canadian Province of Alberta, for example, a dip in the price of crude oil could mean fewer people moving into the area so sales to newcomers may slow down. Or, it could mean that folks whose income relies on the oil industry may decide not to move into that bigger home until things stabilize.

Conversely, communities that rely on delivery of good from other areas might see an improvement in their local economy. If your city relies on the trucking or train industries, lower prices on fuel can mean more money freed up to spend on housing. Economies that depend on air travel should also see an uptick since lower fuel prices means lower cost air travel.

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posted by Jeff DeChamplain // Leave A Comment

Market Update | Market Returning to Normal

posted on January 20th, 2015 | filed under: Buying Strategies, Market Update, NoCo SD Market Conditions, Uncategorized

Trends At A Glance 1.20.15After nineteen straight months of double-digit price increases, the median price has risen by single-digits each month since April.

Active listings continues to expand. As of the tenth of the month, there were 9,248 single-family, re-sale homes on the market. The average number of homes for sale since January 2001 is 9,271.

Pending listings show the same. There are 2,642 homes in escrow. The average since 2001 is 2,657.

Home sales continue to rise. There were 1,864 homes sold in December. The average since 2001 is 1,993 homes sold each month.

DECEMBER SALES STATISTICS

Year-Over-Year

  • Median home prices increased by 6.9% year-over-year to $486,500 from $455,000.
  • The average home sales price rose by 5.9% year-over-year to $649,153 from $612,895.
  • Home sales fell by 3.2% year-over-year to 1,864 from 1,926.
  • Total inventory* rose 61.9% year-over-year to 11,890 from 7,345.
  • Sales price vs. list price ratio fell by 0.5% year-over-year to 97.3% from 97.8%.
  • The average days on market fell by 5.3% year-over-year to 52 from 55.

Compared To Last Month

  • Median home prices improved by 1.4% to $486,500 from $480,000.
  • The average home sales price rose by 2.7% to $649,153 from $632,132.
  • Home sales up by 22.3% to 1,864 from 1,524.
  • Total inventory* dropped 7.4% to 11,890 from 12,840.
  • Sales price vs. list price ratio increased by 0.0% to 97.3% from 97.3%.
  • The average days on market increased by 4.1% to 52 from 50.

CONDOMINIUMS

Year-Over-Year

  • Median condo prices increased by 9.8% year-over-year to $335,000 from $305,000.
  • The average condo sales price rose by 7.2% year-over-year to $393,035 from $366,702.
  • Condo sales rose by 2.2% year-over-year to 710 from 695.
  • Total inventory* rose 61.9% year-over-year to 4,039 from 2,495.
  • Sales price vs. list price ratio fell by 0.7% year-over-year to 97.4% from 98.1%.
  • The average days on market fell by 1.4% year-over-year to 54 from 55.

* Total inventory includes active and pending listings.

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posted by Jeff DeChamplain // Leave A Comment

Jeff DeChamplain