Market Update Category

Market Update | Home Prices Rise

posted on July 21st, 2015 | filed under: Buying Strategies, Market Update, NoCo SD Market Conditions, Uncategorized

Trends At A Glance - Aug 2015Home Prices Rise

The median price for single-family, re-sale homes in San Diego County reached its highest level in June since August 2007.

The median home price has been higher than the year before for the past thirty-seven months. It has also stayed over $500,000 for the past four months.

Days of inventory was down to 63 in June. That is in contrast to the 154 days of inventory which is the average in the county since January 2003.

Homes are also selling about 50% faster than normal.

Home sales were also strong last month. Year-to-date, home sales are up 1.3% over last year.

Condo sales and prices were also strong last month with prices up, year-over-year, for the thirty-seventh month in a row. Condo sales are up 11.3% year-to-date.

June Market Statistics

Year-Over-Year

  • Median home prices increased by 7.1% year-over-year to $535,000 from $499,700.
  • The average home sales price rose by 1.5% year-over-year to $668,794 from $659,164.
  • Home sales rose by 15.0% year-over-year to 2,623 from 2,280.
  • Total inventory* fell 1.9% year-over-year to 9,304 from 9,480.
  • Sales price vs. list price ratio rose by 0.2% year-over-year to 98.1% from 97.9%.

Month-Over-Month

  • Median home prices improved by 3.9% to $535,000 from $515,000.
  • The average home sales price fell by 0.7% to $668,794 from $673,679.
  • Home sales up by 15.1% to 2,623 from 2,279.
  • Total inventory* increased 0.8% to 9,304 from 9,228.
  • Sales price vs. list price ratio increased by 0.0% to 98.1% from 98.1%.

Condominiums

Year-Over-Year

  • Median condo prices increased by 6.5% year-over-year to $359,450 from $337,500.
  • The average condo sales price rose by 5.0% year-over-year to $431,168 from $410,820.
  • Condo sales rose by 26.5% year-over-year to 1,044 from 825.
  • Total inventory* rose 4.6% year-over-year to 3,393 from 3,244.
  • Sales price vs. list price ratio rose by 0.2% year-over-year to 98.2% from 98.1%

Total inventory is active listings plus pending listings. Active listings do not include pending.

To read the full report: Click Here

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Market Update | Refinance – NOW!

posted on June 15th, 2015 | filed under: Buying Strategies, Market Update, NoCo SD Market Conditions, Uncategorized

Trends At A Glance - June 2015

If you have been on the fence about re-financing, it is time to step off.

Mortgage rates are showing signs the recent increases are only the beginning.

Of course, if you don’t want to save a few thousand dollars a year, you can stop reading now.

Still here? Then let’s get on with it.

There is a little-known government program that was not widely publicized by the banks called the Home Affordable Refinance Plan (HARP). During the economic downturn in 2009, the US government designed HARP to help middle-class Americans reduce their mortgage payments and put more money in their pockets. But again, many banks kept this from homeowners because they want to take your money.

Through HARP, the government relaxed refinance guidelines and it doesn’t appraise your house which allows so many more people to actually refinance the high interest they have on their loan. If you owe less than $625,000 on your mortgage, you may be able to qualify for the HARP program.

However, this program is set to expire this year!

What to do now? Contact a mortgage banker. Call me if you would like some referrals.

In any event, time is running out! Interest rates are rising and HARP is expiring.

To see if you are eligible for a HARP re-finance, go here: http://www.harp.gov/Eligibility

MAY MARKET STATISTICS

Year-Over-Year

  • Median home prices increased by 7.9% year-over-year to $515,000 from $477,250.
  • The average home sales price rose by 12.8% year-over-year to $673,679 from $597,279.
  • Home sales fell by 3.8% year-over-year to 2,279 from 2,368.
  • Total inventory* rose 0.7% year-over-year to 9,228 from 9,168.
  • Sales price vs. list price ratio rose by 0.2% year-over-year to 98.1% from 97.9%.

CONDOMINIUMS

Year-Over-Year

  • Median condo prices increased by 9.7% year-over-year to $362,000 from $329,900.
  • The average condo sales price rose by 9.4% year-over-year to $424,618 from $387,983.
  • Condo sales rose by 16.0% year-over-year to 936 from 807.
  • Total inventory* rose 12.7% year-over-year to 3,365 from 2,987.
  • Sales price vs. list price ratio rose by 0.1% year-over-year to 98.3% from 98.2%.

* Total inventory is active listings plus pending listings. Active listings do not include pending.

To read the full report: http://dechamplain.rereport.com

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Market Update | Home Prices Continue to Rise

posted on May 14th, 2015 | filed under: Buying Strategies, Market Update, NoCo SD Market Conditions, Uncategorized

May-Jun Trends at a GlanceDespite a modest retreat from March, the median price for single-family, re-sale homes stayed over $500,000 in April for the second month. That’s thirty-six months in a row the median price has been higher than the year before.

Inventory continues to be bothersome. Last month we showed sixty-four days of inventory, compared to an average of 155 days dating back to January 2001.

A main reason for the lack of inventory is that homeowners aren’t selling. Current homeowners list their home to either trade up or downsize, opening up inventory for first-time buyers to come in. That’s not happening.

To read the full report: http://dechamplain.rereport.com

 

 

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Market Update | How Absorption Rate Affects Prices

posted on April 10th, 2015 | filed under: Buying Strategies, Market Update, NoCo SD Market Conditions, Uncategorized

Trends At A Glance - May 2015Absorption rate, also known as months of inventory, is the number of months it would take to sell all the homes currently for sale in the market.

Absorption rate is useful in predicting where prices will go.

Absorption rate is calculated by dividing the number of homes currently for sale by the number of homes that were sold in the previous month.

The National Association of REALTORS® consider a six month supply of homes as a balanced market. That’s for the country as a whole. As you narrow the market, down to states or cities, a balanced market will be peculiar to that market.

In San Diego County, the average number of months of inventory for single-family, re-sale homes since January 2002 is 5.1 months.

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Market Update | San Diego Market Continues to Moderate

posted on March 16th, 2015 | filed under: Buying Strategies, Market Update, NoCo SD Market Conditions, Uncategorized

Trends At A Glance - Apr 2015Although prices continue to rise in San Diego County, the median price for single-family, re-sale homes has increased by single-digits, year-over-year, for the past eleven months in a row.

This is after nineteen straight months of year-over-year double-digit gains.

The question becomes is the market just taking a pause or are we creeping up to a new high?

It’s a toss-up. The economy is getting better. But will more jobs and more wage increases translate into higher demand, thus pushing prices even higher.

This should be an interesting year. Stay tuned!

FEBRUARY SALES STATISTICS

Year-Over-Year

  • Median home prices increased by 7.8% year-over-year to $485,000 from $450,000.
  • The average home sales price rose by 14.0% year-over-year to $645,801 from $566,491.
  • Home sales fell by 3.9% year-over-year to 1,517 from 1,579.
  • Total inventory* fell 12.2% year-over-year to 8,032 from 9,145.
  • Sales price vs. list price ratio fell by 0.2% year-over-year to 97.6% from 97.8%.
  • The average days on market rose by 12.1% year-over-year to 57 from 51.

Compared To Last Month

  • Median home prices improved by 0.3% to $485,000 from $483,750.
  • The average home sales price fell by 0.5% to $645,801 from $648,833.
  • Home sales up by 11.5% to 1,517 from 1,360.
  • Total inventory* increased 6.9% to 8,032 from 7,513.
  • Sales price vs. list price ratio increased by 0.6% to 97.6% from 97.1%.
  • The average days on market dropped by 5.3% to 57 from 60.

CONDOMINIUMS

Year-Over-Year

  • Median home prices increased by 13.3% year-over-year to $350,000 from $309,000.
  • The average condo sales price rose by 12.1% year-over-year to $412,728 from $368,323.
  • Condo sales rose by 1.3% year-over-year to 625 from 617.
  • Total inventory* rose 1.6% year-over-year to 2,941 from 2,895.
  • Sales price vs. list price ratio fell by 0.7% year-over-year to 97.5% from 98.2%.
  • The average days on market rose by 3.1% year-over-year to 56 from 54.

* Total inventory includes active and pending listings.

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Market Update | San Diego Least Affordable City

posted on February 18th, 2015 | filed under: Buying Strategies, Market Update, NoCo SD Market Conditions, Uncategorized

Trends At A Glance 2.18.15The National Association of REALTORS® has deemed San Diego the least affordable city in the country.

How did they come to that conclusion?

They compared median income to median home price by zip code. Then they added up the zip codes where more than half of all households couldn’t afford to buy the median priced home.

They looked at all zip codes in the metropolitan area, there were 106 in San Diego, and determined that in 99 of them more than 50% of the households couldn’t afford to get a loan.

For San Diego, the minimum annual income required to get a loan is $89,440. The median income in 2014 was $59,846.

That helps explain why home sales in January were 34% lower than the average number of sales since 2001.

JANUARY SALES STATISTICS

Year-Over-Year

  • Median home prices increased by 8.7% year-over-year to $489,000 from $450,000.
  • The average home sales price rose by 7.9% year-over-year to $654,881 from $607,085.
  • Home sales fell by 10.2% year-over-year to 1,307 from 1,456.
  • Active listings rose 57.6% year-over-year to 12,993 from 8,246.
  • Sales price vs. list price ratio fell by 0.3% year-over-year to 97.0% from 97.4%.
  • The average days on market rose by 14.5% year-over-year to 60 from 52.

Compared To Last Month

  • Median home prices improved by 0.5% to $489,000 from $486,500.
  • The average home sales price rose by 0.9% to $654,881 from $649,153.
  • Home sales down by 29.9% to 1,307 from 1,864.
  • Active listings increased 9.3% to 12,993 from 11,890.
  • Sales price vs. list price ratio dropped by 0.3% to 97.0% from 97.3%.
  • The average days on market increased by 15.0% to 60 from 52.

CONDOMINIUMS

Year-Over-Year

  • Median home prices increased by 7.0% year-over-year to $331,750 from $310,000.
  • The average home sales price rose by 8.4% year-over-year to $408,892 from $377,066.
  • Home sales fell by 13.6% year-over-year to 516 from 597.
  • Active listings rose 64.9% year-over-year to 4,452 from 2,700.
  • Sales price vs. list price ratio fell by 0.3% year-over-year to 97.3% from 97.7%.
  • The average days on market fell by 10.3% year-over-year to 55 from 61.

*Total inventory includes active and pending listings.

Read the Full Report Online

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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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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.

Read the Full Report Online

Print the 4 Page Report

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Market Update | Quantitative Easing and Mortgage Rates

posted on November 17th, 2014 | filed under: Buying Strategies, Market Update, NoCo SD Market Conditions, Uncategorized

Trends At A Glance - Nov 2014Quantitative Easing and Mortgage Rates

The Federal Reserve has ended quantitative easing, again. What does that mean for mortgage rates?

For the moment, nothing. The Fed isn’t expected to raise short term interest rates until the middle of next year.

Also, the Fed has a very limited ability to affect long-term interest rates.

Plus, the dollar reached a four-year high recently. Why? Because the economies of other countries around the world are still moribund and that means money is pouring into the United States keeping interest rates low.

We don’t expect that to change for a couple of years.

October Market Statistics

Year-Over-Year

  • Median home prices increased by 7.8% year-over-year to $485,000 from $450,000.
  • The average home sales price rose by 5.0% year-over-year to $622,238 from $592,635.
  • Home sales fell by 14.6% year-over-year to 1,933 from 2,263.
  • Total inventory* rose 37.4% year-over-year to 12,934 from 9,413.
  • Sales price vs. list price ratio fell by 1.1% year-over-year to 97.4% from 98.5%.
  • The average days on market rose by 6.9% year-over-year to 51 from 48.

Compared To Last Month

  • Median home prices slipped by 2% to $485,000 from $495,000.
  • The average home sales price fell by 5.2% to $622,238 from $656,610.
  • Home sales Up by 1.0% to 1,933 from 1,913.
  • Total inventory* increased 2.5% to 12,934 from 12,621.
  • Sales price vs. list price ratio dropped by 0.1% to 97.4% from 97.4%.
  • The average days on market increased by 4.0% to 51 from 49.

Condominium Statistics

Year-Over-Year

  • Median condo prices increased by 10.1% year-over-year to $338,000 from $307,000.
  • The average condo sales price rose by 12.3% year-over-year to $412,863 from $367,636.
  • Condo sales fell by 7.8% year-over-year to 742 from 805.
  • Total inventory* rose 44.2% year-over-year to 4,459 from 3,093.
  • Sales price vs. list price ratio fell by 1.2% year-over-year to 97.8% from 99.0%.

* Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.

 

 

 

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Market Update | Case-Shiller Report Slowing Price Increases

posted on October 21st, 2014 | filed under: Buying Strategies, Market Update, NoCo SD Market Conditions, Uncategorized

The latest Case-Shiller press release, reporting on prices through July 2014, confirms what we’ve been saying for months, that while home prices are still increasing, the rate of increase is slowing.

The index for San Diego saw year-over-year price increases dip into the single-digits for the first time since January 2013.

Year-over-year price increases, while still increasing, have been in single-digits for the past six months, according to MLS data.

SEPTEMBER MARKET STATISTICS

Year-Over-Year

  • Median home prices increased by 6.5% year-over-year to $495,000 from $465,000.
  • The average home sales price rose by 5.5% year-over-year to $656,610 from $622,437.
  • Home sales fell by 7.7% year-over-year to 1,913 from 2,073.
  • Total inventory* rose 31.0% year-over-year to 12,621 from 9,634.
  • Sales price vs. list price ratio fell by 1% year-over-year to 97.4% from 98.4%.
  • The average days on market rose by 14.9% year-over-year to 49 from 43.

Compared To Last Month

  • Median home prices slipped by 1% to $495,000 from $500,000.
  • The average home sales price rose by 2.4% to $656,610 from $640,970.
  • Home sales down by 2.3% to 1,913 from 1,959.
  • Total inventory* increased 2.6% to 12,621 from 12,298.
  • Sales price vs. list price ratio dropped by 0.3% to 97.4% from 97.7%.
  • The average days on market increased by 6.0% to 49 from 46.

CONDOMINIUMS

Year-Over-Year

  • Median condo prices increased by 12.9% year-over-year to $350,000 from $310,000.
  • The average condo sales price rose by 14.7% year-over-year to $422,257 from $368,113.
  • Condo sales rose by 1.3% year-over-year to 791 from 781.
  • Total inventory* rose 35.3% year-over-year to 4,355 from 3,219.
  • Sales price vs. list price ratio fell by 2.1% year-over-year to 97.6% from 99.7%.
  • The average days on market rose by 12.7% year-over-year to 47 from 42.

Compared To Last Month

  • Median condo prices improved by 2.5% to $350,000 from $341,500.
  • The average condo sales price fell by 0.4% to $422,257 from $423,935.
  • Condo sales up by 2.6% to 791 from 771.
  • Total inventory* increased 3.0% to 4,355 from 4,227.
  • Sales price vs. list price ratio dropped by 0.1% to 97.6% from 97.7%.
  • The average days on market increased by 15.5% to 47 from 41.

* Total inventory includes active and pending listings.
Read the Full Report

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