San Diego Real Estate Market Update - 2015 Recap and 2016 Forecast


Happy Holidays! Big news as Fed raises rates this week. 2015 price and inventory trends continue.
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  • Beverly Hills, CA 90210
    $8,950,000
    10000
    sqft
    8
    Baths
    5
    Beds
    Welcome to a world of timeless grandeur and refined elegance in this spectacular French Colonial estate, originally envisioned to host diplomats and royalty with the utmost discretion and comfort.
    Los Angeles, CA 90035
    $875,000
    1033
    sqft
    2
    Baths
    2
    Beds
    This beautifully renovated condominium with incredible views underwent a comprehensive, high-end remodel completed in August 2023.
    Rancho Mirage, CA 92270
    $750,000
    1843
    sqft
    2
    Baths
    3
    Beds
    *4.
    Glendale, CA 91202
    $799,000
    1361
    sqft
    3
    Baths
    2
    Beds
    Welcome home to a beautifully updated two-story townhouse in Glendale's highly sought-after Northwest neighborhood.
    San Diego, CA 92119
    $1,224,998
    1577
    sqft
    2
    Baths
    3
    Beds
    Corner Lot! Fully Remodeled with Panoramic Views! This meticulously remodeled 3-bedroom, 2-bath home is the perfect blend of modern updates and thoughtful design.
    La Mesa, CA 91942
    $899,000
    1832
    sqft
    2
    Baths
    3
    Beds
    Welcome to La Mesa, a quaint community nestled in the hills close to all San Diego has to offer.
    Los Angeles, CA 90025
    $3,749,000
    4289
    sqft
    4
    Baths
    5
    Beds
    Available for the first time in over 45 years, this timeless 3-story Spanish Colonial Revival blends timeless character with abundant space for modern luxury living.
    Spring Valley, CA 91977
    $679,900
    1183
    sqft
    2
    Baths
    3
    Beds
    Welcome to 2327 Rosal Ln, a beautifully updated single-level home offering 1,183 square feet of comfortable living space on a 3,049 square foot lot.
    Los Angeles, CA 90027
    $2,999,000
    3262
    sqft
    4
    Baths
    4
    Beds
    Designed by legendary California architect Wallace Neff, this timeless abode embodies classic elegance and Old Hollywood charm in an incredible, ultra-private location.
    San Diego, CA 92115
    $498,000
    700
    sqft
    1
    Baths
    2
    Beds
    Stylishly Renovated 2-Bedroom Condo Near SDSU! Welcome to this beautifully renovated 2-bedroom, 1-bath condo in the heart of San Diego, just minutes from SDSU! This ground-floor unit has been thought...
    Van Nuys, CA 91406
    $898,000
    1246
    sqft
    2
    Baths
    3
    Beds
    Situated in one of Lake Balboas most sought-after pockets, this beautifully upgraded 3-bedroom, 2-bath home is ideally located on a peaceful cul-de-sac with only eight homes.
    San Diego, CA 92108
    $498,000
    868
    sqft
    2
    Baths
    1
    Beds
    Welcome to this Charming 1 bedroom, 1.
    Alameda, CA 94501
    $647,000
    1004
    sqft
    2
    Baths
    2
    Beds
    1601 Broadway #5, where Location and Laid-Back Living Meet.
    Oceanside, CA 92056
    $1,234,900
    2398
    sqft
    3
    Baths
    5
    Beds
    Welcome to this charming 4-bedroom, 2.
    Moreno Valley, CA 92551
    $519,000
    1567
    sqft
    3
    Baths
    3
    Beds
    This beautifully renovated two-story Moreno Valley home is move-in ready and offers great curb appeal on a spacious lot with RV parking.
    Menifee, CA 92587
    $725,000
    2766
    sqft
    3
    Baths
    4
    Beds
    Welcome to the highly desired area of Canyon Lake! Located just a short distance from the water and down the street from the clubhouse, this upgraded home has so much to offer!!! The fully landscaped,...
    Van Nuys, CA 91406
    $1,289,000
    2160
    sqft
    2
    Baths
    3
    Beds
    Welcome to Chisholm Estates.
    Simi Valley, CA 93063
    $449,000
    1114
    sqft
    1
    Baths
    2
    Beds
    Step inside to discover a bright and inviting interior with a modern open-concept layout.
    Los Angeles, CA 90069
    $5,395,000
    3154
    sqft
    5
    Baths
    4
    Beds
    THE ULTIMATE BIRD STREETS PRIVATE OASIS.
    Chula Vista, CA 91913
    $1,049,900
    1381
    sqft
    2
    Baths
    4
    Beds
    Beautifully Remodeled Home in College Estates! Welcome to 1654 Yale St, Chula Vista, CA 91913 a lovely 4-bedroom, 2-bath home located in the highly desirable College Estates neighborhood.


    ​​​​​​​Transcript:

    Hi everybody, John Collins, San Diego Realtor. Brining you the December market update, but really a look at , San Diego's realestate market as a whole, and then looking forward to , what we might expect. I'll also be talking about the big news, which was just yesterday the Fed, after close to a decade, just raised the interest rate for the first time in that length of time. And, what that means for buyers and sellers, we'll talk a little bit about that.

    Now, has been a good year, and looking forward, is probably going to be a pretty good year as well. Values from January tonow, across San Diego County, the median price is up close to eight percent. So that's great, obviously. Now, inventory on the other hand is low, it has been low. We saw the typical increase during the busy moths of the summer but it's always been lower than normal and right now it's down about twelve percent from where it was at the beginning of the year. So that's going to continue to keep demand high, obviously, and prices, that's an upward pressure on price.

    Some of the indicators going forward are good. New construction is up, largely multi-family homes, which is going to be really the future trend for homes in San Diego. But all this is good. The Fed rate increase, what they said is that they are going to now increase the interest rate from basically zero, where it's been for a long time, they're going to increase it a quarter to half a percent. Now, while that doesn't directly relate to the mortgage rate, how much it's going to go up, it's not a one for one increase, but that is an upward pressure on the mortgage rate so we'll see
    how those start creeping up. Now, it's not a big increase and it's not going to create a huge difference right away, but this is a strong indicator that things are going to continue to go up over time. We've been at just crazy low rates for so long. People are used to three and a half or four percent, and really, historically, that is just so low. On a year average, seven or eight percent really is closer to the norm. And, so, while we won't be seeing that anytime
    soon, I'm happy to say, it is reasonble to expect a couple of percent over the next year or two years, it's not crazy to think. That really does eat into the buying power of buyers and it creates a smaller segment of people for sellers who can afford their home, so this is an important thing to pay attention to going into .

    That said, growth is anticipated to continue through . As a state, they are looking at three to four percent. Probably, that's what they're predicting. But, real estate is a cyclical thing, so it will not keep going up forever. The good news is that with this relatively slow and steady growth over time we can expect the adjustments to be a lot more palletable than what we saw in the Great Recession, which was obviously a great catastrophe.

    Now, San Diego itself is a great market to be involved in. It was just identified by Realtor.com as the third hottest market in the country. Now that's based on activity and values and where they expect that to go. They're very bullish on this market for the coming year. So, that's great news.

    I hope this is information that is useful to you and gives you confidence in the coming year. I know in this day and age it's hard to know what's going to happen next and the good news is that things are looking great for San Diego Real Estate in the coming year. If there are questions I can answer for you, please don't hesitate to reach out to me. Let me know. I really welcome the opportunity to help. In the mean time, I hope you have a great day, Happy Holidays, Happy New Year. Enjoy this time and this gorgeous city we live in, America's Finest City, and I'll look forward to talking to you soon. Take care.

    John Collins

    John Collins

    DRE# 01948188
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