San Diego Real Estate Market Update, November 2015

San Diego Real Estate Market Update, November 2015


Your Monthly San Diego Real Estate market update from John Collins, Realtor®, CNE, coveing values, inventory, interest rates, and trends for San Diego, CA residential real estate.
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Palm Springs, CA 92262
$4,950,000
0
sqft
0
Baths
0
Beds
Exceptional Opportunity to own a true Mid-Century Modern Iconic Masterpiece by Donald Wexler, AIA.
Berkeley, CA 94707
$1,995,000
3642
sqft
3
Baths
3
Beds
Designed by noted architect W.
San Diego, CA 92106
$1,199,000
1555
sqft
2
Baths
3
Beds
Rare opportunity to own a top floor, extremely open and spacious La Playa penthouse with unrivaled and spectacular San Diego Bay and city views! Once you set foot into the unit through its peaceful an...
Newport Beach, CA 92661
$1,379,980
1120
sqft
2
Baths
2
Beds
OCEANFRONT BALBOA BAY CONDO!!!Welcome to the Stunning 600 E Oceanfront #2D, a Remodeled Dream Home in Newport Beach.
Riverside, CA 92501
$598,888
1226
sqft
1
Baths
4
Beds
WOW !!!! WOW !!!! What a rear buyer and investment opportunity !!! Conveniently located near golf course, new homes, shopping, close to 60/215/91 freeways.
Los Angeles, CA 90029
$525,000
400
sqft
1
Baths
1
Beds
Beautiful modern remodel of a detached house in Silver Lake.
Los Angeles, CA 90018
$729,000
1038
sqft
1
Baths
2
Beds
Life is a vacation on this Greek island-inspired property with its white-washed walls and wild lush landscaping.
Santa Clara, CA 95054
$1,499,950
1590
sqft
0
Baths
3
Beds
Stunning Rivermark Glen single family home located in the quiet part of the neighborhood! The most popular floor plan in this neighborhood, 3 bedrooms and 3 bathrooms, The bedroom with full bathroom o...


​​​​​​​Transcript:

Overview of San Diego Real Estate inventory, prices, interest rate and market factors to help buyers and sellers understand the market and know if it's the right time for them to buy or sell. November 2015

Transcription:

Hey everybody, John Collins, San Diego Realtor. Bringing you a Market update for November 2015.

We've definitely seen a draw down in the inventory. It's never been as high as we wanted all summer, but it did creep up and up and up, and now things are cooling off, both literaly and figuratively, and we're definitely seeing a bit of a decreas in the volume of units on the market. It's about 7800 properties for sale San Diego County-wide right now.

Median price on those properties, a detached home is going to run you $525,000 and an attached condo, townhouse, something like that will be $355,000. Now that's a median price across San Diego county.

Getting little more specific, the beach neighborhoods, Pacific Beach down through Point Loma and OB, those obviously are a little higher. $765,000 for a detached home, median price. $399,000 for a condo or townhouse. Metro area, and that's downtown proper as well as the neighborhoods around the park there, $613,000 for a detached home, and that's obviously going to be around the park because we don't have more than a handful of detached homes in downtown proper. Attached condos accross that entire area are also averaging $399,000, a bit higher in the downtown specific area.

Now, active time on market is averaging 39 day so that's definitely still tight, things are moving fairly quickly which is good. In spite of the less, the decrease in activity, we're still seeing properties move.

Now, interest rates, that's where things get really interesting. They're hovering around 4% right now, they have been, which is exactly where they were a year ago at this time. The Fed has kept kicking this can down the road as far as when to increase and they're looking at December as the next time when they might do it. And a lot of people are saying that they're not going to, and that may be the case, but what I think we need to look forward at is that next year is an election year and the Fed is not going to do too much with interest rates around then to avoid looking political. So, the question becomes, are they forced into increasing a little bit earlier than they would have liked to? Maybe this december? Or, are they going to potentially push it out a whole 'nother year. I don't know that it will go that long before we see rates start going up, so I'm going to be watching very curiously when things start happening this December to find out if they do indeed stay where they are for a bit longer, or if they start to creep up again.

If you remember, we talked a little bit in last months video about what one percent of interest increase does to your buying power. It eats into it pretty quickly which , for buyers and sellers, neither one is good. If you're a buyer, you have less buying power. If you're a seller, you have less buyers able to afford your home. So it's something to pay attention to.

I hope this information's all really interesting . Any questions about specific neighborhoods, or real estate process, or you have a home that you need to list and you'd like to know what it's worth, please let me know. I look forward to having that conversation with you. Have a great day in America's Finest City.​

John Collins

John Collins

DRE# 01948188
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