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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  • Previous
  • Thousand Oaks, CA 91362
    $1,099,000
    1857
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    3
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    3
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    955
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    Welcome to this prime location in Woodland Hills, situated south of Boulevard, on one of the most desirable streets in the area.
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    San Diego, CA 92105
    $859,900
    1632
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    Welcome to 4918 Dalehaven Pl, a stunning single-family detached home located in the sought-after Ridgeview - Webster neighborhood.
    Lake Arrowhead, CA 92352
    $525,000
    1616
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    TurnKey Lake Arrowhead retreat in highly sought after, Lake Arrowhead Villa's! Quarterly HOA due's includes your water, trash pick up and snowplowing.
    San Diego, CA 92130
    $1,575,000
    1939
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    4
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    RARELY AVAILABLE - The largest floorplan in Antares.
    San Diego, CA 92113
    $759,999
    1387
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    2
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    Corner Lot Home - Central to shopping, buses, naval base, minutes from Downtown and so much more! Home has been updated and remodeled to include new lighting, new flooring and paint, upgraded new ABS...


    ​​​​​​​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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