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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Los Angeles, CA 90015
$420,000
754
sqft
1
Baths
1
Beds
Best value in the Building!! This stylish, freshly updated move-in-ready condo is a must-see at the sought-after Market Lofts in prime South Park! Perched on the 4th floor, this west facing unit is fl...
Compton, CA 90220
$675,000
1102
sqft
2
Baths
3
Beds
Explore an exceptional opportunity to acquire a starter home located in a tranquil cul-de-sac! This inviting property features multiple outdoor seating areas for relaxation and enjoyment.
View Park, CA 90008
$1,650,000
2334
sqft
2
Baths
4
Beds
Modern Design - Located on a prominent street in the highly sought-after historic community of View Park this renovated home blends modern architectural elements with mid-century design inspirations.
Sherman Oaks, CA 91411
$1,395,000
1750
sqft
3
Baths
3
Beds
She's got it all--freshly updated 3 bed, 2.
Beverly Hills, CA 90212
$8,495,000
4466
sqft
6
Baths
5
Beds
Step inside this completely reimagined Beverly Hills estate, a stunning blend of luxury and comfort near the heart of the coveted Golden Triangle.
Redondo Beach, CA 90277
$950,000
932
sqft
1
Baths
1
Beds
Oceanfront Bliss in Redondo Beach! Wake up to breathtaking, panoramic ocean views from this stunning first-floor, ocean-facing condo in the heart of South Redondo Beach.
Los Angeles, CA 90069
$3,800,000
4092
sqft
3
Baths
3
Beds
A Rare Sunset Plaza Gem with Live-Work Potential.
Los Angeles, CA 90046
$3,499,000
2923
sqft
5
Baths
5
Beds
Rarely is one afforded the opportunity to acquire a property in this enclave.


​​​​​​​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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