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
  • Mariposa, CA 95338
    $330,000
    1236
    sqft
    2
    Baths
    3
    Beds
    Discover this comfortable home with rural charm on this picturesque 10-acre property, just minutes from town.
    Bakersfield, CA 93306
    $585,000
    2357
    sqft
    2
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    Elegance, comfort and style abound in this beautiful home located in the gated Tuscany neighborhood! As you enter you're greeted by soaring ceilings, beautiful arches and a view of the park-like b...
    Long Beach, CA 90807
    $995,000
    1752
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    2
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    3
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    Here's your opportunity to own a spacious one-story home on a quiet street in the coveted neighborhood of Bixby Knolls.
    Victorville, CA 92395
    $400,000
    1445
    sqft
    2
    Baths
    4
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    Great opportunity corner lot property in the heart of Victorville !! Located in a very calm and quiet street.
    Big Bear City, CA 92314
    $309,000
    1070
    sqft
    2
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    2
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    VIEWS and a Rare Attached 2-Car Garage! Prepare to be captivated by extraordinary views from this 2-bdrm, 2-bathrm mountain retreat, offering a rare combination of charm, practicality & seclusion.
    Santa Paula, CA 93060
    $525,000
    854
    sqft
    1
    Baths
    2
    Beds
    Nestled in the heart of Santa Paula on charming 7th Street, this rare gem offers both nostalgic charm and incredible potential.
    Venice, CA 90291
    $1,325,000
    1330
    sqft
    1
    Baths
    1
    Beds
    You must see this spacious, modern designed 1-bedroom, 1-bathroom Venice Beach condo located on Main Street a block from Abbot Kinney Blvd and the beach.
    Pasadena, CA 91107
    $1,020,000
    1320
    sqft
    2
    Baths
    3
    Beds
    The highly anticipated second phase of Pasadenas Town & Country Community is here, featuring 18 luxurious condos and 14 elegant townhomes.


    ​​​​​​​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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