Category Archives: Real Estate

San Diego – fewer homes sold for above asking price

If you sold a home in San Diego County last year, there’s a high statistical probability it sold for under asking price.

In 2019, 22.6 percent of homes sold for more than sellers were asking — a smaller amount than the hot post-recession San Diego market is used to.

In 2018, 25.1 percent sold above asking; 29.8 percent in 2017; 26.8 percent in 2016.

Zillow economist Jeff Tucker said the numbers are a reflection of a sluggish housing market in the start of 2019. He said there were still comparably higher mortgage interest rates at the start of the year and buyers were less likely to make a sale happen.

Breaking down the Zillow data further, San Diego County had 7.5 percent of homes in 2019 sell for asking price, and 68.9 percent sell for under.

Lower-cost markets were most likely to experience bidding wars. Spring Valley had the most homes to sell above list price at 35.1 percent. It was followed by 33.2 percent in Chula Vista and National City at 33 percent.

Carlsbad was least likely to face intense competition with 15.8 percent selling above asking.

Nationally, the best place to see home prices go above asking was San Francisco where 48.6 percent exceeded listing prices. It was followed by San Jose at 38.8 percent and Boston at 34.7 percent.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-02-07/fewer-san-diego-homes-sold-for-above-asking-price-in-19

San Diego home prices outpaced all other West Coast markets in November

Home prices were up 3.9 percent annually in the San Diego metropolitan area in November, outpacing all other West Coast markets, the S&P CoreLogic Case-Shiller Indices reported Tuesday.

San Diego metro’s price gain slightly outpaced the national average gain of 3.5 percent, and was a substantial reversal after a sluggish start to 2019. From January to June, annual price gains locally were around 1 percent.

The index showed gains across most markets, which analysts mainly attributed to dropping mortgage interest rates. Other factors include low unemployment and tight home inventory driving up prices.

Low-cost markets had the biggest gains. Phoenix was up 5.9 percent, Charlotte up 5.2 percent and Tampa up 5 percent. Chicago had the lowest gain at 0.4 percent.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-01-28/san-diego-home-prices-grew-fastest-on-west-coast-in-november

San Diego – Median home price dips, still high

San Diego County’s median home price was $575,000 in December, a slight decrease from the previous month but still near record highs.

The median price hit an all-time high of $594,909 in November, said CoreLogic data provided by DQNews. Still, San Diego County’s price in December was up 4.5 percent in a year — ending the year on a high note after a sluggish first six months.

San Diego’s rise mirrors a hot national real estate market, which has been lifted by low interest rates, a strong economy and historically low unemployment. National sales of previously owned homes increased 10.8 percent in a year as of December, the National Association of Realtors reported Wednesday.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-01-22/san-diego-median-home-price-575k-stayed-near-record-highs-in-december