San Diego Home prices jump up, Still Sellers Market, defy expectations

Throughout the year, San Diego Housing Market has defied expectations.

The median sales price of a house in April was $565,500, up 3 percent for the month and 9 percent for the year. The condo median sales price nudged upward 1 percent over the month to $365,000, while the annual increase was 8 percent, according to SDAR data.

Homes are selling faster. Days on Market decreased 20.0 percent to 32 day for Detached homes in April 2016 compared to a year ago.

SDAR projected the San Diego Housing Market in 2016 would be a “Buyers Market” with “More Inventory” at the 32nd San Diego County Economic Roundtable on January 14, 2016. Why? Because it was widely expected that mortgage rates would gradually rise in 2016 after the Federal Reserve began it’s long-speculated move to raise the benchmark federal-funds back in December.

However mortgage rates have remained stubbornly and wonderfully low. The average 30-year fixed-rate mortgage was 3.64% on 5/23/2016. The historic low for 30-year rates was 3.31 percent in November 2012.

Market-wide, inventory levels were down 19.7 percent.

Overall San Diego Housing Market is a still Sellers Market.

“MBA currently forecasts the Fed will make two more moves to increase rates this year, with the first rate hike forecasted for the June meeting.”Lynn Fisher, Vice President of Research and Economics at the Mortgage Bankers Association (MBA), said “We think that mortgage rates will rise gradually through the end of the year, averaging about 4.2% in the fourth quarter”

We will see if that happens in June, until then the general outlook should remain strong.

If you are thinking it’s time to start a real estate career and considering Keller Williams Realty as your Brokerage, or need to renew your California License, visit Keller Williams San Diego Metro Real Estate School Today.

New Team Leader of Keller Williams San Diego Metro Emphasizes Teamwork, Vows to Invigorate

SAN DIEGO - May 14, 2016 --- Keller Williams San Diego Metro welcomes Kurt Francis as the new Team Leader.

"We are thrilled to announce that Kurt has joined our market center" said Mark Kunce and Clarissa Rullan, Career Launch Advisors and Directors of Keller Williams San Diego Metro Real Estate School.

"We believe Kurt's vast knowledge and experience will be a huge asset that will greatly benefit our market center, our school and new agents." said Clarissa. "We are excited to work with him."

Kurt had the privilege of being the Senior Branch Leader for a well respected International Real Estate franchise in San Diego since 2004. He also managed 14 other offices for that same company.

"I joined Keller Williams Realty because I wanted to be a part of something exciting,  be part of a company that could partner with me in achieving my long term vision" Kurt told everyone at Market Center Meeting. "As a competitor, I was always intrigued by Keller Williams. Keller Williams has been growing so quickly the last 10 years."

Keller Williams Realty is the fastest growing real estate company in the world. Over 230 real estate associates belong to the Keller Williams San Diego Metro market center, and there are over 130,000 associates in KW Worldwide. Keller Williams continues to grow at an astonishing pace, in 2016. The franchiser reported that it surpassed 139,000 associates in Q1 2016, a net gain of 4,989 agents. That's a 36 percent increase over Q1 2015.

"My goal is to educate, invigorate, and elevate our associates to their highest potential. But I need your help as well. If you have any good ideas to help grow others, please let me know." Kurt shared his contact information at the meeting. "Because I believe in teamwork. Teamwork is at the heart of all great achievement. I've got to know a lot of Mega Agents over the past 10 years. Some may think they are successful because of their talent. But that's not true. Their susses is not just result of their talent. It's the teamwork. Their success is supported by their colleges, assistants, friends and family."

Prior to the team meeting, Kurt had a little surprise from the staff. His brand new office was already decorated with family and friends pictures. Those pictures were taken from his Facebook by the staff. This reminded him of the importance of teamwork and support provided at his new workplace - Keller Williams San Diego Metro.

"He fits Keller Williams' culture perfectly" Mark summarizes. "We are excited about the possibilities of expansion in our market center. We are already making some changes in our office spaces and real estate school to facilitate growth."

Keller Williams San Diego Metro recently upgraded it's real estate school system and updated the website http://www.sdrealestateschool.com, which provides California real estate licensing, exam prep, and continuing education courses. The online program is more user-friendly and easier to navigate than the previous system.

"As a company, we are growing at a phenomenal rate and we know that Kurt's leadership will catapult our growth at KW Metro. There are exciting times ahead."

San Diego Housing Market February 2016, Home Buying Tips in a Low-Inventory Market

This low housing inventory environment is not projected to go away any time soon. According to the latest report from San Diego Association of Realtors, in San Diego County, inventory levels were down 18.8 percent in February 2016. The property type that lost the least inventory was the Single-Family Homes segment, where it decreased 16.2 percent. That amounts to 2.2 months supply for Single-Family Homes and 1.6 months supply for Condos – Townhomes.

Pending Sales in San Diego County were up 10.0 percent overall. Days on Market decreased 21.6% overall. Desperate home Buyers are snatching up homes when they are listed. It is not uncommon to receive 10-20 offers in 10 days on one property when it is marketed correctly. In some cases all are over the asking price.

The price range that tended to sell the quickest was the $250,001 to $500,000 range at 34 days; the price range that tended to sell the slowest was the $1,250,001 Or More range at 62 days.

The overall Median Sales Price was up 5.9% $468,000.

New Foreclosure Listings in February increased 1.2 percent to 526 properties. Inventory of San Diego Foreclosure Properties are continuing to steadily decline.

Interest rates are still well below their long-term averages. Mortgage rates continue to astound below 4.0%.

While it is still a great time to buy a home in San Diego, with inventory levels remaining lower, there simply aren’t as many homes to choose from on the market today. Home buyers need to work with a great buyer’s agent directly to get active listings from the local MLS. You cannot search all the homes on MLS on 3rd party real estate websites such as Zillow, Trulia, Homes.com (only a licensed realtor who is a member of local MLS can search all the homes on MLS). With such tight inventory, you do not want to miss any homes on the MLS. Also, it is a good idea to ask your agent to search some off-market listings (Cancelled Listings, Expired Listings, etc).

If you’re thinking about buying a home in 2016, give us a call 619-663-7139. Our trained agents specialize in the San Diego real estate market and are prepared to find the right home and get the best price.

ABOUT THE AUTHOR

KELLER WILLIAMS SAN DIEGO - THE MY HOME TEAM

Mark Kunce CA BRE #01458113

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