The San Diego real estate market remains mostly strong for sellers despite fading buyer demand.  Inventory continues to be the key variable to the housing market and sellers are still benefiting from a historically low amount.  Currently there are 4,200 active listings compared to  June of 2019 when there were 13,000.  Inventory has been going up every week since the beginning of the year, but only slightly, and not enough to stabilize an unbalanced sellers market.   With inventory still very low, most sellers are still getting multiple offers and prices continue ..read more

The inventory of homes has started to creep up ever so slightly over the last 2 weeks.  This uptick in new listings is typical for this time of year so it is not unusual to see more homes come on the market.  Currently it is still a sellers market with multiple offers, bidding wars and fast sales.  The new variable that will likely have an impact on the market long term is rising mortgage rates.  The rate for a 30 year fixed mortgage is now over 5% for the first time in years causing many desperate buyers to pursue Adjustable Rate Mortgages in order to afford record high h ..read more

A new set of California laws went into effect in January that will impact the housing market here in San Diego.  California Senate Bill 9 is one of the new laws and it makes it easier for property owners to create a duplex or subdivide a property into two lots and build up to two units on each lot for a maximum of four units.  In essence this new law loosens zoning restrictions for single-family lots.    If you own a property with a large lot chances are you have given thought to adding a second unit to maximize the usage of your lot space.  You might also have a ..read more

The real estate market here in San Diego continues to see high prices and low inventory of homes for sale.  Typically the inventory starts to go up around February or March, so if the normal seasonal patterns do continue then we should start to see more homes come on the market over the next few weeks.  If we get to the middle of March and not much has changed then we might be entering uncharted territory in terms of a low inventory environment during what is typically the busier time of year in terms of inventory and closings.       ..read more

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As 2022 gets started, the low inventory of homes for sale in San Diego continues.  The dramatic decline in supply over the last 24 months has put a squeeze on home buyers who have had fewer and fewer homes to choose from.  Home buyers are experiencing challenges with house hunting and encountering fierce competition when one that fits their criteria does come on the market.  Only serious, well prepared, aggressive buyers with solid financing and savvy agents are winning the bidding wars right now.  The casual buyers with no loan pre-approval, no agent helping to prepare th ..read more

On November 3, 2020, California voters approved The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act.  Otherwise known as Proposition 19.  Prop 19's provisions have become operative on February 16, 2021 (for intergenerational transfer exclusion) and April 1, 2021 (for base year value transfer).  The simple explanation of Prop 19 is it allows homeowners over the age of 55 to transfer a lower tax rate when they sell one house and buy another, provided they meet certain criteria.  Severely disabled persons and victims ..read more

 This monthly update we focus on the detached market.  The inventory of single family homes is exceptionally low with only just over 1,300 homes for sale.  The end of the year typically sees fewer homes listed and the data clearly shows this to be the case.   Sellers without a need to purchase are best positioned in this market.  Buyers of all types especially contingent on sale of their current home or financed terms are at a disadvantage to cash offers ..read more

End of the California Eviction Moratorium On September 30, the COVID-19 Tenant Relief Act (CTRA) expired. However, that does not mean everything just goes back to pre-pandemic rules. Instead, a new law, the COVID-19 Rental Housing Recovery Act, has taken its place. Certain Exemptions to the Just Cause Eviction Requirements are Back As of October 1st, the standard exemptions to the just cause eviction rules returned, most significantly the exemptions for single family properties and properties built within the last 15 years (make sure the exemption notice, form RCJC, has been integrated into t ..read more

Our real estate market continued the trend of extremely low inventory recording 1,919 active listings, down an amazing 42% from a year ago at 2,777. Inventory levels of over 5,000+ homes for sale were relatively common in our recent memory. The average days on market increased by one day to 20. The typical seasonal pattern of fewer homes listed and fewer homes purchased over the holiday period may continue the very low inventory trend into 2022. With various Covid19 relief measures such as rental eviction, forbearance and various direct financial aid to individuals and business waning as ..read more