Market Update for November 2015 - What's ahead?

November 18, 2015

Real Estate Market Update November 2015 - What Ahead?

Okay, so you can get plenty of statistics from numerous places to give you way too much conflicting information about almost any subject, Real Estate being one of them.  So, I will try to keep this quick and easy.  Here we go.

NAR (National Association of Realtors) reports for 2016

“The housing market will likely slow down next year due to ongoing inventory shortages and rising mortgage loan interest rates.”

CAR (California Association of Realtors) reports for 2016

“California’s housing market will continue to improve into 2016, but a shortage of homes on the market and a crimp in housing affordability will also persist”

CAR forecast sees an increase in existing home sales of 6.3% next year and a CA median home price forecast of a 3.2% increase, which is the slowest in 5 years.

All right, let’s talk to the Region of San Diego County - What really matters more to you is what is going on in the market here…

Where have we been, gone and come back to?  Quick look at the median price from the peak in Qtr1 2007 to bottom in Qtr2 2009 and now almost back to top with a plateau in Qtr3 2015 of $539,000.

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Lastly, Let’s look to even a smaller part. For the Inland Corridor area of San Diego here is the last 3 years trend in price per square foot for detached homes sold…Trending has seasonal characteristics but averages are year over year up, typical and similar.

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That is your market update for the month of November 2015.  Have a super awesome Thanksgiving holiday week and keep going strong San Diego!

Happy Hunting,

Doug Lechner at Keller Williams