Fairway Pointe + RB Market Update by AJ Powers

Market Update P R E P A R E D F O R D I N A H M C N I C H O L S T o u r H o m e s . c o m

20 23 T A B L E O F C O N T E N T S

6 8 10 12 14 15 18 M A R K E T R E C A P 2 0 2 3 L I S T I N G S P R I C E P E R S Q F T D A Y S O N M A R K E T R A N C H O B E R N A R D O I N V E N T O R Y R E C E N T S A L E S M A R C H R A N C H O B E R N A R D O R E P O R T

For the past 3 years, we ' ve had a market that has been fueled by a simple principle of economics, supply and demand. The reality is, supply has not been able to keep up with demand and because of that, prices in San Diego County and especially Rancho Bernardo have increased exponentially faster than previous " traditional" markets which averaged around 5-6% growth annually

Before we dive into statistics, let ' s talk a little bit about logistics. The lack of available homes for sale is not unique to RB as all of Southern California is experiencing a shortage of inventory Year over year, since 2020, we have seen fewer homes come to the market. How dramatic is the dierence in inventory now versus pre COVID? In May of 2018, there were 124 homes listed in Rancho Bernardo. In February of 2023, there were just 42. In fact, there hasn' t been a home listed in Fairway Pointe since 3/4/22 with just 5 closed sales in the past 24 months

You could say that interest rates are to blame for this. It ' s hard to go from 3% to 7% and not expect it to impact the market. Currently, we sit around 6.5% for conventional loans and 5.75% for FHA and VA While we did see the sharp increase in interest rates impact the market the second half of 2022, the ﬁrst quarter of 2023 has been very dierent. There' s been a lot of speculation that the market is going to "drop" or "crash", but the reality is, demand is outpacing supply even with higher interest rates.

To follow, please ﬁnd market statistics and recent sales for both Rancho Bernardo and Fairway Pointe.

Call me with any questions!

A P R I L 2 0 2 3 M A R K E T R E C A P

TOUR 6

A . J. Powers Broker & Owner 858.951.1887

4 0 4 H O M E S L I S T E D I N 2 0 2 3

F A I R W A Y P O I N T E H O M E S L I S T E D I N 2 0 2 2 H O M E S L I S T E D I N 2 0 2 0 8

Total Listings

35 2 0 2 3 P E N D I N G P R I C E P E R S Q F T I N C R E A S E O V E R 2 0 2 2 $679.81 A V G P R I C E P E R S Q F T O F P E N D I N G S A L E S 2 0 2 3 P E N D I N G P R I C E P E R S Q F T I N C R E A S E O V E R 2 0 2 1 T O T A L D E T A C H E D H O M E S S O L D I N 2 0 2 3 2021 2022 10 2023

20.1% 6.5%

1 2 D E T A C H E D H O M E P E N D I N G O V E R $ 1 M I N 9 2 1 2 8 M E D I A N D A Y S O N M A R K E T F O R P E N D I N G S A L E S A V G D AY S O N M A R K E T F O R D E T A C H E D H O M E S L I S T I N G S U N D E R 2 4 D AY S O N T H E M A R K E T I N 9 2 1 2 8 38 Days 96 12

5 32 -37.3% D E T A C H E D H O M E S L I S T E D F O R S A L E I N 9 2 1 2 8 Q 1 2 0 2 3 -32% N U M B E R O F D E T A C H E D L I S T I N G S I N 9 2 1 2 8 Q 1 2 0 2 2 T O Q 1 2 0 2 3 ( Y - O - Y ) P E N D I N G D E T A C H E D H O M E S I N 9 2 0 2 8 D E T A C H E D L I S T I N G S F R O M Q 1 2 0 2 0 T O Q 1 2 0 2 3 14

Fairway Pointe

R E C E N T S A L E S

A P R I L 2 0 2 3 0 3 / 3 0 / 2 0 2 2 0 3 / 2 4 / 2 0 2 2 1 2 3 2 5 F A I R W A Y P O I N T E / / $ 2, 3 0 0 , 00 0 1 2 2 5 5 F A I R W A Y P O I N T E / / $ 1 4 B D , 4 B A , 4 , 2 4 8 S Q F T 3 B D , 3 B A , 2 , 5 7 0 S Q F T 15

1 2 2 6 6 K I N G S G A T E S Q / / $ 1 , 3 9 0 , 5 0 0 8 1 0 , 0 0 0 1 2 3 2 5 F A I R W A Y P O I N T E / / $ 1, 3 1 1 , 00 0 0 8 / 3 1 / 2 0 2 1 1 2 / 2 0 / 2 0 2 1 3 B D , 3 B A , 4 2 3 8 S Q F T 3 B D , 3 B A , 2 9 7 3 S Q F T 16

A P R I L 2 0 2 3 0 6 / 1 7 / 2 0 2 1 1 1 / 0 6 / 2 0 2 0 1 2 3 6 5 F A I R W A Y P O I N T E / / $ 1, 6 5 0 , 00 0 1 2 2 6 1 F A I R W A Y P O I N T E / / $ 1 , 2 3 9 , 00 0 4 B D , 4 B A , 3 4 1 4 S Q F T 4 B D , 4 B A , 3 9 3 2 S Q F T 17

M E D I A N S A L E S P R I C E M E D I A N D A Y S O N M A R K E T $949,000 11 98.1% 29 % O F O R I G I N A L L I S T P R I C E C L O S E D S A L E S M A R 2 0 2 3 R E P O R T Rancho Bernardo 7.1% 19% 0.3% 17.4% 18

Questions about the market? 7 6 0 . 4 5 6 . 8 7 3 3 A J @ T o u r H o m e s . c o m C a l D R E # 0 1 8 5 6 8 6 0