San Diego Housing Market Statistics for Q4, 2021, by Denise Matthis.

By Denise Matthis

San Diego Housing Market Statistics for Q4, 2012

It’s been a frantic ride for the real estate world all over the United States and San Diego is not exceptional. The city has been in the leading list of the most booming real estate markets. Recently, the market has shown some signs of cooling off giving investors a sign of relief. Well, I can’t for sure tell if the market will shoot even higher or go back to the pre-pandemic mode from the recent stabilization. Here is what

San Diego Q4 has in store:

HOUSING INVENTORY

The house Inventory drastically decreased from the beginning of the pandemic to April this year when they started to steadily increase.As per Federal Reserve Bank, there were 640, 716 active listings in September. The average number of days homes stay in the market is 1.7 months a clear indication that the housing demand in San Diego is still higher than the supply. With no doubt, San Diego is a sellers’ market and there’s no likelihood of a shift this fall. There is a likelihood of inventories increasing in Q4 as more homeowners will list their homes and new comes might come to the market. This is possible if at all the Covid 19 vaccines become common.

HOME PRICES

San Diego is amongst the top five most expensive states in California due to its high median home prices. Home prices have been rising since last year but peaked in June this year and since then, there has been a steady decline. The median listing price as of October is $ 957,000 a 19.6 percent increment over last year. Home prices are inversely proportional

to mortgage rates and inventory thus, the low mortgage rate and inventory have been fueling the high prices. However, despite the high prices, buyers have a high purchasing power-driven by low mortgage rates.

MORTGAGE RATES

There are different types of mortgage rates available for homebuyers in San Diego. The Q4 average mortgage rate is at 3 percent with a 30 year fixed mortgage at 3.06 percent,15 years Fixed mortgage at 2.42 percent, and the 5/1 ARM at 2.78 percent. According to the predictions by Mortgage Bankers Association, average mortgage rates might rise to 3.2 percent by end of this year which means prices might likely go down.

RENTAL PRICES

Published by Zumper National Rent Report, San Diego rents are amongst the highest in the US with a 4 percent increment each year. Approximately, 46.7 percent of residents of San Diego are renters since they cannot afford to buy a home with the spiking prices. The median price for a condominium has increased by 18.3 percent to $ 550,000, a two-bedroom is at $2,700 per month, and a one-bedroom is at $ 1,985.

HOME APPRECIATION

San Diego home appreciation has increased by 22.5 percent in 2021.For the last ten years , San Diego has shown an appreciation rate of 82.7percent which is 6.22 percent annual rate placing it in the top 10 percent countrywide for real estate appreciation.

The market might be stabilizing but it won’t stop thriving this fall. The housing supply is still higher than the demand and mortgage rates are constantly historic low. I think this is perfect time for a prospective buyer or seller in San Diego. All you need is an ideal home ownership partner. The Power Is Now Media Inc. is the best partner you can get. Visit www.thepowerisnow.com for more information. You can also contact Denise Matthis our VIP agent un San Diego and become a happy homeowner.

ABOUT DENISE MATTHIS

Although not a true “San Diego Native”, Denise E Matthis has been a resident of San Diego since the age of 2. Denise is the Owner/Broker of DEM Financial Services & Real Estate, a boutique brokerage dedicated to promoting community pride through homeownership and building & preserving generational wealth with real estate. As a buyer’s representative, she is passionate and works with first-time home buyers and veterans educating them on the home buying process and works with investors. As a seller’s representative, she specializes in seniors, probate, and distressed property sales. To learn more about Denise, go to; https://thepowerisnow.com/denise-matthis/

ABOUT THE POWER IS NOW MEDIA INC.

The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage in various thoughts of leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help make your homeownership dream a reality. Go to www.neverrentagain.com and get started today.

Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807. President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com

References

https://www.sandiegorealestatehunter.com/blog/san-diego-real-estate-marketforecast/ https://www.luxurysocalrealty.com/blog/san-diego-real-estate-market/ https://www.ncpropertygroup.com/blog/market-forecast-fall-2021