Update: The Real Estate Market in North County San Diego
Data Source: Mylene’s Real Estate Market Report uses data from CRMLS for 2021-2023 and represents properties listed or sold by various brokers.
Housing Inventory
San Diego housing inventory has been climbing slowly throughout Spring 2023.
We hope for a break in interest rates, to incentivize more homeowners to move.
Currently, there are many would-be home buyers, just waiting for more homes to come on the market. This demand, combined with low supply, has kept prices high. April 2023 sales set a new sales record for Encinitas/Cardiff – the median price for detached homes was $2,625,000. May 2023 sales also set new sales records for attached home sales in Carlsbad and Escondido, at $935,500 and $580,000, respectively.
Days on Market
The number of days on market increased at the beginning of the year, but it has gone down again with the low inventory. Across North County, most listings are on the market for fewer than 10 days before opening escrow.
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Carlsbad – $1,767,500
May Sales: The median sales price for detached homes in Carlsbad for May sales was $1,767,500, lower than April 2022’s record of $1,925,000, but similar to last summer’s prices. At the same time, the median sales price for attached homes last month set a new record at $935,500.
Days on Market: In May, the median number of days on market for detached homes was 8. The median number of days on market for attached homes sold in May was 10.
Inventory: Inventory in Carlsbad decreased during the holidays, and has been steadily rising since March.
Here’s how the inventory has changed over the past two years.
Encinitas/Cardiff-by-the-Sea – $2,040,000
May Sales: The median sales price for detached homes in Encinitas in May 2023 was $2,040,000, over half a million below the previous month’s historic high of $2,625,000. The median sales price for attached homes in May 2023 was $1,020,000, significantly lower than May 2022’s record of $1,343,750.
Days on Market: The median number of days on market for May sales was 12 for detached homes and 7 for attached homes.
Inventory: Total inventory levels for Encinitas and Cardiff homes have stayed low. You can see the past 2 years of inventory below.
San Marcos – $1,000,000
May Sales: The median sales price for detached homes in San Marcos in May was $1,000,000, below March 2022’s all-time record of $1,166,557. The median sales price for attached homes was $714,000, just below June 2022’s record of $732,000.
Days on Market: For May sales, detached homes had a median number of 11 days on the market, and 7 days for attached homes.
Inventory: San Marcos inventory of detached homes has stayed low all year. The past two years of inventory show a brief increase last summer.
Vista – $875,000
May Sales: The median sales price for detached homes in Vista in May was $875,000, $75k less than May’s record of $950,000. On the other hand, the median sales price for attached homes was $615,000, less than November 2022’s record of $647,500.
Days on Market: The median number of days for May sales was 7 for detached homes, and 9 for attached homes.
Inventory: In Vista, the inventory for detached and attached homes has been low all year. You can see the past two years of inventory below.
Oceanside – $893,500
May Sales: The median sales price for detached homes in Oceanside in May was $893,500, about $60k less than August 2022’s record of $955,000. The median sales price for attached homes in May 2023 was $550,000, about $45k less than May 2022’s record of $594,750.
Here’s how sales prices of Oceanside detached homes have changed over the past two years.
Days On Market: Most homes are on the market for about a week. For May sales, detached homes had a median number of 6 days on market. Attached homes sold within a median number of 8 days.
Inventory: In Oceanside, inventory levels have decreased since last summer.
Escondido – $845,000
May Sales: The median sales price for Escondido detached homes in May was $845,000, $80k lower than May 2022’s record of $925,000. On the other hand, the median sales price for attached homes in May set a new record at $580,000. This is $30,000 higher than the previous record of $550,000 in May 2022.
Here’s how sales prices of Escondido detached homes have changed since June 2021.
Days on Market: The median number of days on market for detached and attached home sales was 7.
Inventory: In Escondido, inventory has remained steady all year. You can see how it compares to inventory over the past 2 years.
Consult the North County San Diego Real Estate Market Report
My Real Estate Market Report covers the cities of Carlsbad, Encinitas/Leucadia/Cardiff-by-the-Sea, San Marcos, Vista, Oceanside and Escondido.
Download – North County San Diego Market Report – June 2023
New Appliance Rebates for 2023
Golden State Rebates now offers rebates to Californians for energy saving appliances. You can receive:
- $40-75 for a smart thermostat
- $500 for a heat pump water heater
- $75 for a gas tank water heater
- $20 for a portable room air conditioner
Go to the Golden State Rebates website to shop online and apply for your rebates.
Free Smart Irrigation Controller
If you are a SDG&E customer, you are now eligible to receive a FREE wifi-enabled smart thermostat! Hurry before funding runs out. Read more about the new program.
Solar Rebates – 30% Federal Tax Credit Available through 2032
Are you considering adding solar to your roof? Federal tax code now allows for a one-time 30% Residential Energy Credit to purchase home solar photovoltaic systems. Read my article about the Clean Energy Credits for homeowners.
This incentive will continue for 10 more years, and eventually taper down to 26% in 2033.
For more information about solar systems, read my Solar for Homeowners article series.
2023 Mortgage Limits
The mortgage limit for conventional and FHA loans in San Diego County increased significantly in January. The conforming loan limit increased from $647,200 to $726,200. The high balance (non-jumbo) loan limit for San Diego County increased from $879,750 to $977,500. As a result, loans at or below this amount usually offer the lowest interest rates.
Loans between $726,200 and $977,500 are super conforming, or high balance loans. Any loans above $977,500 are jumbo loans.
Since January 1, 2020, there is no mortgage limit for VA loans. The lender will determine a VA borrower’s maximum loan amount. VA borrowers are no longer required to bring in a specific down payment amount; the loan program is determined solely by the lender.
Interest Rates
Interest rates have stayed high throughout 2023. With excellent credit, fixed mortgage rates for 30-year terms hover around 7.0% for conventional loans. VA and FHA loan programs usually offer lower rates, closer to 6.5%.
The best interest rates are available to borrowers with excellent credit scores. Read more about how low interest rates help you save money.
Above all, your credit score plays a big role in determining your interest rate – read more about how to save $ by improving your FICO.
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Low Down Payment Loan Programs
FHA Loan Programs offer mortgages with only 3.5% down payment. In addition, VA Loan Programs offer $0 down payment mortgages to eligible military active duty and veterans, with no monthly mortgage insurance. On the other hand, conventional loans are available starting at only 3% down payment, depending on purchase price, and some of these conventional loans are available with no monthly mortgage insurance.
Moreover, all of these loan programs can be used for either new purchases, or for refinancing existing mortgages.
Have you had a bankruptcy, short sale, or foreclosure? Find out how long you need to wait to buy again, which depends on the event and the type of loan you want to obtain.
Time to Switch to Waterwise Landscaping
More funding is available to remove your lawn – take advantage before it runs out! As a result of the programs, I was paid $2.75 per square foot to replace my turf grass with native landscaping. To learn more, read my article about rebates for turfgrass removal.
If you want to learn more about water-wise landscaping, the Metropolitan Water District of Southern California offers free California Friendly Landscape classes online. In addition, the San Diego County Water Authority also offers free WaterSmart Landscape Training classes throughout San Diego County.
Down Payment Assistance
Low- to median-income borrowers may qualify for down payment assistance. In addition, some programs can be layered on top of each other, to maximize your benefit.
Start by using the California Association of REALTORS® Down Payment Resource Tool to check all available programs. Meanwhile, here are links to my articles about some popular down payment programs:
- CalHFA Down Payment Assistance – deferred loans for first-time home buyers (if you haven’t owned a home in 3 years)
- San Diego Housing Commission – deferred loans and grants
- Fannie Mae HomePath Ready Buyer Program – grants up to 3% for Fannie Mae owned homes
- Golden State Finance Authority – grants up to 5% for down payment and closing costs
Finally, you are invited to attend a no-cost online home buyer workshop. Freddie Mac provides this comprehensive homeownership education course. CreditSmart® Homebuyer U offers six modules to promote education, homebuyer preparedness, and financial management.
What’s Next?
Selling Your Home
Are you curious about how much your home is worth? The Real Estate Market Report is a good start, but if you’re interested in the market value a particular property or area, contact me for a specific market analysis. In addition to my Real Estate Market Report, I also provide information about seller closing costs, which can give you the true cost of selling a home.
You can also use my Seller Net Proceeds Worksheet, to estimate your bottom line. Secondly, you can also read about the seller disclosure process. Finally, if you need to sell one home before you can buy another, here’s how to sell and buy a home at the same time.
If you’re a real estate investor and want to defer paying capital gains taxes by exchanging one property for another, then read my article about 1031 Exchanges. Thinking about becoming an investor? Read my article about how to choose a rental property.
Buying a Home
My real estate market report can help you see how home values are changing throughout North County. Are you considering becoming a homeowner in this area?
To begin with, if you’re thinking of buying a home, use my Cost to Buy a House Worksheet and my Monthly Housing Costs Worksheet. Secondly, you can also estimate your Mortgage Approval Amount. Finally, learn more about the Cost to Buy a House and the Cost to Own a Home. On the other hand, if you are a cash buyer, read about Closing Costs for Cash Buyers.
Meanwhile, if you need funds for the down payment, read about Down Payment Funding Options.
If you’re interested in buying a fixer property, you can consider a Renovation Loan. Renovation loans finance both property and renovations, in one single mortgage payment. For example, renovation loans can be used to finance energy upgrades and fireproofing upgrades, such as insulation, solar panels, and electric heat pump water heaters. Most importantly, read about 7 Ways to Finance Energy Upgrades before you invest in energy efficiency.
Finally, for information about mortgages, you can read my articles about Choosing a Lender, How to Get Mortgage Approval, and How Much Home You Can Qualify to Buy.
Any questions? Would you like market data for San Diego areas not included in my Real Estate Market Report? Send me a message.
