Update: The Real Estate Market in North County San Diego
Data Source: Mylene’s Real Estate Market Report uses data from CRMLS for 2018-2022 and represents properties listed or sold by various brokers.
Housing Inventory
Inventory went up between late June and late July. While levels are still low, it is a good sign for buyers to see more homes for sale.
Days on Market
Homes are still selling very quickly. For June 2022 sales, most detached homes went into escrow within 7 days.
Prices – New sales price records for San Marcos and Carlsbad
In North County, June sales set new price records for attached home sales in Carlsbad and San Marcos.
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Carlsbad – $1,750,000
June Sales: The median sales price for detached homes in Carlsbad for April sales was $1,750,000, below April’s record of $1,925,000. At the same time, the median sales price for attached homes set a new record at $904,000, narrowly beating April’s record of $903,500.
Days on Market: Most homes sell during the first two weeks on the market. The median number of days on market for detached homes sold in June was 9. The median number of days on market for attached homes sold in June was 7.
Inventory: Inventory in Carlsbad increased 10% between late June and late July.
Here’s how the inventory has changed since 2018.
Encinitas/Cardiff-by-the-Sea – $2,400,000
June Sales: The median sales price for detached homes in Encinitas in June was $2,400,000, below May’s historic high of $2,500,000. The median sales price for attached homes in June was $1,209,000, below May’s record of $1,343,750.
Days on Market: The median number of days on market for June sales was 7 for detached homes and 6 for attached homes.
Inventory: Total inventory levels for Encinitas and Cardiff homes didn’t change much between late June and late July. You can see in the chart below, how it compares to the past 3 years of inventory. Our current inventory of detached homes for sale is less than half of what we had three years ago.
San Marcos – $1,069,888
June Sales: The median sales price for detached homes in San Marcos in June was $1,069,888, about $100k less than March’s month’s all-time record of $1,166,557. The median sales price for attached homes set a new historic high of $732,000 narrowly beating April’s record of $730,000.
Days on Market: The median number of days on market was only 7 days for detached homes and 8 days for attached homes.
Inventory: Total San Marcos inventory increased almost 50% between late June and late July.
Vista – $934,900
June Sales: The median sales price for detached homes in Vista in June was $934,500, less than May’s record of $950,000,. The median sales price for attached homes was $576,500, less than May’s record of $593,500.
Days on Market: The median number of days on market for detached homes was 6 days, and for attached homes was 7 days.
Inventory: In Vista, inventory for detached and attached homes was slightly higher between late June and late July.
Oceanside – $910,000
June Sales: The median sales price for detached homes in Oceanside in June was $910,000, less than April’s record of $950,000. The median sales price for attached homes in June was $562,500 less than May’s record of $594,750.
Here’s how sales prices of Oceanside detached homes have changed since January 2019.
Days On Market: For June sales, detached homes had a median number of days on market of 8. Attached homesold within a median number of 7 days.
Inventory: In Oceanside, inventory levels increased slightly between late June and late July.
Escondido – $910,000
June Sales: The median sales price for detached homes was $910,000, lower than May’s record of $925,000. The median sales price for attached homes in June was $490,750, less than May’s record of $550,000.
Here’s how sales prices of Escondido detached homes have changed since January 2019.
Days on Market: The median number of days on market for detached home sales was 8. The median number of days on Market for attached home sales in June was 9.
Inventory: In Escondido, total inventory increased slighty between late June and late July.
Consult the North County San Diego Real Estate Market Report
My Real Estate Market Report covers the areas of Carlsbad, Encinitas/Leucadia/Cardiff-by-the-Sea, San Marcos, Vista, Oceanside and Escondido.
Download – North County San Diego Market Report – July 2022
Solar Rebates – 30% Federal Tax Credit Available through 2032
Are you considering adding solar to your roof? Federal tax code allows for a one-time 30% Residential Energy Credit to purchase home solar photovoltaic systems. The credit may include any repairs necessary to install the panels, including roofing repairs and shade tree removal. Check with your tax professional.
This incentive will taper down to 26% in 2033.
For more information, read my Solar for Homeowners article series.
2022 Mortgage Limits
The 2022 mortgage limit for conventional and FHA loans in San Diego County increased significantly in January. The conforming loan limit increased from $548,250 to $647,200. The high balance (non-jumbo) loan limit for San Diego County increased from $753,250 to $879,750. As a result, loans at or below this amount usually offer the lowest interest rates.
Loans between $647,000 and $879,750 are super conforming, or high balance loans. Any loans above $879,750 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 gone up quickly in 2022. With excellent credit, fixed mortgage rates for 30-year terms hover around 6.5% for conventional loans. VA and FHA loan programs usually offer lower rates, closer to 6%.
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.
