This June 2017 Real Estate Market Report describes the real estate market conditions in Coastal North County San Diego, and how they have changed over the past month and year.
What’s Happening in the North County San Diego Real Estate Market?
Summer is just one week away. Lucky for home buyers, inventory has also increased, if only a little.
Most listings are still selling very quickly. My recent listing at 4228 Vista del Rio Way went into escrow within 11 days of listing on the market, with multiple offers!
The San Diego MLS system, Sandicor, made a change this past month. California’s largest MLS system, CRMLS, which is used mostly in Los Angeles and Orange counties, started sharing its listings with Sandicor. This means that some San Diego County listings that were only in CRMLS are now showing up in San Diego MLS searches. It also means that during this transition, there may be duplicate listings.
My market report uses Sandicor statistics, so with this recent change, the data for May and June may not be equivalent. While it looks like inventory has increased substantially, there are a number of duplicate listings, and just more listings, that distort the numbers.
Because I mostly use median numbers, most of my data should not be terribly affected.
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In Carlsbad, homes are selling quickly. For all sales in May, the median number of days on market for detached homes was 10, and for attached homes was 11. Sales prices slightly decreased from April to May. The median final sales price in May for detached homes was $987,500, and $525,000 for attached homes.
In Encinitas, sales prices also decreased from April to May. The median final sales price in May for detached homes was $1,160,000, and $610,500 for attached homes.
In San Marcos, homes that sold in May were on the market for a little longer than homes sold in April: the median number of days on market was 10 days for detached homes, and 14 days for attached homes. The median final sales price also decreased, to $625,000 for detached homes and $425,000 for attached homes.
In Vista, sales prices increased between April and May. The median final sales price for detached homes was $526,500, and $299,000 for attached homes.
Interest Rates
Interest rates dipped to 2017 lows last week. Fixed mortgage rates continue to hover just above 4% for conventional loans. VA and FHA loans have enjoyed lower rates, mostly below 4%.
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Mortgage Limits in 2017 – Conventional, VA, FHA
Effective January 1, 2017, the mortgage limit for conventional, VA, and FHA loans in San Diego County is $612,950. The conforming loan limit is now $424,100. Loans at or below this amount usually offer the lowest interest rates.
Loans between $424,100 and $612,950 are super conforming loans. Any loans above $612,950 are jumbo loans.
Loan Program Update
FHA Loan Programs offer mortgages with only 3 1/2% down payment. VA Loan Programs continue to offer $0 down payment mortgages to eligible military active duty and veterans, with no monthly mortgage insurance. Conventional loans are available starting at only 3% down payment, and some of these conventional loans are available with no monthly mortgage insurance.
All of these loan programs can be used for new purchases, or for refinancing existing mortgages.
STILL TIME TO BUY SOLAR! 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. Check with your tax professional. This 30% incentive will be available through December 31, 2019, before tapering to 10% in 2022. Read my Solar for Homeowners article series.
Tree Trimming Season is Over (for the season)
Bird nesting season has begun, so delay your tree pruning until September or October. Read more about when to prune your trees.
Down Payment Assistance
The San Diego Housing Commission provides loans and grants to help first-time home buyers. The California Housing Finance Agency (CalHFA) also offers down payment assistance to low- to moderate-income Californians. HomePath offers a down payment assistance program called the HomePath Ready Buyer Program. Also, check out the Down Payment Resource Directory, an online search tool to identify more down payment assistance programs. The Golden State Finance Authority offers grants to home buyers.
Consult the Real Estate Market Report for Your Area
My Real Estate Market Report covers the areas of Carlsbad, Encinitas/Leucadia/Cardiff-by-the-Sea, San Marcos, and Vista.
North County San Diego Market Report June 2017
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, to give you the true cost of selling a home.
You can also use my Seller Net Proceeds Worksheet, to estimate your bottom line. You can also read about the seller disclosure process. If you need to sell one home to buy another, here’s how to sell and buy a home at the same time.
Buying a Home
If you’re thinking of buying a home, use my Cost to Buy a House Worksheet and my Monthly Housing Costs Worksheet, to help you budget and plan for the future. You can also estimate your Mortgage Approval Amount. Learn more about the Cost to Buy a House and the Cost to Own a Home. If you are a cash buyer, read about Closing Costs for Cash Buyers.
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. If you’re interested in buying a fixer property and hiring contractors to make repairs and renovations, you should consider a Renovation Loan. Renovation loans finance both the property and the renovations, in one single mortgage payment. Renovation loans can be used to finance energy upgrades, like insulation and solar panels. Before you invest in energy efficiency, read about 7 Ways to Finance Energy Upgrades.
Any questions? Send me a message.
