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
In most North County cities, San Diego housing inventory has been climbing slowly since the beginning of 2023.
We hope for a break in interest rates, to incentivize more owners to sell. Today, there are many home buyers who are waiting for more homes to come on the market. This demand, combined with low supply, has kept prices high.
September 2023 sales set a new sales record for Encinitas/Cardiff – the median price for detached home sales reached $3,100,000. Attached homes in Vista also set a record last month, at $717,566.
Days on Market
The number of days on market has increased slightly over the year, but most homes are still selling within two weeks of entering the market.
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Carlsbad – $1,600,000
September Sales: The median sales price for detached homes in Carlsbad for September sales was $1,600,000, 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 was $901,250, less than May’s record of $935,500.
Days on Market: In September, the median number of days on market for detached homes was 18. The median number of days on market for attached homes sold in Sepetmber was 10.
Inventory: Inventory in Carlsbad is back to where it was one year ago.
Here’s how the inventory has changed over the past two years.
Encinitas/Cardiff-by-the-Sea – $3,100,000
September Sales: The median sales price for detached homes in Encinitas set a new record at $2,650,000, almost half a million higher than June’s record of $2,650,000. The median sales price for attached homes was $1,139,000, over $200k below May 2022’s record of $1,343,750.
Days on Market: The median number of days on market for September sales was 26 for detached homes, and 11 for attached homes.
Inventory: Total inventory levels for Encinitas and Cardiff homes have stayed low all year.
San Marcos – $1,173,045
September Sales: The median sales price for detached homes in San Marcos in September was $1,173,045, just below July 2023’s all-time record of $1,175,000. The median sales price for attached homes was $708,500, just below June 2022’s record of $732,000.
Days on Market: For September sales, detached homes had a median number of 8 days on the market. Attached homes were on the market for a median number of 6 days.
Inventory: San Marcos inventory of detached homes has stayed low all year. Inventory of detached homes is half of what it was one year ago.
Vista – $915,000
September Sales: The median sales price for detached homes in Vista in September was $915,000, just $35k less than April 2022’s record of $950,000. On the other hand, the median sales price for attached homes set a new record at $717,566.
Days on Market: The median number of days on market for September sales was 12 for detached homes, and 8 for attached homes.
Inventory: In Vista, the inventory for detached and attached homes has been low all year. It has been slowly climbing throughout 2023.
Oceanside – $945,000
September Sales: The median sales price for detached homes in Oceanside in September was $945,000, only $10k less than August 2022’s record of $955,000. The median sales price for attached homes last month was $610,000, only $10k less than July’s record of $620,000.
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 September sales, detached homes had a median number of 7 days on market. Attached homes sold within a median number of 10 days.
Inventory: In Oceanside, inventory levels have stayed low all year, slowly climbing since spring.
Escondido – $890,000
September Sales: The median sales price for Escondido detached homes in September was $890,000, $35k lower than May 2022’s record of $925,000, which was also matched in August 2023. Also, the median sales price for attached homes in September was $540,000, 55k below May 2022’s record of $594,750.
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 home sales was 7. Attached homes were on the market for a median number of 10 days.
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 – October 2023
Owner Alert Program for Homeowners
Attention homeowners: the San Diego County Assessor’s Office launched a free anti-fraud “Owner Alert” service late last year.
You can connect your email address to your property, and also to your name and your trust’s name. If anyone records documents that are linked to your name and/or property, you will be notified immediately. I HIGHLY recommend that you sign up for this free service. It just takes a second – you just enter an email address and your APN.
You can also register your name, and/or the name of your trust – up to 10 different names and/or 10 APNs per registered email address.
Click this link to sign up for Owner Alerts
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 7.5% for conventional loans. VA and FHA loan programs usually offer lower rates, closer to 7.25%.
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.
Check the California database of current down payment programs!
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.
