TAG | San Diego Real Estate Update

New Year, New Tax Reforms!

 
 
As we near the end of this year and look on to 2018, we consider what the new year has in store for San Diego real estate… with a close ear to all that stirs up on Capitol Hill.
 
This past year experienced one of the more consistent and predictable markets of this last decade, however as we watch this new tax bill come closer to being passed, we could see a significant impact shift our local housing market. Although the particulars to this bill are still being finalized, what we see as of now concerns the Capital Gains allowance. The new tax reform is looking to adjust the homeowner requirements from 2 out of 5 years to living in their home the full 5 out of 5 years in order to be eligible – which I can predict to have affective impacts on homeowners choosing to stay where they are vs. moving, thus increasing an already extreme shortage to our housing supply. If we see our housing inventory get even tighter in this year to come, we could see another 10-15% increase in local housing prices in 2018.
 
But enough about predictions, here’s the facts from this last month…
All-in-all, this has been one of the toughest 4th quarters for buyers, and one of the best quarters for sellers that we have seen in a long time.
 
 
Buyers Advice: 
 
If you are on the fence about buying a home, you may want to consider hopping off sooner rather than later! Considering this new tax reform and its predictable effect on our local housing market – you would be wise to buy now! Start your housing search here today!
 
 
Sellers Advice: 
 
We are seeing inventory levels at an all-time-low across San Diego county. This has caused home values to continue to climb! Your home may be worth significantly more than you think! To see how much your home could sell for in today’s market, find out here!
 
 

  1. 4 beds, 3 baths
    Home size: 2,434 sq ft
    Lot size: 25,264 sqft
  2. 3 beds, 2 baths
    Home size: 1,488 sq ft
  3. 4 beds, 3 baths
    Home size: 2,090 sq ft
  4. 3 beds, 3 baths
    Home size: 2,304 sq ft
    Lot size: 1.22 ac
  5. 4 beds, 3 baths
    Home size: 2,261 sq ft
    Lot size: 10,018 sqft
  6. 2 beds, 2 baths
    Home size: 1,428 sq ft
    Lot size: 21,344 sqft
  7. 3 beds, 2 baths
    Home size: 1,160 sq ft
    Lot size: 10,500 sqft

See all Real estate matching your search.
(all data current as of 1/18/2018)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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    Is this Price Climb Over Yet??

    For the last two years, we have watched the steady climb of home prices happen across the nation. For us here in San Diego, we have actually been experiencing this rise for almost 7 years now… and shows no sign of slowing down! 

    Just this summer, prices have already made a 6% average increase across the county…that happened in just 2 months?? So after 7 years, you can imagine how significant an impact this has been on some homes!

    The climb is a direct result of the current market’s lack of inventory. We currently hold 26.7% less inventory today than we did a year ago. That means that active home sales today become hosts to lots of multiple offer situations, lots of appraisal issues and LOTS of happy sellers! 

    But we have to wonder, when is this going to slow down??

    My short answer is yes, maybe and no. Summer is coming to an end, and we can expect to see a slight decline in buyer activity during this time..however with this consistent inventory shortage plaguing our current housing market, we can’t be certain whether or not this brief lull in activity will have a leveling impact on the market.  What we need to have happen is for our inventory to increase up to a 3-month supply. This would allow for the market to finally regain balance and prices to level out to a more stable 3% rise per year. While the solution really is that simple in theory, the real world here continues to show no indication of this happening any time soon, therefore our prices will continue to climb with no signs of slowing down.

    Here are some stats to back that up…

    The Median Sales Price is up to 10.7% to $620,000 for Detached homes, and 6.7% to $405,000 for Attached homes. Closed Sales decreased to 8.6%, Pending Sales increased 5.55%, however the largest and most jarring market change is the decrease in inventory down 26.7% from last year – this caused the Days on Market time to decrease down to 12.6%.

    All in all, these indicators point to a strong, healthy market that is not showing signs of slowing down any time soon.

     

    1. 2 beds, 2 baths
      Home size: 1,428 sq ft
      Lot size: 21,344 sqft
    2. 3 beds, 3 baths
      Home size: 1,397 sq ft
    3. 2 beds, 2 baths
      Home size: 1,684 sq ft
    4. 4 beds, 3 baths
      Home size: 2,223 sq ft
      Lot size: 3,484 sqft
    5. 3 beds, 2 baths
      Home size: 1,532 sq ft
    6. 2 beds, 3 baths
      Home size: 1,279 sq ft
      Lot size: 1.15 ac
    7. 4 beds, 4 baths
      Home size: 3,169 sq ft
      Lot size: 5,227 sqft

    See all City of San Diego Real Estate.
    (all data current as of 1/18/2018)

    Listing information deemed reliable but not guaranteed. Read full disclaimer.

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