Before end users can provide sufficient support for the housing recovery, they will need to acquire income; and that means jobs and wage increases. San Diego continues to outpace the state’s jobs recovery, which is good news for San Diego’s housing industry.
The number of individuals employed in San Diego County in 2014saw a rapid increase of 3.3% (44,500) from one year earlier. Unlike much of the state, San Diego has far surpassed the level of jobs held prior to the 2008 recession. However, with the working-aged population increase of roughly 250,000 individuals in San Diego County since 2007, the real jobs recovery which will bring on mass wage increases isn’t expected until around 2019.
Though the MLS rules require that closed sales are reported within 48 hours, there will still be some late reporters of last month’s closings. But these medians and averages should stay about the same:
# of Sales
Buyers hoping to get a cheapie in Carmel Valley or Encinitas have had an excruciating experience. Only 14 of the 49 sales that closed under $900,000 last month were south of Carlsbad.
In 1983, we tried to get the Motels to play at Cal State Fullerton, but they were getting too big, too fast. We ended up booking these guys instead, an up-and-coming L.A. band that fizzled right after – but did get back together for Coachella 2013 and is still playing:
While San Diego may not be the most expensive city to own a home, it is considered the least affordable.
According to a study conducted by Realtor.com, San Diego ranks as the most unaffordable city in terms of real estate in relation to income.
“In more than 90 percent of the zip codes, less than half of the people can afford to buy homes. That’s the worst in any metropolitan area in the U.S.,” said University of San Diego economics professor Alan Gin.
This is probably the future of real estate videos – short movie-quality films that include small details of the home as well as neighborhood footage too. But it hasn’t been enough to sell this house, now down to $23,950,000 and under the zestimate!
I think touring a house with a camera while it’s being described by the agent is sufficient for most homes, yet you rarely see them and never hear anyone talking about them.
We have had a remarkably consistent January the last three years, with virtually the same number of homes hitting the market. But in 2015, the number of new listings was 11% lower than last year – in spite of the median list price rising:
Number of New Listings
Median List Price
Knowing that roughly half of these new listings were on the market last year, there aren’t many new choices for buyers. As much as common sense wants to tell us that higher prices should lure more sellers to put their home on the market, it’s not happening yet!
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