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George Cooke
Realtor(R)
CalBRE # 01435275
Coldwell Banker
Residential Brkrg.
 
(858) 674-1222
 
 
www.RBlistings.com
 
www.GeorgeCooke.com
 
 


Local Markets - Real Estate Sales and Trends - Find Your Own Neighborhood

Rancho Bernardo, Poway, and the I-15 Corridor

The 4-year Seller's Market in Real Estate continues in 2017. Buyer demand is chasing a low inventory of homes, causing upward pressure on prices, supported by low interest rates.

How are Home Sales doing in your neighborhood?

You've heard the most important thing in Real Estate is "Location, Location, Location". That is why you'll want to see these local market trends and sales prices for each of the local area communities.

Either click on the community you'd like to see from the list down below, or scroll down this page to see all of the local market charts.

We are seeing a continuing housing shortage in 2017 with
High Buyer Demand and Very Low Inventory. This is especially true in the lower price ranges for the first time buyer markets.


Interest Rates are still very low, but during 2017, we expect to see rising rates, perhaps approaching 5%.
 

How is the Real Estate Market Doing? ... George Cooke, March 25, 2017

I am asked this question almost every day, and here is my state of the market report. This report covers the local San Diego markets for Rancho Bernardo, Poway, and the Interstate-15 corridor.

Market Performance
The market has been very strong and active since 2012, and it has well exceeded the high points in pricing that came in late 2005. Housing prices are now at new highs in this local market area. In the first quarter of 2017, buyers seem to be in a frenzy, chasing the limited number of available homes, resulting in many “multiple offer” sales.

San Diego’s Housing Shortage
The big question today is, “Where is the Inventory?” The five-year inventory shortage has become even more extreme. Sellers are not putting their homes up for sale, even at these higher prices, primarily because they do not believe they can find suitable replacement housing.

Economic Forces that Influence the Market
Free markets are driven by supply and demand. When the demand exceeds supply, prices rise and sellers are in control. This is known as a seller’s market. On the other hand, when supply exceeds demand, we have a buyer’s market, with buyers in control to find the best values with the lowest prices. In a balanced market, supply and demand can more easily accommodate the needs of both buyers and sellers. Prices will be stable and it will be easier for transactions to occur. It helps to have an adequate supply of homes at prices that buyers can pay. Demand occurs when we have buyers who are willing and able to buy. Strong employment and low interest rates are factors that enable buyers to buy. A good supply means we have enough homes to meet normal demands. This occurs when sellers are selling and when enough new homes are being built to meet the housing needs of the population.

Buyers Market or Sellers Market?
We continue to be in a strong seller's market. Prices have risen to new highs because there are not enough homes available to meet the strong buyer demand. If we had more homes to sell we would be selling a lot more homes. What keeps this market moving, is the strong buyer demand, enabled by continuing low interest rates. With a 4 percent interest rate, a buyer can purchase twice the home with the same monthly payment they would have with an 8 percent interest rate.

What about Renting?
Buyer demand is also being driven by a "wild and crazy" rental market. Who wants to pay astronomical rents, especially when they seem to increase every 6 or 12 months? If you are able to purchase a home, instead of renting, your monthly mortgage payments can be fixed for 30 years, and your property taxes are fixed thanks to California’s Proposition 13.

A Word of Advice
It has been said that the average person will buy and pay for one house during their lifetime. You can buy that house for yourself or you can buy that house for your landlord.

Large Homes vs Small Homes – Are you Upsizing or Downsizing?
There is a disparity in today’s market between larger (more expensive) homes and smaller (less expensive) homes. More people are downsizing than upsizing. If you look at Poway as an example, you will see that there are really two markets: homes priced less than $900,000 and homes price more than $900,000. The smaller homes market, where you find lots of eager first time buyers, has virtually no inventory, making things very difficult for buyers who want to buy. The larger homes are still selling, but they are in a more balanced market, meaning that sellers, (not just the buyers), need to compete. The smaller home market has only a 3-week supply of homes. (Normally at this time of year, it should be a 6-month supply of homes.) There are more of the larger homes on the market, and they tend to stay on the market longer. There is currently a 6-month supply of homes in the above $900,000 market in Poway.

Do I need to Sell first before I can Buy?
Homeowners wanting to move today, may face the dilemma of needing to sell first before they can buy. This is because they need the proceeds from their sale in order to finance their purchase. But, most people would prefer to buy and sell with concurrent closings, so they wouldn’t need to move twice. That may seem impossible with the low inventory of homes, because they are not sure they will be able to find a suitable replacement property. This is especially difficult for people who are downsizing, and somewhat easier for people who are upsizing. They know they can sell their existing home, (especially in the smaller home market), but finding their replacement home will be a challenge. If you are downsizing, you may sell your larger home for less money than you wanted, and you’re going to pay more than you wanted for the smaller home you are trying to buy.

Things would be easier if we had a Balanced Market
In a seller’s market, sellers are euphoric, and in some cases unrealistic as to what their home is actually worth. Buyers, on the other hand, are more likely to have feelings of sticker shock and remorse. When they finally find the right home to buy, they may learn that 10 other people are trying to buy the same home, and it may end up selling for more than the listing price. When they finally get into escrow, they may come to realize they paid more than they intended for a home not meeting all of their wishes. We are in a market where it has become increasingly difficult to improve your circumstances when downsizing. This is because we really have a housing shortage in San Diego, especially for “affordable” homes.

How can I Buy and Sell Concurrently?
Basically, you want to find a house to buy, and then have your existing home ready to sell, so you can try to close on both transactions concurrently. To do this successfully, you’ll need to first list your home for sale, “subject to finding replacement property”. You’ll be looking at the homes for sale at the same time. As soon as you have a buyer for your home, you’ll move quickly to get an offer in on a house you would like to buy. Your Purchase Offer will need to be “contingent on the sale and closing of your other property”. An experienced agent can help convince the seller that you’ll be in a strong position to buy, and in fact, already have your other buyer in escrow. With this approach, you can make sure you won’t find yourself without a home in case the other transaction falls out of escrow.

Or, you can Sell First to be in a Strong Position as a Ready Buyer
If you are able to separate the two transactions by arranging temporary housing, you’ll have more flexibility to make the best deal possible on each of your two transactions. You’ll focus first on selling your existing home at the best price, then you’ll move into a temporary living arrangement, and you’ll search for your next home as a strong flexible buyer with cash in hand.

Markets Don't Stand Still
Markets tend to go through cycles, and they are always dynamically changing. An experienced agent can help you understand what the market is currently doing. This is essential when developing market pricing strategies.

Not Sure What to do Next?
Call George Cooke at (858) 674-1222 if you'd like to discuss your own situation.

 


Click here for Bernardo Heights

Click here for Camino Bernardo

Click here for Carmel Mountain Ranch

Click here for Eastview

Click here for Gatewood Hills

Click here for The Greens

Click here for High Country West

Click here for Montelena

Click here for Oaks North

Click here for Poway

Click here for Rancho Penasquitos

Click here for Sabre Springs

Click here for Seven Oaks

Click here for The Trails in Rancho Bernardo

Click here for Vezelay in Rancho Bernardo

Click here for Bernardo Vista Del Lago

Click here for Westwood

 

Rancho Bernardo - All Detached Homes Sold throughout Rancho Bernardo

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales in
Rancho Bernardo, San Diego, CA 92127 and 92128





These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

Bernardo Heights

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
Bernardo Heights in Rancho Bernardo, San Diego, CA 92128








These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

Camino Bernardo

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
Camino Bernardo in Rancho Bernardo, San Diego, CA 92127








These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

Carmel Mountain Ranch

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
Carmel Mountain Ranch in San Diego, CA 92128








These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

Eastview

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
Eastview in Rancho Bernardo, San Diego, CA 92128








These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

Gatewood Hills

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
Gatewood Hills in Rancho Bernardo, San Diego, CA 92128





These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

The Greens

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
The Greens in Rancho Bernardo, San Diego, CA 92128






These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

High Country West

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
High Country West in Rancho Bernardo, San Diego, CA 92127





These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

Montelena

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
Montelena in Rancho Bernardo, San Diego, CA 92128






These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

Oaks North

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
Oaks North (55+) in Rancho Bernardo, San Diego, CA 92128










These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

Poway

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
Poway, CA 92064








These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

Rancho Penasquitos

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
Rancho Penasquitos, San Diego, CA 92129








These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

Sabre Springs

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
Sabre Springs in San Diego, CA 92128








These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

Seven Oaks

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
Seven Oaks (55+) in Rancho Bernardo, San Diego, CA 92128








These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

The Trails (Bernardo Trails)

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
The Trails in Rancho Bernardo, San Diego, CA 92128






These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

Vezelay

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
Vezelay in Rancho Bernardo, San Diego, CA 92128






These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

Bernardo Vista Del Lago

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
Vista Del Lago (gated) in Rancho Bernardo, San Diego, CA 92128








These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

Westwood

Through June 24, 2017 ...
Real Estate Market Summary of actual Home Sales
Westwood in Rancho Bernardo, San Diego, CA 92127
(Westwood Valley is included)








These statistics are based on actual solds with escrows that closed between January 1, 2001 and the indicated "as of" date.
(Sales data as per Sandicor MLS). This information is believed to be generally accurate, but is not guaranteed.

 

Click here to Return to the List of Communities

 

 
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