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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 6-year Seller's Market stalled in the second half of 2018. Buyer demand slowed due to affordability issues. However, the housing inventory remains very low, continuing to cause upward pressure on prices, supported by low interest rates.

*** We are seeing the beginnings of downward pressure on prices in the first five months of 2019. ***


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.

This critical inventory shortage continues, especially true in the lower price ranges for the first time buyer markets.


2017 was a Year of MULTIPLE OFFERS.
2018 showed a slowing of buyer demand in the second half of the year.
Millenial buyers are being impacted by a shortage of affordable homes.

Interest Rates are still low, but will continue to rise in 2019.
 

How is the Real Estate Market Doing?
George Cooke January 1, 2019

I am asked this question every day, and here is my state of the market report for 2019. This report covers the markets for Rancho Bernardo, Poway, and the I-15 corridor.

Is this the end of the Seller’s Market?
The exceptionally strong Seller’s Market that we experienced during the past six years, slowed considerably in the second half of 2018. Although inventory levels and interest rates have remained historically low, housing prices and rents have reached all-time highs resulting in an affordability crisis. Millennials, who should be in their prime purchasing years, are faced with housing costs that have exceeded any increase in wages. Many first-time buyers are also constrained by student loan debt.

Market Performance
Buyer demand has slowed, and the result has been that listed properties are taking longer to sell. Prices have remained near record levels, but the number of sales has decreased. We are likely to see a market correction in the new year, although prices are likely to remain near their record levels. Houses will probably take longer to sell and listing prices are likely to adjust to the slower sales.

San Diego’s Housing Shortage
The big question has been, “Where is the Inventory?” The six-year inventory shortage continues to be extreme. Sellers are not putting their homes up for sale, even at higher prices, primarily because they do not believe they can find suitable replacement housing. Home owners who are locked in with low interest rates and low property taxes are less likely to sell.

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 more stable and it will be easier for transactions to occur. It helps to have an adequate supply of homes at prices that buyers can afford. Demand occurs when we have buyers who are willing and able to buy. Strong employment, wage growth, 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?
The long running Seller’s Market has stalled, and we now find ourselves in a more balanced market. Prices rose to new heights because there were not enough homes available to meet the strong buyer demand. But, buyer demand has slowed due to the affordability problem.

What about Renting?
Buyer demand is also driven by a "wild and crazy" rental market. Who wants to pay astronomical rents, especially when they increase every year? 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 is 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 very little inventory, making things more difficult for buyers who want to buy. The larger homes are still selling, but they are closer to a balanced market, meaning that sellers, (not just the buyers), need to compete. The smaller home market has about a 3-month supply of homes. (Normally, in the Spring, there 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 more than a 6-month supply of homes in the above $900,000 market in Poway.

Do I need to Sell first before I can Buy?
Many homeowners face the dilemma of needing to sell before they can buy. They’ll need the proceeds from their sale to finance their new purchase. Most people prefer to buy and sell concurrently, so they won’t need to move twice. That is more difficult when it is hard to find a replacement property, (harder when downsizing, somewhat easier when upsizing). They can sell their existing home, (especially in the smaller home market), but finding their replacement home will be a challenge.

Things are easier in 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 needs. We are in a market where it is more difficult to improve your circumstances when downsizing. This is because San Diego has an affordable housing shortage.

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 can 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 make an offer 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 property in escrow. With this approach, you can protect yourself in case the other transaction falters.

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 to temporary housing, and search for your new home as a strong 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 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

Bernardo Heights

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

Camino Bernardo

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

Carmel Mountain Ranch

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

Eastview

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

Gatewood Hills

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

The Greens

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

High Country West

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

Montelena

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

Oaks North

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

Poway

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

Rancho Penasquitos

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

Sabre Springs

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

Seven Oaks

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

The Trails (Bernardo Trails)

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

Vezelay

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

Bernardo Vista Del Lago

Through June 1, 2019 ...
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 SDMLS®). This information is believed to be generally accurate, but is not guaranteed.

 

Westwood

Through June 1, 2019 ...
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 SDMLS®). 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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