2022 California Housing Forecast
- Noel Wheeler
- Nov 3, 2021
- 3 min read
"Gratitude unlocks the fullness of life. It turns what we have into enough, and more. It turns denial into acceptance, chaos to order, confusion to clarity. It can turn a meal into a feast, a house into a home, a stranger into a friend."
- Melody Beattie
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2022 California Housing Forecast
California Association of Realtors released their 2022 market projections. Below are 2 key takeaways:
1. California’s median home price is forecast to rise 5.2% to $834,400 in 2022, following a projected 20.3% increase to $793,100 in 2021.
2. Housing affordability (percent of households who can afford a median-priced home in California) is expected to drop from 26% in 2021 to 23% in 2022, due to a combination of increasing prices and interest rates.
The chart below shows a year-over-year comparison of Single-Family (SFH) Resales, Median Sales Price, and Housing Affordability Index.
An imbalance in demand and supply will continue to put upward pressure on prices, but two factors are expected to keep the statewide median home price from rising too fast:
expected interest rates rising to 3.5%
the work-from-home environment shifting housing demand to more affordable areas
San Diego County Outlook
The median sales price for a Single Family Home in San Diego County in October of this year was $750,000 which is a 15.4% increase from 2020, where the median sales price in October was $650,000. More market projections like this will continue to circulate throughout the remainder of 2021. If you have any questions about how these market projections will impact your real estate goals, please reach out to me, I'd be happy to discuss further! Sources: California Association of Realtors & Infosparks
Our refreshed website is now live. Our site includes our monthly blog--featuring insights into the San Diego real estate market-- and our solutions-oriented approach to real estate. Visit noelwheeler.com and let us know what you think!
Recent Sales Activity
Congratulations to our clients who were successful in reaching their real estate goals last month! We are truly grateful for the opportunity to be your partner in this process.
1840 Century Way, Escondido 92026
PENDING
4 Bed + 1 Opt Bed | 2.5 Bath | 2,251 SF
Representing Seller
North Park Duplex
SOLD 3023 Olive | Back Unit | 1+ BD | 1 BA | 656 SF 3027 Olive | Front Unit | 2 BD | 1 BA | 1,122 SF Represented Seller
SOLD Valley Center
5 Bed | 4.5 Bath Represented Buyer
Local Events
Fleet Week
November 4 - 11
Come on downtown to the Broadway Pier and Port Pavilion to honor the men and women of our military and experience one of San Diego’s largest annual Military events! Featuring Military displays, high tech equipment in the Innovation Zone, active Navy & Coast Guard ship tours, live music, food, and fun for the whole family! Details here.
San Diego Beer Week
November 5 - 14
A 10-day celebration, promoting more than 150 independent craft breweries in San Diego County. SD Beer Week is brought to you by the San Diego Brewers Guild, with participation from the region's local craft breweries, allied and affiliate members. Events are held throughout San Diego at participating breweries, bars, restaurants, and more! Click here for specific event times and details.
Carlsbad Fall Village Faire
November 7
The Village Faire features over 750 unique vendors with a little of everything: arts & crafts, antiques, unique clothing, items from around the world, and more. Children’s rides, an international food center, and an old-fashioned pancake breakfast guarantee that you’ll find fun for the whole family! Details found here.
Coronado Island Film Festival
November 10 - 14 The Coronado Island Film Festival is planning for a return to its traditional festival format with in-person screenings, special engagements, panels, culinary cinema series, and of course red carpet moments! Additionally, the festival plans to curate a select number of films that will screen online as part of their virtual fest. Details found here.
Lifestyle Tips & Tricks
Chic and Festive Thanksgiving Decorations
Thanksgiving decorations are all about showing off your style, but that shouldn't equate to stress or going way over your budget. Regardless of your aesthetic, there are a slew of inexpensive DIY decorations you can try to make your Thanksgiving celebration more inviting for family and guests!
The Best Thanksgiving Drink Recipes Loaded with Fall Vibes
Step aside, wine and beer. We're thinking cocktail hour is in order this Thanksgiving! Whether you pair these Thanksgiving drink recipes with your menu or enjoy them before or after the big meal, these Thanksgiving cocktails are sure to get the party started.
Noel Wheeler
REALTOR
619-890-2877
DRE#01373389
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