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The San Diego Housing Market is Heating Up

Updated: Dec 7, 2023


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Happy February! Though the month of February is a short one, it is filled with lots of love and special moments. Read on for seasonal tips to consider, key real estate updates, and local events curated just for you!


 

San Diego Real Estate


On January 23, Robert Reffkin, the CEO of Compass–the largest residential brokerage in the nation–shared his outlook on the national housing market on CNBC’s Closing Bell (click here to watch the full segment). These are the 6 reasons he gave for why he believes Q4 of 2022 was the bottom of the housing cycle:

  1. There was a 25% increase in weekly mortgage applications in mid January, and an additional 7% increase in the last week in January.

  2. Mortgage rates continue to move down to 4-month lows.

  3. There’s an increase in buyer interest, open house traffic, and offers.

  4. In the last quarter of 2022, 42% of sellers were giving concessions to buyers at the closing table, a 10-year high.

  5. Home builder sentiment improved for the first time in 1 year.

  6. Pending closings were down 30+% at points in the fall, but over the last few weeks we have seen pending listings in most of our markets nearly flat year over year.

Robert’s outlook is consistent with what we are seeing in San Diego: an uptick in buyer activity. People who were sitting on the sidelines waiting for improvements in affordability are beginning to emerge as interest rates declined to the lowest level since September 2022. In Q4 2022 it was uncommon for sellers to receive multiple offers. We are now seeing that shift to more than one buyer submitting an offer on a listing.

As we work our way through the Winter market (typically the most sluggish) and enter our Spring market (the most active of all cycles) demand will increase substantially. With the inventory slowly rising and demand surging higher, the Expected Market Time, the time between coming on the market and opening escrow, will fall and housing will feel a lot hotter. Right around the Super Bowl is when the conditions are often the best for sellers.

I'd love to hear from you if you have specific questions about navigating the real estate market. We can set a plan in place this month to help you reach your 2023 real estate goals.


 

Recent Activity


PENDING

2 Homes on 1 Lot

Front Home: 2 BD | 1.25 BA | 719 SF

Back Home: 1 BD | 1 BA | 540 SF

Offered at $1,800,000


PENDING COLLEGE AREA

8 BD | 4 BA | 2970 SF


6271-6273 Stewart St

PENDING COLLEGE AREA

Front House: 2 BD 4 BA 884 SF Back House: 4 BD 2 BA 1,170 SF


SOLD HILLCREST

1 BD 1 BA 817 SF $601,000



 

Local Happenings

FEBRUARY 1ST-28TH

Museum Month

February remains the perfect month to discover (or re-discover) the story of San Diego during Museum Month with 50% off admission to more than 60 San Diego County museums, historic sites, gardens, zoo/aquariums and more! Click here fore more info.


FEBRUARY 4TH-5TH, 10AM-5PM

Chinese New Year Fair

The San Diego Chinese New Year Fair is a free two-day event celebrating the Lunar New Year, showcasing exciting performances, Asian art and culture, an array of delicious Chinese and Asian food, and much more! Click here for details.


FEBRUARY 12TH, 3:30PM

Super Bowl LVII

The Kansas City Chiefs and Philadelphia Eagles kick off in Arizona for the football match of the year! If you decide to hunker down at home for the championship game, click the link below for awesome recipes that are bound to wow your fellow sports-fanatics! Click here for more info.


FEBRUARY 14TH

Valentine's Day

It's the perfect day to explore everything San Diego has to offer--one of the many great things being the food! Check out this list of the best restaurants to try on this loved-up day. Reservations and walk-ins available at most locations. Click here for more info.


 

Lifestyle Tips & Tricks

The Top 2023 Bathroom Trends

"Bathroom design in 2023 will continue to build on themes emerging since 2020, including clean lines, easy-maintenance materials, and heavy doses of natural colors. At the same time, an underlying current is shifting our view of bathrooms from task-focused spaces to rooms designed for comfort. According to Jean-Jacques L’Henaff, a design expert with LIXIL Global Design, the bathroom has transformed into a space focused on health, wellness, and relaxation. At the same time, larger home design trends are influencing aesthetic styles. As a result, personalization is driving a lot of the design choices, encouraging homeowners to create comfortable rooms with custom bathing experiences."


Send Sweets to Your Sweetie

Desserts that really deliver: exciting options for nationwide shipping.


Noel Wheeler

REALTOR

619-890-2877

DRE#01373389

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