North County Market Statistics for June 2012

The June 2012 HomeDex™ Report provides May 2012 San Diego housing statistics. Information in this report is used by permission from the North San Diego County Association of Realtors® (NSDCAR). Gary Harmon, your Real Living Lifestyles Realtor, has been a member of NSDCAR for over 22 years.

• The median price for all San Diego North County homes sales – attached and detached – increased from $365,500 in April 2012 to $390,000 in May 2012.
• Detached North County homes jumped 6.9 percent in May 2012 to $449,000 compared to $420,000 in April 2012. Year-over median price in San Diego North County decreased 2.39 percent compared to $460,000 in May 2011.
• The countywide median single family detached price increased 1.55 percent to $345,000 in May 2012 compared to $339,750 in April 2012.
• The number of San Diego North County single family detached listings (active and contingent) declined 1.73 percent in May 2012 compared to April 2012.
• The number of sold San Diego North County SFD units increased 7.89 percent in May 2012 compared to April 2012, following three months of double-digit percent increases, and jumped 27.43 percent year-over from May 2011 – continuing a 12-month trend of increased year-over sold units.
• Median days-on-market for single-family detached North County homes sold in North County decreased to 43 days in May 2012 compared to 51 days in April 2012.

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North County Market Statistics March 2012

The April 2012 HomeDex™ Report provides March 2012 San Diego housing statistics. Information in this report is used by permission from the North San Diego County Association of Realtors® (NSDCAR). Gary Harmon, your Real Living Lifestyles Realtor, has been a member of NSDCAR for over 22 years.

• The median price for all San Diego North County home sales – attached and detached – increased to $365,500 in March 2012 compared to $357,500 in February 2012.
• San Diego North County detached homes remained unchanged at $415,000 in March 2012. Year-over median price in San Diego North County dropped 7.81 percent compared to $450,165 in March 2011.
• The San Diego countywide median single family detached price increased 2.75 percent in March 2012 to $336,000 compared to $327,000 in February 2012.
• The number of North San Diego County single family detached listings (active and contingent) declined 2.4 percent in March 2012 compared to February 2012.
• The number of sold San Diego County SFD units increased 22.26 percent in March 2012 compared to February 2012 (after a 20.37 percent jump last month), and increased 3.35 percent year-over compared to March 2011. Year-over sold units have increased in nine of the last 10 months.
• Median days-on-market for single-family detached San Diego North County homes sold decreased to 57 days in March 2012 compared to 66 days in February 2012.

Content by  and North San Diego County Association of Realtors.

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San Diego North County Market Statistics February 2012

The March 2012 HomeDex™ Report provides February 2012 San Diego housing statistics. Information in this report is used by permission from the North San Diego County Association of Realtors® (NSDCAR). Gary Harmon, your Real Living Lifestyles Realtor, has been a member of NSDCAR for over 22 years.

• The median price for all San Diego North County home sales – attached and detached – increased to $357,500 in February 2012 compared to $344,500 in January 2012.
• North County detached homes increased 3.75 percent to $415,000 in February 2012 compared to $400,000 in January 2012. Year-over median price of San Diego North County homes was stable with a small 0.6 percent fall compared to the $417,500 in February 2011.
• The San Diego countywide median SFD price increased 3.12 percent in February 2012 to $359,900 compared to $349,000 in January 2012.
• The number of San Diego North Country homes – detached listings (active and contingent) have remained steady through early 2012, decreasing just 0.92 percent from January 2012 to February 2012.
• The number of sold North San Diego County homes – detached units increased 20.37 percent in February 2012 compared to January 2012 (after a 32.21 percent fall last month), and jumped 27.13 percent year-over compared to February 2011. Each of the last four months experienced double-digit year-over increases in home sales.
• Median days-on-market for North County single-family detached homes sold decreased to 66 days in February 2012 compared to 68 days in January 2012.

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Quick Facts about Mello-Roos

How is community funding provided?

Let’s say for example, that plans for a new Carlsbad school are approved in your Community Facilities District. To finance the San Diego school, tax-exempt municipal bonds are issued. These public bonds are repaid (or secured) over an extended time through the levy of a special tax (Mello-Roos) on properties that benefit from the facility. This tax is usually added to the annual San Diego North County property tax bills (over a 20-25 year period) of residences within the CFD.

How Much Will be Assessed?

An adopted formula that relates to the size of the San Diego North County home (square footage or lot size) is used to determine the amount of an individual assessment.  In general, the special taxes and assessments do not exceed 1% to 1.5% of the market value of new new homes. Moreover, the total amount of all annual taxes (including property tax) usually does not exceed 2% to 2.5% of the North County home’s market value.

Can my Mello-Roos increase?

This special tax on your North County home can increase only at a maximum rate of 2% per year over a 25 year period. On the other hand, it’s possible that this tax will decrease.

Can I choose how to pay for Mello-Roos?

Yes. As already mentioned, the special assessment can be added to your San Diego property tax bills until your portion of the tax is paid off. A schedule of maximum special tax payments over a period of 25 years is available to San Diego North County home owners prior to the close of escrow.  Those who purchase a new North Country home also have the option to pay for their Mello-Roos tax in it’s entirety at the time they buy. However, because statistics indicate that the average homeowner in California moves every 7 years, it’s often prudent to spread the payment over time.

Find out more about Mello Roos in San Diego North County by reading “How to Avoid Mello Roos.”  To get more info, contact Gary Harmon, your Real Living Lifestyles real estate agent.

Homes are Currently 24% Underpriced

Lowest in Over 35 Years

This summer, qualified San Diego buyers – those with excellent credit and with funds available for down payments – couldn’t be in a better position to buy a North County home.  According to experts, prices have overcorrected to their lowest since 2002. Since 2006, prices have fallen 33%, greater than the 31% decline recorded during the Great Depression. Using historical wages to home prices, Capital Economics’ senior economist Paul Dales says that housing is currently 24% underpriced – the lowest in 35 years. That translates to the best affordability in decades, and an end in sight to the housing malaise, he says.

Across the US

In the latest existing home price survey from the National Association of REALTORS, the national median existing-home price for all housing types was $163,700 in April 2011, 5.0% lower than in April 2010. Distressed homes, which sell at a discount of approximately 20%, were 37% of sales, up from 33% a year ago.  Foreclosures, which have pressured both prices and real estate appraisals for non-distressed homes, are still high but leveling off. RealtyTrac says that U.S. foreclosure filings were down 9% in April 2011 from March, and down 34% from a year ago.

Across California

Like the rest of the nation, California home sales also declined in April 2011 from the previous month, but were up 5% over a year ago. And, unlike the national trend, home prices actually increased.  The statewide median price of an existing, single-family detached home sold in California rose 2.5% in April to $293,570, up from a revised $286,510 in March, according to the California Association of REALTORS (C.A.R.).  Yet, despite improving conditions, the Southern California housing market is trending softer, with sales volume the lowest April sales recorded in three years. In Los Angeles, San Diego, Ventura and Orange counties, sales volume drifted 5.5% lower than March, and 9.2% lower than the previous year, keeping in mind that sales in April 2010 were being heavily stimulated by federal and state tax incentives.

Advice for San Diego North County Buyers

The biggest hurdle for San Diego buyers today is creditworthiness. To compete against cash buyers and to take advantage of unprecedented affordability, North County buyers should get their finances in order quickly. Contact HomeServices Lending, one of Gary’s winning team,  for preapprovals now, so that glitches in credit reports that impact credit scores can quickly be resolved.

Advice for San Diego North County Sellers

With continued competition from distressed North County homes, it’s more challenging for sellers to get top dollar for their San Diego homes.  San Diego North county sellers should carefully analyze their equity position before they price their home for sale. Lenders will work with sellers who are “short” or owe more than their homes will sell for in the current market, but the process may be lengthy. Contact Gary Harmon, your North County real estate expert for a comparable sales analysis before pricing your home for sale.

Hot Tips for San Diego Home Sellers

Three Hot Tips for San Diego Home Sellers

San Diego North County SellersFirst, sellers need to understand “NOW” is the best time to sell their San Diego North County homes. Many sellers think that summer is the hot selling period. Truth is, when you reach July you are in trouble and the hot selling period is already over. Most homes here in San Diego County are sold between March and June. July may have the most closing, but the homes go into escrow one to two months before. 65% of San Diego real estate closings go into escrow March – June.   That only leaves 35% for the rest of the year. If you are a San Diego North County real estate seller, call Gary Harmon today, your home needs to be on the market NOW!

Second, you must be an unemotional seller. You are not just the only seller. There are the banks selling reo’s and the short sale sellers. These make up the largest percentage of the San Diego North County real estate market. Niether type are emotional sellers. They are concentrating on price and terms. Mostly price. If your home is not priced competitively with these sellers, it won’t sell.

Third, most sellers have a misconception about the current value of their North County homes. In most of the San Diego markets, prices are still going down. Studies of our mutiple listing service show that most all homes are price higher than what their selling price will be.  Banks tend to price things about 5% too high, short sellers 6 % too high, and regular San Diego North County sellers price their homes 7 to 9 % too high.

If you want to sell your Carlsbad home, Oceanside home, or other North County home it needs to be on the market now and priced right. Contact Gary Harmon, your North County Realtor, for a free market analysis. List your home with Gary, and start packing!

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More Mass Transit or More Freeway Lanes?

Do you think the following article by the National Association of Realtors reflects opinions here of San Diego North County home owners?  I think not, but read it for yourself and let me know what you think North County home owners want when buying a home.   Do you think San Diego North County home owners would prefer most of our taxes going for mass transit like the Sprinter or Coaster or would we all like some more freeway lanes?

Americans favor walkable, mixed-use neighborhoods, with 56 percent of respondents preferring smart-growth communities over ones that require more driving between home, work, and recreation. That’s according to a recent study, the Community Preference Survey, from the National Association of REALTORS®.
“REALTORS® care about improving communities through smart-growth initiatives,” said NAR President Ron Phipps. “Our members don’t just sell homes, they sell neighborhoods. REALTORS® understand that different home buyers are looking for all kinds of neighborhood settings and that many home buyers want walkable, transit-accessible communities.”
Walkable communities are defined as those where shops, restaurants, and local businesses are within walking distance from homes. According to the survey, when considering a home purchase, 77 percent of respondents said they would look for neighborhoods with abundant sidewalks and other pedestrian-friendly features, and 50 percent would like to see improvements to existing public transportation rather than initiatives to build new roads and developments.
The survey also revealed that while space is important to home buyers, many are willing to sacrifice square footage for less driving. Eighty percent of those surveyed would prefer to live in a single-family, detached home as long as it didn’t require a longer commute, but nearly three out of five of those surveyed — 59 percent — would choose a smaller home if it meant a commute time of 20 minutes or less.
The survey also found community characteristics are very important to most people. When considering a home purchase, 88 percent of respondents placed more value on the quality of the neighborhood than the size of the home, and 77 percent of those surveyed want communities with high-quality schools.   Sourse is NAR, the National Association of Realtors.

If you would like to know more about buying a San Diego North County home, contact Gary Harmon, your top North County Realtor.

Reasons to Buy a San Diego North County Home NOW

If you have been on the fence waiting for the best time to buy a San Diego North County home, NOW is the time.  See 5 reason below photo.

Housing Affordability Still at Record High Levels

Each month the National Association of Realtors issues its “Housing Affordability Index,” which measures the ability of the average family, in a particular geographical area, to afford the average priced home for that area.
In September 2010 the national affordability index was 179.1. This means that if a family with the median income of $61,395 wanted to purchase a median-priced existing single-family home at $172,600 (with a 20% down payment of $34,520), they would have 179.1% of the qualifying income needed to purchase that home.  Of course in California, the index was lower.  For San Diego North County homes ist was about 140.  This is still great and considerably above the 2009 level.

Interest Rates Are at Historic Lows

In the 1990s rates were higher than 8 percent. This look back through time makes it easy to see that today’s mortgage rates are relatively low.  Take the first step toward a San Diego North County home purchase and
contact me.  I will put you in touch with a great HomeServices Lender.   They will do a PriorityBuyer® preapproval to see how much you qualify for at today’s interest rates.

Tax Advantages of Homeownership

Whether you’re a first-time buyer, up-sizing, or down-sizing, most North County homeowners qualify for tax breaks annually.

  • Interest paid on a home mortgage is almost always tax
    deductible (up to the value of the primary residence)
  • Property taxes are typically deductible for most San Diego North County homeowners

Plus, for most San Diego homeowners, there are no capital gains taxes when a primary residence is sold.

Inventory of foreclosure and short sale properties

Also called real-estate owned or REO, lender-mediated, lenderowned, or non-traditional, these properties may appeal to bargain hunters looking for that hidden gem.

Inventory of homes overall is at an 10.5-month supply nationally. 

It is a buyer’s market!  More sellers than buyers in the marketplace can mean more choices and more bargaining power for buyers.  (Information above courtesy of HomeServices Lending, a Wells Fargo Affiliated Lender.)

To get a personal tour of San Diego North County homes, contact Gary Harmon, your top North County Realtor.

San Diego North County Homes Statistics – January 2011

The February 2011 HomeDex™ report provides January 2011 housing statistics for San Diego North County homes.

  1. The median price for all San Diego North County homes decreased in January 2011 to $360,000.
  2. The median priced single-family detached North County home rose 1.74 percent from $438,357 in December 2010 to $446,000 in January 2011.
  3. Year-over median single-family detached San Diego North County homes increased 6.19 percent from $420,000 in January 2010, making 18 months of year-over increases in median price (with the exception of August 2010).
  4. While the number of single-family detached North County homes sold fell 32.87 percent from December 2010 to January 2011, the number of SFD listings (active and contingent) increased 8.08 percent from 3,962 ending December 2010 to 4,282 ending January 2011, following four months of declines.
  5. Listings were up 20.69 percent year-over from January 2011.
  6. Median days on market for single-family detached North County homes remained at 68 days in January 2011.

If you would like to take advantage of todays low prices in the San Diego North County real estate market, contact Gary Harmon, a Hadley Home Team Realtor.

MLS Search and Free Foreclosure Search

Find San Diego North County homes with MLS Search and Free Foreclosure Search. Search like an agent with ListingBook. Use all the friendly searches below:

This is a fabulous time for San Diego North County home buyers!  Short-sales, pre-foreclosures, and bank owned North San Diego properties are available and can be found with the search tools on this website. Don’t expect today’s prices to be around forever. The banks have finally become aggressive about pricing Carlsbad homes for sale, Oceanside homes for sale, and other great North County homes.  Many North County Homes, such as Ocean Hills Country Club, now have the lowest prices seen in years.   It is also a great time to buy.  For more information, or to see San Diego North County real estate , contact Gary Harmon,  a  Hadley Home Team Realtor.