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Housing market remains challenging in North County

The North San Diego County Association of Realtors (NSDCAR), a real estate trade association for San Diego-area realtors, has released its 2016 4th Quarter real estate market summary covering statistics on housing prices and inventory for North San Diego County areas.

“It remains a challenging housing market in North San Diego County communities, but, overall, we’re optimistic for 2017,” said Michael Carunchio 2017 NSDCAR President. “We have continued concerns about inventory and greater competition for those fewer properties, which will increase prices and prevent some first-time buyers from entering the market. While sales prices were up in most communities, the number of homes for sale decreased in year-to-year comparisons, along with days on market and months of supply.”

In fourth quarter comparisons with previous years, NSDCAR said (number of units for single-family detached homes appears in parenthesis):

— The number of pending sales of homes were 10.7 percent higher for 2016 (2,352), compared to 2015 (2,124) and 2014 (2,172);

— The number of closed sales increased by 11 percent for 2016 (2,632), compared to 2015 (2,371) and 2014 (2,411);

— The inventory of available homes for sale decreased by 22.8 percent for 2016 (1,699), compared to 2015 (2,202) and 2014 (2,488);

— The number of months supply of inventory also decreased by 25 percent for 2016 (1.8 months), compared to 2.4 months in 2015 and 3 months in 2014;

— Prices continue to rise in the market by 7.1 percent for 2016 with a median price of $637,000, compared to $595,000 in 2015 and $565,000 in 2014;

“We’re encouraged the sales performed well right through the end of the year,” said Carunchio. “When prices go up at the end of the year it’s often a signal of healthy demand and eagerness to complete transactions in the new year. But if inventory continues to remain low, then prices are certain to increase as supply continues to drop.”

NSDCAR’s 2016 4th Quarter market summary also can be viewed in a three-minute video, click link here, https://youtu.be/QecyeQZDm9M.

San Diego North County neighborhoods covered in the NSDCAR report stretch northward from Carmel Valley along the coast, including Del Mar, Solana Beach, Cardiff, Encinitas, Rancho Santa Fe, Carlsbad and Oceanside, plus inland areas north of Rancho Bernardo, including Rancho Penasquitos, Poway, Escondido, Vista and San Marcos, as well as rural communities such as Ramona, Pauma Valley, Valley Center, Pala, Fallbrook and Bonsall.

San Diego North County neighborhoods covered in the NSDCAR report stretch northward from Carmel Valley along the coast, including Del Mar, Solana Beach, Cardiff, Encinitas, Rancho Santa Fe, Carlsbad and Oceanside, plus inland areas north of Rancho Bernardo, including Rancho Penasquitos, Poway, Escondido, Vista and San Marcos, as well as rural communities such as Ramona, Pauma Valley, Valley Center, Pala, Fallbrook and Bonsall.

With service centers in Vista, Carmel Valley, Carlsbad, Escondido and Fallbrook, NSDCAR offers San Diego County realtors access to the Sandicor MLS, along with educational training, advocacy and other services and resources. For more information on NSDCAR, visit www.NSDCAR.com.

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