San Diego Realtor Dennis Smith Discusses May Real Estate Market Report

(Newswire.net — June 29, 2015) Carlsbad, CA –The real estate market can change drastically from one year to the next. Understanding the market takes years of experience and research, and Dennis Smith, along with his wife, Sunshine, have that experience for the San Diego area. The couple has been working with buyers and sellers in the San Diego area for more than 20 years, and they have recently discussed the changes to North San Diego’s market in their June issue of the HomeDex report.

“The dominant storylines in housing these days are quite positive,” says Mr. Smith. “You’re much more likely to see luxury living and top sales highlighted than negative items such as short sales and foreclosures. In the end, this market is showing to be excellent for sellers but a bit of a challenge for buyers. Luckily, I have a number of ways that can help both buyers and sellers reach their Real Estate goals. Our website also has a number of great tools buyers and sellers can utilize. Sellers, for instance, are always wanting to know ‘what is my home worth’, which is why we offer tools to help them figure out just that.”

Mr. Smith went on to mention that the North San Diego Real Estate Market has seen a number of positive changes in the past year. “The overall Median Sales Price went up to $452,888 in the last year, an increase of 6.5 percent. The condos and townhome segment saw the larges price gain. Prices increased to $337,000, which is an increase of 8.7 percent. Overall, condo and townhome prices increased by 4 percent from May 2014 to May 2015, but increased .8 percent for the month. We’ve also found that the price range which tended to sell the quickest was the $500,001 to $750,000 range, which sold at an average of 39 days, while the slowest price range turned out to be $1,250,001 or more, which sold at an average of 65 days. While this range tended to be the slowest to sell, it was also the price range with the strongest pending sales,” noted Mr. Smith.

Mr. Smith also explained that inventory levels market-wide were down 19.1 percent, with single-family homes being the property type that ended up losing the least inventory. “We’ve seen single-family homes lose 18.5 percent less inventory than last year,” explained Mr. Smith. “What that amounts to is 2.7 month’s supply for single-family homes, compared to 2.2 month’s supply for condos and townhomes.”

Number of days on the market have also decreased quite a bit according to the report. “Houses are selling very quickly. In just this last month, the Median days on the market dropped from 19 days to 15 days,” says Mr. Smith. “We’ve also seen a jump of detached home sales. Detached May home sales jumped 12% from May, 2014.”

Aside from analyzing market trends, Smith says his main challenge is finding homes for his many buyers. “One current motivated buyer is looking in Oceanside for a detached home in the Mid $400’s,” Smith described. “They have offered at or above the asking price on four homes in the last four months and have yet to be successful. Each one of the homes had multiple offers on them. They have been pre-approved with a lender but only have 10 percent down and are competing against offers with 20 percent down or all cash. The buyers are obviously frustrated but they really want to buy a home.”

He also spoke about another couple looking for a detached house in Encinitas that is located West of the freeway. Most of the homes in that price range are older and fixers, which they have deemed acceptable. However, several they have found also have loud freeway noise which is not acceptable. They were also outbid on two homes. He explained these are motivated home buyers, this time with cash, and are still searching for the right home.

For more information on this in depth market report or to search for homes for sale, visit Mr. Smith’s website.