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As 2022 comes to a close, it's time to indulge in the festive spirit. Whether you're spending time with friends and family, strolling the San Diego beaches, or popping sparklers, we hope you have a great December!
Read on for real estate news, seasonal tips, and discover lifestyle trends to enjoy through the rest of the year.
San Diego Real Estate
In each of our newsletters, we give our perspective of what we’re seeing in the housing market – typically many months before you’ll hear or read about it in the news. It’s interesting to look back on our 2022 commentary to see that we were witnessing the events starting in April that are just now making headline national news:
In April we noted the impact interest rates rising to a mere 4.8% was having on buyer affordability and demand.
In October as interest rates peaked, we reported that more than 70% of all mortgages were locked in under 4%, creating a “hunkering down” effect. Property owners were so in love with their ultra-low mortgage interest rates that the normal trend of increased housing inventory disappeared, further intensifying our inventory shortage.
This review emphasized the importance of providing first-hard market knowledge to highlight what’s happening in real-time, and to dispel speculation and hyperbole. Here’s the latest speculation: the market is crashing. It may feel like it is, but is it really? Let’s take a look at the data:
We won’t have the complete 2022 numbers until the end of January, but we can see from this data that the median sales price will be approximately 10% higher in 2022 versus 2021. The sellers who listed their homes after the peak in April 2022 had to adjust their price expectations downward from what could have been achieved in the first quarter 2022. It never feels good to have missed the peak by a few weeks or months -- I've been there myself. However, the county will still end the year with a higher median price than in 2021.
What has been greatly impacted is the number of transactions closed in 2022. This will be approximately 27% lower than in 2021, resulting in less revenue for the real estate and mortgage industries. We started seeing layoffs in the industry in May and that trend continues today as the industry braces for even fewer transactions in 2023. But the low demand and equally low supply are the pillars holding up values from plummeting, as we saw in the 2007 recession when the inventory of active homes surpassed 18,000 units. Today, the inventory is 3,672.
We obviously don’t have a crystal ball. As this week’s national news article accurately reflects, even the experts can’t agree on what will happen to interest rates and housing prices in 2023. But after 20 years of selling real estate while navigating recessions, interest rate spikes and declines, wars, and pandemics, the one thing I can stand behind is the strength and resilience of the San Diego housing market. There is no other city in this county where I’d rather own property or own a real estate business than San Diego.
We’re not in the business of day-trading homes or gambling on the housing market. My suggestion to clients is to be patient, don’t panic buy or sell – and only make a purchase or move when it serves a larger-picture goal. We remain committed to helping you navigate the market conditions to reach the end result that is best for you and your goals.
Recent Activity
We are closing out 2022 with 3 properties under contract. Congratulations to our buyer in Hillcrest on securing the perfect condo and to our clients in Escondido and Pacific Beach on identifying buyers for their properties. Each of these received or were in a multiple offer situation and proof that people are still out buying and selling real estate during the holidays!
PENDING
Pacific Beach
2 Homes on 1 Lot
Front Home: 2 BD | 1.25 BA | 719 SF
Back Home: 1 BD | 1 BA | 540 SF
PENDING
Southwest Escondido
4 Bed | 3 Bath | 0.43 Acres
Offered at $1,149,999
PENDING
Hillcrest
1 Bed | 1 Bath | 817 SF
Local Happenings
DECEMBER 16, 2:30-5PM
Santa's Sleigh Ride
Back by popular demand, the City of Solana Beach and the Solana Beach Parks and Recreation Commission are excited to invite you to join your friends and neighbors in welcoming Santa Claus back to Solana Beach! Santa will be riding along with Fire, Sheriff and Marine Safety personnel. Click here for more information.
DECEMBER 16-22, 5:00PM
Enchanted Village
The Enchanted Village will welcome thousands of visitors from San Diego and beyond. For the price of a movie ticket, guests will be surrounded by brilliantly lit trees, magical cottages, light tunnels, live entertainers, hundreds of giant candy canes, over a million lights, interactive displays and other festive decorations Click here for more information.
DECEMBER 17, 1-5PM
Gaslamp Quarter's Holiday Pet Parade Get those ears perked and those tails wagging and prepare to unleash the holiday cheer in Gaslamp Quarter with your furry friends! The Gaslamp Pet Parade & Pups in the Pub Party returns to the streets of the Gaslamp Quarter on Saturday, December 17, 2022 from 1:00PM – 5:00PM! Register your pets in advance at The Gaslamp Pet Parade for $25. Click here for more information.
DECEMBER 18, 5:30PM
San Diego Bay Parade of Lights
Continuing its long-standing San Diego tradition, the 52nd annual San Diego Bay Parade of Lights promises to dazzle and entertain bayfront crowds. Participants in this year’s highly anticipated holiday boat parade will decorate their boats to fit this year’s theme.
Click here for more information.
December 2022 Events
With so much to do in the month of December throughout San Diego County, we have prepared a calendar of events to find all of the holiday happenings in your neighborhood. Holiday parades, tree lightings, visits with Santa, marathons and more can easily be accessed here.
Lifestyle Tips & Tricks
15 Dazzling Winter Door Decorations to Welcome the Season
Bring winter to your doorstep with festive and fun decorations. Create a coastal scene, opt for a winter village look, or adorn a simple farmhouse DIY wreath. Whatever your style there’s a way to add color, texture, and foliage that fits your home’s seasonal vibe.
7 Best National Parks to Visit in Winter
Many people consider a National Park visit an essential summer trip—but don’t sleep on the same parks in the winter. Break out your winter gear and journey to these winter wonderlands.
How to Make Holiday Dinner Cleanup a Breeze
Do you ever feel like you spend more time cleaning up after a holiday meal than you do enjoying it? You’re not alone. Set yourself up for an efficient clean up and spend more time with friends and family. Try out these tips during the holiday season, and even use them for parties all year long. Courtesy of HGTV
25 New Year's Eve Desserts to Ring in 2023
Celebrate the start of the new year with something sweet! Whether you’re looking for a decadent showstopper or an easy treat, end your meal—and the year—on a delicious note.
Noel Wheeler
REALTOR
619-890-2877
DRE#01373389
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