Here are the histories, and forecasts, of our local Zillow Home-Value-Index for each area:
They are forecasting flat or declining prices in three of our larger areas – and they are also predicting a drop-off in values as the selling season will be getting underway in March, 2020 (which sounds far-fetched).
Their track record hasn’t been that great though. Here is their Carlsbad prediction in December, 2015, when they expected a 1.9% increase for 2016 – the actual was +7%:
The Carlsbad HVI has risen 19% since the beginning of 2016!
Can we agree on one likelihood? Prices probably won’t be going up much in the next year or two.
Can anyone know? Especially this week.
I think we’re looking at a sea change in terms of housing policy coming down to us from Sacramento. There is going to be a building boom of squat five story medium density housing that nobody really wants.
And possibly say goodbye to the AirBnB option in Coastal San Diego.
Meanwhile the single family home will become even more dear.
And how about the population leveling off? Or rather, who’s moving in and who’s moving out.
Tough to read these tea leaves.
There is going to be a building boom of squat five story medium density housing that nobody really wants.
Agree, and destined to be a flop as far as alleviating the housing crisis for non-rich people.
Why? Because they aren’t going to give them away!
Yes, we’ll have higher-density projects, but the builders will want to sell or rent them for market rate.
How much of the Carlsbad increase was driven by sales in the Foothills and Robertson’s Ranch?
Not sure if they calculated their HVI on the total sales, but they should have and the Foothills/RR would surely have driven pricing by an extra +5% at least with 300 sales of $1,000,000 – $2,500,000.