Happy Birthday Natalie!

Our daughter Natalie is 25 years old today – wow!

She has been instrumental in our success this year, taking over the social media and helping to direct the rest of us on what we should be doing each day – all while pursuing her career as a commercial dancer.  For those readers who want to follow us, here are links to the accounts she manages:

https://www.facebook.com/bubbleinfo

https://www.instagram.com/klingerealtygroup/

https://www.linkedin.com/in/jim-klinge-carlsbad-realtor/

Now that concerts are starting up again, hopefully we will see her on tour with a hip-hop artist before long!

HAPPY BIRTHDAY NATALIE!

Inventory Watch

Another week with more new pendings than new listings (48 vs 43).

The two categories that have been blistering hot:

Price Range
NSDCC Active Listings
# of Pendings
$1M to $1.5M
18
68
$1.5M to $2.0M
40
82

When a healthy market has been 2:1 actives vs. pendings, these numbers are staggering!

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Bay Area Buyers

Lots of local real estate stories included here:

https://www.sandiegoreader.com/news/2021/sep/22/cover-san-franciscans-and-others-driving-san-diego/

We’ve all heard about how home prices in San Diego have never been higher, and that demand is so great that homes for sale typically get multiple bids and wind up selling for more than the list price — in some cases, significantly more. What we haven’t heard much about is what’s triggering this boom.

Local realtors say one of the most significant factors is the arrival of home buyers from the San Francisco Bay Area and Silicon Valley, where the tech explosion years ago sent home prices skyrocketing. Covid-19 forced many businesses to send their workers home, while the Delta variant squashed what many had expected would be a mass return to the office. As a result, many tech firms — including Google, Twitter, and Facebook, all headquartered up north — now offer telecommuting as a regular option.

Over the last few months, “we have had a huge influx of Bay Area people moving down for the ‘lower’ prices,” says Devonee Alfrey, a realtor who focuses on North County. With Covid-19 and remote working, she says, “being present in Silicon Valley is no longer necessary to do the job.”

The median sales price of a single-family home in San Diego County was $860,000 in July, according to the California Association of Realtors — compared to $1.3 million in the San Francisco Bay Area. The median sales price in the city of San Francisco was nearly $1.9 million and, in San Mateo, $2.1 million. Meanwhile, Zillow Research in mid-August reported that as of July, list prices of homes for sale in San Francisco over the last year have dropped 4.9 percent year over year, while the number of homes for sale has nearly doubled.

Full article here:

https://www.sandiegoreader.com/news/2021/sep/22/cover-san-franciscans-and-others-driving-san-diego/

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Carlsbad Low-Income Housing Sites

Give input on locations for future housing

The city is seeking input on where new housing units could be built in Carlsbad to satisfy a state requirement that cities accommodate their fair share of the region’s housing needs, including homes for people of all income levels and stages of life.

Eighteen proposed locations were chosen based on public input gathered last year, input from a citizens advisory committee and direction from the City Council.

Over the next eight years, Carlsbad was assigned 3,900 new housing units.

The city can meet some of this number through existing locations and approved projects, but the city still needs to identify locations for about 2,600 new homes. Most of those need to be affordable for people with moderate to low incomes, according to state formulas for household income levels.

Review sites on an online map.

The city is seeking input on proposed sites that would need to be rezoned, either to allow housing where it’s not allowed today or increase the number of units allowed on sites already zoned for housing. Owners and people living within 600 feet of all the potentially affected properties have been notified by mail of the potential rezoning.

The city would not build housing on these sites. Instead, the city’s obligation is to identify space for housing and create policies that would facilitate new housing to be built based on different income levels and stages of life.

All feedback gathered will be presented to the City Council in early 2022.

https://www.carlsbadca.gov/Home/Components/News/News/588/15

 

Bubbleinfo’s 16th Anniversary

It was 16 years ago today that the blog began with this post – which still has some relevance today:

https://www.bubbleinfo.com/2005/09/24/20-25-appreciation-per-year-how-can-that-happen/

Here is a summary of where we’ve been:

https://www.bubbleinfo.com/2019/09/24/happy-birthday-bubbleinfo/

I am grateful for you being here!  We appreciate the business from readers, and your friends and family. Thank you so much!

Frenzy Monitor

The reason for breaking down the active and pending listings by zip code is to give the readers a closer look at their neighborhood stats.

It’s interesting to see that the total number of actives and pendings are so similar – as close as they were in late-June as the max frenzy was unwinding. The big split in the counts on August 11th made it look like the frenzy was coming apart, but they’ve gotten back in line nicely since:

But with fewer homes for sale combined with the time of year, we probably won’t see much change.  Let’s call it low-grade frenzy conditions for now.

The average days on market is creeping upward, but still no big concerns. There will always be sellers who would rather wait for the lucky sale, than adjust their price – and longer average market times indicate more sellers doing the former. Though we should note that the hottest range ($1.5 – $2.0) must have a lot of dogs lying around:

San Diego County has experienced the worst YoY change of active listings IN THE NATION. Three thousand houses for sale in a county of 3.3 million people? Yikes!!

And that was the August report.  Today in San Diego County:

ACTIVES: 1,760

PENDINGS: 2,600

Wow!

San Diego: Buyers More Critical, But Stable

This company surveys new-home and resale agents every month, and this report confirms more of what we’ve been experiencing:

  1. A few more listings (but NSDCC listings are dropping off now).
  2. More listings not selling/buyers getting pickier.
  3. Buyer traffic is steady, and better than expected.

The Home Listings Index dropped from 70 to 37.5, which means the number of listings increased, which is bad for the new-home agents.  But for resale agents, it’s good!

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