Big-City Styled Housing Ordinance Leads to Urban Decay in Chula Vista.

Posted by Communications on Jan 14, 2022 6:17:41 PM

 

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California is facing a serious housing crisis as housing costs escalate.  Inflation is also making everything cost more.  The Chula Vista City Council members led by Mayor Mary Salas are looking for feedback as the city staff creates what could end up being a misguided big-city styled housing ordinance which will lead to urban decay in our beautiful growing community.

urban decay2

The ordinance, poorly entitled the “Tenant Protection Ordinance” or TPO will result in substandard living conditions for residents who rely on rental housing in Chula Vista. The TPO makes upgrading older and potentially unsafe and unsightly buildings cost-prohibitive and difficult. 

The TPO will further segregate our city and eliminate opportunities for potential new homeowners to find for-purchase housing opportunities as the TPO creates additional disincentives for corporate owners to convert older rental housing into desperately needed for-purchase housing.  The TPO will reduce potential future property tax revenue and will add to revenue shortages in a city that is already suffering from budget constraints.

City Housing Staff with guidance from Deputy City Attorney Simon Silva presented a preliminary draft of the proposal to PSAR representatives in December and followed up with a second meeting in January.  The TPO will unintentionally make upgrading old and decrepit housing inventory nearly impossible. Tenants will be forced to settle for decaying substandard housing as few other reasonable options will be available. 

The ordinance is in draft form and may be found HERE.

The City’s Housing Advisory Commissioners will ask for written feedback from residents on Tuesday, January 18th before they meet on Wednesday, January 19th at 6 pm.   

Check back here. PSAR staff will update this page when the meeting link and a final draft ordinance become available.  At that time, they will accept public comments.

City staff claim that they will make a portal available on Tuesday, January 18th where city residents may make comments for the Housing Advisory Commission and ultimately the City Council to consider.  The meeting will be held virtually and the community will not be able to call in.  

The TPO is scheduled to come before the City Council on February 8th. 

Contact the Chula Vista Mayor and City Council members NOW.
Ask them to oppose the Tenant Protection Ordinance or TPO.

Mayor Mary Casillas Salas email: msalas@chulavistaca.gov  (619) 691-5044

Councilmember John McCann - District 1 - email: jmccann@chulavistaca.gov  (619) 691-5044

Councilmember Jill Galvez - District 2 - email:  jmgalvez@chulavistaca.gov   (619) 691-5177

Councilmember Stephen Padilla - District 3  - email: spadilla@chulavistaca.gov  (619) 691-5044

Councilmember Andrea Cardenas - District 4 - email: acardenas@chulavistaca.gov (619) 691-5044

Not sure which Councilmember represents your neighborhood?  See below.

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Topics: Brokers/Managers, Government Affairs, Market Information, Industry

PAULA GONZALEZ, LEADERSHIP IS MY WAY TO GIVE BACK

Posted by Christine Antosada-Borromeo on Jan 14, 2022 1:30:00 PM
New PSAR Board Member Paula Gonzalez

REALTOR® Paula Gonzalez was recently elected to a two-year term (2022-2023) on the PSAR board of directors.

 

Paula is a California native, born in Granada Hills, in Los Angeles’ San Fernando Valley. She graduated from Canoga Park High School (class of 1994).

“Growing up, I always wanted to live in San Diego,” said Paula. “We would visit my mom’s side of the family who lived in Chula Vista, and I thought it was such a nice place.”

After high school, Paula got a job at a call center that processed orders for products advertised on infomercials. She was eventually promoted as supervisor of the call center. When her call center was sold to another company, resulting in layoffs of nearly every employee except Paula, she negotiated with her new boss to work from home.

“That’s when I saw my chance to move to San Diego, and I took it,” said Paula.

Paula purchased a condo in Otay Ranch and had a pleasurable experience with her real estate agent.

“I could see myself being successful in real estate as a career. So, I studied and passed the test the first time,” said Paula, who began selling on a part-time basis. “After only a few deals, I was hooked. I loved everything about the transaction process and decided to devote full time to real estate.”

Paula has been a full-time REALTOR® since mid-2006.

“The market began crashing during my early days in real estate, but I didn’t know any better because nearly every month saw more income than the previous one,” Paula said. “I learned the REO market and stayed busy with short sales and cash-for-keys deals.

“Over the years, I’ve adjusted well to changing market conditions, thanks to the educational classes offered by PSAR. PSAR has always been there in good times and bad with training opportunities so we can take advantage of the current market conditions.”

Paula survived a diagnosis of uterine cancer in 2014. “As a result, my philosophy of life is to live life to the fullest. Life is short and I believe you should do what you can to enjoy it and be happy. To find joy, give your life away. Ongoing happiness only comes when you give your life away in service. The truth is, the most helpful people are the happiest people. It feels good to use your gifts to help others. Happiness comes from serving. You never know what will happen in life, so don’t waste a moment being unhappy,” recalls Paula.

“I love to meet people, which is one of the reasons I wanted to serve on the board of directors,” said Paula, who has been a member of the PSAR Grievance Committee for about six years. “PSAR has helped me so much in my career. Serving on the board is my way of making a contribution and giving back.”

“I would encourage every PSAR member to serve and give back to the profession in some way through PSAR. There are no insignificant ways to serve. Some are visible, while others are behind the scenes, but all are valuable. When it comes to serving at PSAR, there is no correlation between size and significance. That’s because every act of service matters because we are all dependent on each other to have a successful association.”

_______________________________

PSAR's mission is to empower REALTORS®.

 

Topics: Announcements, Leadership

TRACY CLARK, PSAR MEMBER, COMMERCIAL BROKER, 1955-2021

Posted by Rick Griffin on Jan 11, 2022 5:12:23 PM

blog_image_Tracy_Clark-2The PSAR family wishes to extend its condolences, thoughts and prayers with the sad announcement of the passing of Tracy Clark, a great man of faith, honesty and integrity.

A longtime PSAR member, Mr. Clark served as a commercial real estate broker for 34 years in the San Diego community. He served as senior vice president with Voit Real Estate Services, specializing in office, retail and investment properties. He served with Voit for 31 years. His family recalled one of his favorite sayings: “It’s a great day to be in commercial real estate.”

He passed away on Dec. 25, 2021, about 46 days after his Nov. 9 diagnosis of stage 4 pancreatic cancer.

A Celebration of Life service will be held at 11:30 a.m., Friday, Jan. 14 at Awaken Church, 7620 Balboa Ave., San Diego. Burial will be held later the same day at 3 p.m. at Glenn Abbey Memorial Park, 3838 Bonita Road, Bonita. All PSAR members are invited to attend.

Tracy Charles Clark was born on March 11, 1955, in Albany, Wisconsin. He attended high school in Wisconsin and graduated from a college in Illinois. He married Silvia Clark on March 26, 1983. Silvia is a PSAR member and REALTOR® in San Diego.

Mr. Clark is survived by his wife Silvia, daughters Kimberly Clark Underwood, Lindsey Clark and Ashley Clark and 1 granddaughter Clark Mercy Underwood.

His family reports that Mr. Clark stayed strong in his faith in God through his illness. Until his last breath, he never wavered in believing in God’s goodness and faithfulness to his family. His legacy will include as a man of honor and integrity who loved God and his family.

Topics: Announcements, Leadership

DYLAN GRAHAM, CONTRIBUTING TO PSAR’S FUTURE

Posted by Christine Antosada-Borromeo on Jan 7, 2022 1:30:00 PM
New PSAR Board Member Dylan Graham

Meet Dylan Graham, who was recently elected to a two-year term (2022-2023) on the PSAR board of directors.

 

Dylan, a San Diego native, graduated from St. Augustine High School (2006) and San Diego State University (2011) with a Bachelor’s degree in International Economics and Spanish. He grew up in East County and played in youth baseball leagues with real estate veteran Steve Wilson as his baseball manager. Later, Dylan played on his high school team, and then he played for the SDSU Aztecs under head coach Tony Gwynn.

Dylan, 34, said, “When I started my real estate career in 2017, Steve was my mentor. I’m very grateful for his time and continued guidance as I grow my business.”

Prior to real estate, Dylan returned to his high school to serve for a couple of years as a baseball coach. At a private batting practice session with one of his high school players, Dylan’s life was threatened in an incident that he will remember forever.

It was a couple of days before Christmas in 2015, when Dylan was pitching to Jack, a high school sophomore, at Hickman Field in Clairemont. A stranger approached and asked for a cigarette. Dylan replied that he didn’t smoke. Then, the stranger pulled out a .357-caliber Magnum handgun.

The man forced Dylan and the 16-year-old student into Dylan’s car. The gunman ordered Dylan to drive while the weapon was pointed at Dylan’s head. The ride from Highway 52 to Highway 67 toward Ramona stretched more than 30 miles over 40 minutes.

“I had a lot of time to think about my girlfriend Kristina, my life, and Jack’s life,” Dylan said. “I was thinking, ‘Am I going to crash the car here, are we just gonna jump out?’ But the whole way, he had the gun pointed to my head, so I couldn’t do much. I offered him money, my phone, and the car, all of which were ignored. As we started to get to the middle of nowhere, it was apparent it wasn’t going to end well.”

The kidnapper said his plan was to meet up with friends in the woods. With a gun still pointed at Dylan from behind and the student next to him in the front seat, Dylan made a decision and made his move at a construction zone near Dye Road and Wildcat Canyon Road.

“When he wasn’t paying attention,” Dylan said, “I let go of the wheel, jumped in the back seat, got my hands around his wrist, and just started fighting for the gun. I was in survival mode. I was enraged and screaming, trying to get the gun. I was fighting for my life.”

The student jumped out of the moving car. Dylan and the kidnapper struggled over the weapon. The kidnapper got off three shots, with one of those bullets going through the seat where the student had sat moments earlier.

The car crashed. The kidnapper ran from the crash, then carjacked a 79-year-old woman in Ramona. Later, he later robbed a Lemon Grove gas station. More crimes followed in Orange County. The one-man crime spree that included kidnapping and multiple robberies ended with the man’s arrest in a Riverside SWAT standoff. Later, the kidnapper was sentenced to life in prison without the possibility of parole.

Dylan said recently, “It was a pretty crazy incident, one of those weird things. It happened a while ago, but it still sticks with you. I’m still close to Jack’s family. You never know ahead of time what will happen. It makes you appreciate life.”

Dylan and Kristina were married in March of 2018. They live in the Rolando Village community, near SDSU. In 2019, Dylan was selected for a Citizens of Courage award from the San Diego County District Attorney’s Office. The DA’s Office said, “This high school coach acted with bravery and quick thinking to disarm a kidnapper and allow both to escape safely.”

With PSAR, Dylan has served the past couple of years on the Government Affairs Committee.

“I decided to serve on the board because homeownership and fighting for property rights is a passion of mine,” said Dylan. “We need to help the younger generation share in the American dream of homeownership. We need to support and empower REALTORS® who will be there to help future generations.”

Dylan believes all PSAR members should become involved with the association. “I think it’s important to get involved because REALTORS® are professionals who will help our communities. When you get involved, then you’re helping to shape the future and make a stronger, more effective association. In the end, PSAR provides an opportunity to help everyone in the community and our businesses.”

_______________________________

PSAR's mission is to empower REALTORS®.

Topics: Announcements, Leadership

STRONG SALES DESPITE TIGHTER INVENTORY, HIGHER INTEREST RATES

Posted by Rick Griffin on Dec 23, 2021 4:45:24 PM

November Housing Market Statistics

Even with low housing inventory and slightly higher interest rates, California’s housing market continued a strong sales pace in November 2021, while remaining above pre-pandemic levels, according to the latest home sales and price report from the California Association of REALTORS® (C.A.R.).

Closed escrow sales of existing, single-family detached homes statewide on a seasonally adjusted annualized rate rose 4.7 percent on a monthly basis in November 2021 to 454,450 units, compared to 434,170 in October 2021. The November 2021 sales pace was down 10.7 percent from a year ago in November 2020, when 508,820 homes were sold on an annualized basis.

The statewide annualized sales figure, collected from more than 90 local REALTOR® associations and MLSs statewide, represents what would be the total number of homes sold during 2021 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

Despite the fifth straight month for a year-over-year sales decrease, statewide home sales maintained a 10.6 percent increase on a year-over-year basis.

In San Diego, home sales were lower in November 2021 in month-over-month and year-over-year comparisons. San Diego home sales in November 2021 declined 6.1 percent compared to October 2021, and 6.6 percent lower than November 2020.

November 2021 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
November 2021 County Sales and Price Activity

Meanwhile, the California median home price dipped below the $800,000 benchmark for the second straight month in November 2021 to $782,480, a 2 percent drop from $798,440 in October 2021. The statewide November 2021 median price was 11.9 percent higher than the $698,980 recorded in November 2020. The 2 percent price decline was higher than the 0.1 percent average recorded between October and November in the past 42 years, and it’s consistent with the five-year average logged between 2016 and 2020.

In San Diego, the median sales price for an existing, single-family detached home was $847,750 in November 2021, a 0.3 percent decrease compared to $850,000 in October 2021. The November 2021 median price was 14.6 percent higher than a year ago at $740,000 in November 2020, nearly a $100,000 increase in one year.

“As we move further into the off-peak homebuying season, slowly rising interest rates will motivate savvy buyers to enter the market," said 2022 C.A.R. President Otto Catrina, a Bay Area real estate broker and REALTOR®. “With fewer active buyers in the market during the holidays, prospective buyers who may have taken a breather during the heated peak homebuying months can take advantage of this window of opportunity when there’s less competition and more homes to choose from.”

 “California’s winter housing market remains unseasonably resilient, despite market challenges of a lack of inventory, modest interest rate increases, and ongoing affordability issues,” C.A.R. Vice President and Chief Economist Jordan Levine said. “While we believe the market will continue to do well in 2022 as the economy further recovers, a widening imbalance between supply and demand will put upward pressure on prices and create headwinds for housing affordability that could slow sales in the upcoming year.”

Other key points from C.A.R.’s November 2021 resale housing report include:

-- At the regional level, four of the five major regions recorded a sales decline in a year-over-year comparison in November 2021.

-- Nearly two-thirds of all counties (32 of 51) had a year-over-year decrease in closed sales in November, with 16 counties declining by more than 10 percent from a year ago.

-- All major regions posted solid home price gains from a year ago, with four of them recording double-digit, year-over-year median price increases. The San Francisco Bay Area (18.2 percent) had the largest increase of all regions, followed by Southern California (14.0 percent).

-- Market competitiveness was less heated than a few months ago but remained elevated in November. Nearly two-thirds of homes (59.2 percent) sold above the asking price, but that was the lowest level in nine months. November was the 14th consecutive month since September 2020 that more than half of the homes sold above the asking price.

-- While the statewide median sales-price-to-list-price ratio remained above 100 percent, November’s number was the lowest level since March 2021. The sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and sellers under current market conditions. The ratio, expressed as a percentage, is calculated by dividing the final sales price of a property by its last list price. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, while a ratio below 100 percent indicates that the price sold below the asking price.

November 2021 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)
November 2021 County Unsold Inventory and Days on Market

-- The inventory of available homes for sale in San Diego County in November 2021 was 1.3 months, compared to 1.5 months in October 2121 and 1.6 months a year ago in November 2020. Numbers from previous months in 2021 included: September, 1.6; August, 1.7; July, 1.7. Statewide, the unsold inventory of homes was 1.6 months in November, compared to 1.8 months in October 2021 and 1.9 months in November 2020. It was the second straight month for a month-to-month drop statewide. Overall for the 2021 year, active listings fell 22.4 percent from 2020. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.

--The median number of days it took to sell an existing, single-family home in San Diego County in November 2021 was nine days, which was the same number in October and September 2021. A year ago, in November and October 2020, the number was seven days. The nine-day figure compares to seven days in July 2021, six days in June 2021, and seven days in May 2021. The median represents a time when half the homes sell above it and half below it.

-- Statewide, the median number of days it took to sell a California single-family home remained at 11 days in November 2021, unchanged from October 2021. The 11-day figure compares to 10 days in September 2021 and nine days in November 2020.

-- The 30-year, fixed-mortgage interest rate averaged 3.07 percent in November, up from 2.77 percent in November 2020, according to Freddie Mac. The five-year, adjustable mortgage interest rate averaged 2.51 percent, compared to 3.0 percent in November 2020.

Topics: Brokers/Managers, Market Information

New and Improved Paragon Features

Posted by Christine Antosada-Borromeo on Dec 10, 2021 8:35:26 AM

Three new tools in Paragon to help you become more efficient!

Price Analysis Widget

This new tool looks at Automated Valuation Models (AVMs) and Potential Buyers to help you determine the pricing for your listings.

You can find this feature through the menu bar of the Listing Input Forms for current Full, Partial, or Subject Property Listings.

The Potential Buyers are contacts in Paragon, Paragon Connect, and your Collaboration Center who have saved searches with parameters that your property would qualify for.

The Potential Buyers and the AVMs allow agents to determine how a price change might affect potential buyers. Simply enter a New Price into the widget and click on Recalculate Buyers to see how many saved searches your listing may trigger.

Clicking the Use New Price button will automatically change the price on the listing input form. 

Price Analysis Feature-1

Price Analysis Feature 2

Price Analysis Feature 3

Display and User Interface Updates

Paragon looks different – and better – now. The unnecessary white space has been removed. The buttons and labels look uniform across the platform, too. Those are in addition to several other cosmetic and functional improvements of the platform.

Old and New Features

Changes to Paragon Connect

There are several changes to the mobile version of Paragon to amplify its on-the-go MLS capabilities. Contact list upgrades, more search parameters, more edit options to listings, and more options to organize and communicate with clients have been added to its functionalities.

Old and New Mobile Features


Education

CRMLS offers a variety of resources to educate you on our products and services. Click above to visit the CRMLS training center.

Support

If you need MLS support, please click above or call (800) 925-1525 to be assisted.

Compliance

Your listing data is safe, clean, and accurate. Click above to chat live with a CRMLS Compliance representative.

 

Paragon Connect is also headed for major upgrades, so it's best to keep an eye out for more Paragon Connect news soon!

 

Read Paragon's Knowledgebase article for a full list of updates.

Topics: Announcements, CRMLS, Paragon

Winners of the 2021 REALTOR®, Broker/Office Manager & Affiliate awards

Posted by Rick Griffin on Dec 2, 2021 1:59:27 PM

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Congratulations to the recipients of the 2021 REALTOR®, Broker/Office Manager & Affiliate of The Year Awards! They will be honored at the R.E.A.L. Awards event early next year.

Honoring PSAR members who empower all REALTORS® through selfless contributions to our industry

2021 REALTOR® of the Year Award recipients:

denisse

Denisse Roland Newell
Central San Diego

Amber

Amber Tannehill
East San Diego

Charmaine

Charmaine Orcino-Gonzales
South San Diego

 

2021 Broker/Office Manager of the Year Award recipients:

mauricio
Mauricio Perez-Vazquez
Central San Diego
jeff
Jeff Campbell
East San Diego
Bob.
Bob Olivieri
South San Diego

 

2021 Affiliate of the Year Award recipients:

Karen
Karen Buelterman
Central San Diego
debra
Debra Yatsko
East San Diego
Andrea
Andrea Martino
South San Diego


More Criteria Information and Past Recipients

These award recipients were announced at the past week's Installation Dinner to honor the board of directors and chairs that served PSAR last year and incoming 2021 directors.

The primary mission of the Pacific Southwest Association of REALTORS® (PSAR) is to empower REALTORS® to achieve their business goals. The R.E.A.L. awards are a tangible recognition of the highest level of REALTORS® business achievement by agents, brokers and teams over the prior year.

“A hearty congratulations to everyone who received a special annual award,” said Ditas Yamane, 2021 PSAR President. “PSAR's mission is to empower REALTORS® to flourish while being accountable to each other, our clients, and our community. All these award winners embody our mission. I am so very proud of everyone.”

___________________________

Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth and development of the Real Estate industry in San Diego County.

Topics: Announcements, Events, Leadership

PSAR EXPANDS INTERNATIONAL TIES WITH PANAMA

Posted by Rick Griffin on Nov 30, 2021 11:00:22 AM

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PSAR is proud to announce the signing of a bi-national memorandum of understanding (MOU) agreement with La Asociación Panameña de Corredores y Promotores de Bíenes Raices (ACOBIR, translated: Panamanian Association of Real Estate Brokers and Developers).

ACOBIR, with about 500 members, is the Republic of Panama’s nationwide real estate trade association. It was founded in 1973. ACOBIR’s multiple listing service currently serves roughly 400 brokers affiliated with more than 200 real estate agencies in the transcontinental country that connects Central America and South America.

The MOU calls for a cooperative alliance between PSAR and ACOBIR to include business collaboration and facilitation for the benefit of each association’s members, as well as sharing information about properties, referrals about investment opportunities, and insights into local practices and laws.

In addition, the MOU calls for scheduling trade missions and joint representation at professional events and conferences, including the Expo Immobiliaria ACOBIR and National Association of REALTORS® meetings.

Also, the MOU calls for further promotion of professional designations available through NAR, including the International Realtor Member (IRM) and the Certified International Property Specialist (CIPS) Institute designations.

Both the IRM and CIPS professional designations recognize its designees as expert resources in the international real estate market with information, research, network, and tools to globalize their real estate practices and an understanding of financial, legal, and cultural differences for real estate transactions in various countries.

The MOU between PSAR and ACOBIR was signed by Fransisco Cheng, ACOBIR president, and Ditas Yamane, 2021 PSAR president.

“We are excited to establish a mutually beneficial relationship for the members of both associations,” said Yamane.

“We affirm the value of international collaboration,” said Cheng, “and we look forward to working collaboratively to generate more transnational business opportunities for our members.”

ACOBIR currently has several existing affiliations with societies and councils in the Republic of Panama, including the U.S. Business Council in Panama, Panamanian Chamber of Tourism and Construction Industry Integremial Alliance. ACOBIR’s international affiliations include the International Federation of Realtors and Central American Federation of Panama and the Caribbean of Chambers and Real Estate Brokers, as well as NAR.

PSAR also has previous existing MOUs with other international entities. In 2014, PSAR signed an MOU with Mexico’s national real estate association, the Asociacion Mexicana de Profesionales Immobiliarios (AMPI, translated: Mexican Association of Realtors). In 2018, PSAR signed a cross-border MOU with CEPIBC, the Consejo Estatal de Profesionales Inmobiliarios de Baja California, (CEPIBC), a statewide real estate trade group in the Mexican state of Baja California.

The MOU between PSAR and Panama was initiated and facilitated by PSAR members who are actively involved with the association’s Global Real Estate Council (GREC). The GREC serves PSAR members who are interested in cross-border opportunities and who want to network with other international real estate practitioners. Founded in 2013, GREC provides PSAR members with a platform to connect with individuals internationally and the opportunity to learn and expand their niche market in real estate internationally.

 PSAR’s GREC is dedicated to assisting the needs of PSAR members who desire to expand their international outreach and help international capital investment clients make informed transactions with effective counsel across multiple jurisdictions. The vision of the Council is to provide and facilitate educational opportunities to enable PSAR members to expand their practice and organize global-themed events.

In recent years, GREC has hosted several educational events designed to assist PSAR members in helping international capital investment clients to make informed transactions with effective counsel across multiple jurisdictions. The training sessions have focused on cultural customs and diversity, as well as panel discussions and forums with international partners.

Global Council and Panama

Topics: Global Real Estate Council, Government Affairs, PSAR Benefits

OCTOBER PRICES LEVEL OFF, LOW RATES PROVIDING SUPPORT

Posted by Rick Griffin on Nov 26, 2021 6:00:00 AM

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California’s housing market continued to maintain a healthy sales pace in October 2021, above pre-pandemic levels and even as sales dipped from 2020. While prices leveled off, low mortgage rates are continuing to provide support, according to the latest home sales and price report from the California Association of REALTORS® (C.A.R.).

Closed escrow sales of existing, single-family detached homes statewide on a seasonally adjusted annualized rate dipped 0.9 percent on a monthly basis in October 2021 to 434,170, compared to 438,190 in September 2021, and down 10.4 percent from a year ago in October 2020, when 484,510 homes were sold on an annualized basis. The statewide annualized sales figure, collected from more than 90 local REALTOR® associations and MLSs statewide, represents what would be the total number of homes sold during 2021 if sales maintained the October pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

Despite the fourth straight year-over-year sales decrease, statewide home sales maintained a 13.4 percent increase on a year-to-date basis.

In San Diego, home sales declined 4.9 percent between October and September 2021. In a year-over-year comparison, San Diego home sales were off by 8.3 percent.

Meanwhile, California’s median home price continued to level off as the market moved further into the off-season, dipping below the $800,000 benchmark for the first time in seven months. In October 2021, the statewide median price was $798,440, which was down 1.3 percent from the September 2021 price of $808,890 but was up 12.3 percent from the $711,300 recorded in October 2020.

October 2021 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
_blog_211124_chart1

It was the second consecutive month for a statewide, month-to-month price decline. However, the price drop between September and October 2021 was on par with the 1.5 percent average decline over the past 42 years.

In San Diego, the price for an existing, single-family detached home remained at $850,000 in October 2021, the same price as of September 2021, but 13.5 percent higher than the October 2020 price of $749,000.

“As the housing market moves from ‘frenzied’ to ‘less frenzied’ and price growth comes back to earth, fewer homes are selling above asking price and bidding wars are less prevalent, so more buyers who pushed pause earlier this year will be able to take advantage of still-cheap financing,” said 2022 C.A.R. President Otto Catrina, a Bay Area real estate broker, and REALTOR®. “With their median price being 30 percent less than that of a single-family home, condominiums and townhomes have been selling particularly well as they are a more affordable option to buyers with a smaller budget.”

“Despite a slowdown in sales from last year’s robust fall season, the California housing market continues to stabilize and is outperforming the pre-pandemic levels observed in 2017, 2018, and 2019,” C.A.R. Vice President and Chief Economist Jordan Levine said. “Slower sales activity suggests that the market is returning to its typical seasonal pattern and further market normalization can be expected in the upcoming months. While the market is showing signs of cooling off in recent months, 2021 continues to outpace last year’s sale level so far and is expected to post a gain at year-end.”

Other key points from C.A.R.’s October 2021 resale housing report include:

-- At the regional level, sales in all five major regions declined in a year-over-year comparison in October. Sales in Southern California also dipped by double-digits in October, with Orange, Riverside, and San Bernardino counties each dropping 10 percent or more.

-- Almost all California counties (49 of 51) have experienced an increase in their median prices since last year and prices in 40 counties have increased by more than 10 percent since last October.

-- Market competitiveness remained elevated in October 2021. Nearly two-thirds of homes (60.2 percent) sold above the asking price. The statewide sales-price-to-list-price ratio was 101.5 percent in October 2021, compared to 100.2 percent in October 2020. The sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and sellers under current market conditions. The ratio, expressed as a percentage, is calculated by dividing the final sales price of a property by its last list price. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, while a ratio below 100 percent indicates that the price sold below the asking price.

-- October 2021 was the 13th consecutive month since September 2020 that more than half of the homes sold above the asking price. In September 2021, six out of 10 homes (62.2 percent) sold above the asking price, compared to 67 percent in August 2021 and 70 percent in July 2021.

-- Statewide, the unsold inventory of available homes for sale was 1.8 months in October 2021, compared to 1.9 months in September, August, and July 2021. In October 2020, the unsold inventory figure statewide was at 2.0 months. Inventory levels measured in months indicate the number it would take for the available supply of homes on the market to sell out given the current rate of sales.

October 2021 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)
blog_211124_chart2

-- In San Diego County, the inventory of available homes for sale in October 2021 was at 1.5 months, compared to 1.6 months in September 2021 and 1.8 months in October 2020. The figure was 1.7 months in August 2021 and July 2021.

-- The median number of days it took to sell a California single-family home inched up to 11 days in October 2021, up from 10 days in September 2021 and 10 days in October 2020. The uptick was the first in more than two years. The 11-day figure compares to nine days in August 2021, eight days in July and July, and seven days in May and April. Prior to setting record low numbers this year, the previous statewide record was nine days in November 2020.

-- In San Diego County, the median number of days an existing, single-family home remained unsold on the market was nine days in October 2021, which was the same number in September 2021. In October 2020 and September 2021, the number was seven days. The nine-day figure compares to seven days in July 2021, six days in June 2021, seven days in May 2021, six days in April 2021 and March 2021, and seven days in February 2021 and January 2021. The median represents a timeframe when half the homes sell above it and half below it.

-- The 30-year, fixed-mortgage interest rate averaged 3.07 percent in October, up from 2.83 percent in October 2020, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 2.54 percent, compared to 2.89 percent in October 2020.

Topics: Brokers/Managers, Market Information

PSAR MEMBERS HONORED AS C.A.R. LIFE MEMBERS

Posted by Rick Griffin on Nov 12, 2021 8:40:42 AM

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PSAR is proud to announce that 15 PSAR members have been approved by the PSAR board of directors for recognition by the California Association of REALTORS® (C.A.R.) as honorary members for life.

The 15 members include:

• Loretta Beckstrand • Sten Bjernefalt • Dan Brennan
• Grace Brickner • Bette Crowther • Tony Dulawan
• Patricia Egre • Richar Faust • Cynthia Faust
• Margaret Hueppchen • Marilyn McClelland • Patti McKelvey
• Lynette Mejia • Rosina Orozco • Pamela Ratcliffe

Congratulations to each esteemed member for your long-term commitment to professionalism and excellence in the real estate industry.

This latest 2021 group of new C.A.R. life members will receive a waiver of C.A.R. dues beginning in 2022. They will continue to receive a dues waiver for as long as they remain eligible for REALTOR® membership or until retirement from the field.

Requirements to be honored as a C.A.R. life member include remaining as a C.A.R. member in good standing for a minimum of 25 years and attaining the age of 75.

Acceptance as honorary members for life also requires approval of the C.A.R. Membership Committee and the C.A.R. Board of Directors at one of its three annual membership meetings. Applications for the honorary member-for-life designation must be received in advance of the meetings in order for the dues waiver to be effective the following year. Applications will not be processed without the signature of the member’s local association executive.

Applications are available on the C.A.R.website and using THIS FORM

For additional information, send an email to hmfl@car.org.

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PSAR's mission is to empower Realtors.

Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth, and development of the Real Estate industry in San Diego County. 

Topics: Education, Brokers/Managers, Leadership, Government Affairs, Market Information, Industry