NEW - Optional Concessions In Price MLS Field.

Posted by Communications on May 15, 2024 3:26:14 PM

Concession_240515_Blog (1)

Starting May 29, users will have access to the optional Concessions in Price (CiP) fields when creating a listing. 

The facts:

  • In 2023, nearly 40% of closed residential listings included some form of concessions, including the seller paying for escrow and title fees, loan discount points, and repair and/or upgrade costs.
  • 15% of those closed residential listings in 2023 had some sort of advertisement for Concessions being offered in the Private Remarks section of the listing.

With such a large amount of our user base actively offering concessions, we saw an opportunity to create a specific set of dedicated fields for the benefit of our users and their clients. These new CiP fields will allow agents to convey their willingness to offer concessions at the listing level, thus allowing for clearer communication and cooperation between agents and brokers. 

The new fields benefit all parties:

  • Listing agents and sellers
    Will gain a dedicated space to advertise/market their willingness to consider concessions at the listing input level
  • Buyer's agents
    Will be able to better serve their clients with up-front information on which listings will consider concessions to assist in transaction fees 
  • Homebuyers
    Enhanced transparency on which listings are willing to consider concessions to assist with their financial needs  

What's changing?
Currently, concessions are recorded only at the close of a transaction with a mandatory requirement to state the amount of any concession. The new, more descriptive CiP fields will be available for input at the listing level.

To be clear, the new CiP fields will be optional and only reflect a client's willingness to consider concessions. Details regarding the concessions that may be offered must be discussed outside of the MLS and after a written agreement is signed.

The new fields will be titled: 

  • Concessions in Price: a text box for numerical input only. This amount should include any and all potential concessions in a single total amount.
  • Concessions in Price Type: classify the number above as either $ or %
  • Seller Consider Concessions?: either Yes or No. If Yes, then the listing will include the phrase “A Seller may consider a buyer concession if made in an offer.”  

As of May 29, the new fields in your Matrix system will appear here:

Additional CiP Resources
FAQs
The Facts About Concessions Infographic
Concessions in Price Infographic

 

 

 

Topics: CRMLS

Good Neighbor Award Rafael Perez: Recognizing his Community Service and Housing Advocacy

Posted by Rick Griffin on May 8, 2024 12:23:58 PM

Rafael Perez

Congratulations to PSAR REALTOR® Rafael Perez, a recipient of a PSAR Good Neighbor award for the 2024 first quarter.

The PSAR Good Neighbor Awards highlight volunteer activities by individual PSAR members in the community

A PSAR REALTOR® of the Year award winner and longtime PSAR Board Member, Rafael has worked in real estate since graduating from San Diego State University in 2004. He has extensive experience as a realtor, mortgage banker, lender, and educator.

Throughout his career, he has served as a community volunteer in many different roles. He also has led previous PSAR advocate efforts on smart growth, fair housing, and housing supply solutions, including serving as chair of PSAR’s Government Affairs Committee-Central Area.

He was recently involved in PSAR’s flood relief grant efforts. PSAR and SDAR jointly received a $1.16 million grant from the Realtors Relief Foundation (RRF) to assist flood survivors. San Diego flood victims who suffered damage to their homes during the January 2024 storms are reminded to reach out to PSAR before the May 31 application deadline.

Currently, Rafael is serving as board chair of the Casita Coalition, a non-profit organization that advocates for more housing solutions, including ADUs and Missing-Middle housing. Casita Coalition educates industry and governmental officials on best practices and promotes increased homeownership opportunities.

Several years ago, Rafael was instrumental as PSAR’s lead in a two-year effort to help the City of San Diego draft a handbook for homeowners around new rules and regulations for ADUs (auxiliary dwelling units), also called “companion units” or “granny flats.” PSAR supports the rights of property owners to expand the use of their property as a way to address the region’s housing supply and affordability crisis.

Rafael’s participation in the City of San Diego’s ADU Coalition culminated with the city’s 2019 publication of the “Companion Unit Handbook,” a 38-page booklet that today serves as a helpful guide to homeowners seeking to construct a companion unit on their property.

“From the beginning, we brought a REALTORS® perspective to the table,” Rafael said. “At first, some of the people at the city had not considered how companion units could change how homebuyers view their future purchase or how existing homeowners could increase their equity. So, we were able to help shape the regulations to benefit the city and homeowners and buyers.”

Rafael has held the position of 2023 board chair of the Sherman Heights Community Center. The center’s diverse programming, ranging from support for senior citizens to youth activities and food security initiatives, has served as a hub for significant impact on the historic neighborhoods of Sherman Heights, Logan Heights, Grant Hill, and surrounding areas.

Notably, the Sherman Heights Community Center has gained recognition for its vibrant Día De Los Muertos events. Rafael is currently chairing the facility committee, which is overseeing fundraising for the construction of a solar energy project for the community center.

Additionally, Rafael dedicated four years to serving on the National Association of REALTORS® (NAR) Fair Housing Policy Committee, a group that promotes fair housing and opposes segregation through redlining and other roadblocks, including exclusionary zoning. He was one of four realtors in the U.S. who were recognized in 2022 with an inaugural Fair Housing Champion award

2022 NAR Fair Housing Champion Award - Rafael Perez2022 NAR Fair Housing Champion Rafael Perez, shares his expertise during a panel discussion called “Building a Legacy: How Latino Families Can Secure Their Financial Future

 

 

 

He served as a Commissioner for the City of San Diego's Citizens’ Equal Opportunity Commission for nine years until 2022.

Following this, he was appointed to the San Diego County Regional Airport Authority Board in January 2023, where he is a Board Member for the Authority and serves as a representative (alternate) on the SANDAG Transportation Committee.

blog photo_Rafael PerezFurther showcasing his commitment to community well-being, he served as a board member of the United Lowrider Coalition. Rafael worked with the coalition and Assemblymember David Alvarez (D-80th District) on the passage of Assembly Bill 436, which removed the authorization for a local authority to adopt rules and regulations regarding cruising bans.

Rafael also has volunteered at Sherman Elementary, actively participating in the school site council, site governance team, and PTA. He played a role in the school's transition to a Community School when it was selected in San Diego Unified School District's second cohort of Community Schools in 2023.

Rafael also is serving as Secretary for the San Diego County Democratic Party.

“Our members are active and helping in the community, and they should be recognized for their efforts,” said Laurie, who is highlighting volunteer activities by PSAR members during her 2024 term as president. “I believe that realtors are one of the most likely professions to volunteer in their local communities.”

MacDonald, a La Mesa resident, is leading by example. She is currently in her third year serving as president of the La Mesa Park & Recreation Foundation, a nonprofit that raises funds to improve parklands and programs at parks in the city of La Mesa.

Nominees must be active licensed REALTOR® or Affiliate members in good standing with PSAR.

Nominees are judged on the level of personal commitment, especially volunteer (unpaid) hours. Monetary and other resource contributions are also considered.

Some portion of the nominee’s work must have taken place within 12 months prior to the nomination's rolling deadline of the last business day of each month.

If an individual within your company can be singled out as instrumental to the success of a group effort, then he or she is eligible. If the achievements of two people (such as a married couple or co-founders of an organization) cannot be separated, then they can enter as a pair and their entry will be considered as one.

Nominations for a quarterly PSAR Good Neighbor award should be submitted by emailing Sally Valdez, PSAR VP of Operations, at sally@psar.org.

Topics: Announcements, Leadership

Accredited Buyer's Representative. (ABR®) Designation

Posted by Kevin McElroy on May 2, 2024 4:00:54 PM

Accredited Buyer's Representative (ABR®) Designation

The Accredited Buyer’s Representative (ABR®) designation is for real estate professionals passionate about working with buyer clients and want to acquire enhanced business skills that lead to service level excellence.

Who Should Consider the ABR® Designation?
This prestigious designation is tailored to real estate buyers' agents committed to enhancing their expertise in assisting buyer-clients throughout the home-buying process. REALTORS® who achieve the ABR Designation will stand out in a competitive market.

Attend PSAR's FREE ABR® Class on May 30th and May 31st, 2024

What Benefits Does the ABR® Designation Offer?

1. Advanced Education

Embarking on the ABR® designation journey enriches your understanding and skills, making you a more competent agent in the eyes of potential home buyers. This program offers a robust educational experience focusing on the needs and trends relevant to home buyers, ensuring you are well-equipped to handle various buyer scenarios effectively.

2. Exclusive Resources and Tools

As an ABR® designee, you gain exclusive access to members-only publications, marketing tools, and comprehensive resources crucial for remaining in the forefront of a fast-evolving real estate marketplace. These are tools that will enable you to market your services more effectively and efficiently.

3. Networking and Referrals

Joining the ABR® community opens up networking opportunities with other real estate professionals. Relationships lead to referrals and collaborative prospects, expanding your business reach and potential client base.

________________________________

How to Earn the ABR® Designation

  • Take this two-day Core Designation Course (free to PSAR Members*)
  • Complete one of the ABR® elective classes
  • Document five completed transactions in which you acted solely as a buyer representative. (These transactions do not need to fall within a specific period of time.)
  • Membership in good standing in the National Association of REALTORS® (NAR).
  • Membership in good standing in REBAC

Application Process and Future Cost

  • Submit the application and documentation of five completed buyer-agent transactions.
  • The first year of REBAC membership is free
  • The second year is $110, but prorated based on the month you joined REBAC
  • $110 per year thereafter


The ABR® Designation is earned only by completing a series of achievement benchmarks, each of which demonstrates your superior skill set and advanced knowledge. 

__________________________________________

PSAR's mission is to empower real estate professionals.

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

Topics: Education

Interested in Representing PSAR's Members in Leadership?

Posted by Kevin McElroy on Apr 5, 2024 2:14:07 PM

2025 PSAR and CAR Nomination

    Sign up, and be a part of PSAR’s Leadership by becoming an Officer or Director.

The Pacific Southwest Association of REALTORS® (PSAR) is seeking dedicated real estate professionals who have been active on a committee to step up and run for a position on the 2025/26 Board of Directors. Play a vital role in shaping the future of the association and the real estate industry in the region.

Why Get Involved? Contributing your time and leadership to PSAR is an incredible way to give back to the REALTOR® community that helps sustain your business. Have the opportunity to:

  • Influence important decisions that impact real estate professionals.
  • Stay ahead of the curve on legislative issues, new laws, and industry trends.
  • Expand your network by working alongside other high-caliber leaders.
  • Gain valuable experience in association governance and leadership.
  • Raise your profile and reputation among peers.

The deadline for Submission is Friday, April 26, 2024 (5 PM) for the following positions on the 2025 Board of Directors:

  • President-Elect
  • Secretary/Treasurer
  • Directors (5 positions)

Make your voice heard and help uphold the professional standards and ethical values that incentivize REALTORS® to remain in the business. Submit your nomination today!

Click on the link to access the nomination forms: 

2025/2026 Board and Officer Nomination Form

2025 CAR Director Application

2025 Affiliate Director Nomination

 

Topics: Leadership, Industry

HOME SALES PACE NOT SLOWING IN SAN DIEGO

Posted by Rick Griffin on Apr 4, 2024 9:25:00 AM

HOME SALES PACE NOT SLOWING IN SAN DIEGO

While California’s statewide housing market lost momentum in March after lower home sales, the sales pace did not slow down in San Diego County with a jump of more than 15 percent, plus a return to median home prices exceeding $1 million, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

Statewide, the sales pace for existing, single-family homes fell 7.8 percent from February 2024 to March 2024, and a drop of 4.4 percent from March 2024 to March 2023. March was the first time in three months for statewide home sales to decline on a year-over-year basis.

Also, the statewide sales pace remained below the 300,000-threshold for the 18th consecutive month. On a year-to-date basis, California home sales still exceeded the level experienced in first-quarter 2023 by 0.7 percent, but the gain continued to shrink in March. Year-to-date statewide homes sales were up 0.7 percent.

In contrast, home sales in San Diego increased 15.7 percent in a month-over-month comparison between March 2024 and February 2024. However, in a year-over-year comparison between March 2024 and March 2023, the sales pace was lower, a decrease of 7.1 percent.

Similarly, San Diego home prices kept moving higher. The median sales price of an existing, single-family detached home in March 2024 was $1,020,000, a 4.1 percent difference from February 2024, when the median price was $980,000. A year ago, in March 2023, the median price for a San Diego home was $915,000, a difference of 11.5 percent with March 2024.

March 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

March 2023 County Sales and Price Activity (Regional and condo sales data not seasonally adjusted)

Home prices on a statewide basis also have been higher. The median price of an existing, single-family home in California was $854,490 in March 2024, compared to $806,490 in February 2024, and $793,260 in March 2023.

The year-over-year gain was the ninth straight month of annual price increases for the Golden State. March marked the 11th time in the last 12 months that the median price for an existing single-family home was above $800,000.

Sales of homes priced at or above $1 million dollars in California have been holding up better than their more affordable counterparts in the last few months.

The $1 million-and-higher market segment continued to grow year-over-year in March 2024 by a decent clip (9.9 percent), while the sub-$500,000 segment declined again modestly (-2.4 percent). The change in the mix of sales continued to provide upward support to the statewide median price and was partly responsible for the solid increase in year-over-year growth rate at the end of the first quarter.

“While home sales lost momentum in March, the housing market remains competitive as we’re seeing the statewide median home price reaching the highest level in seven months, and homes selling quicker than last year,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®.  “On the supply side, the market continues to improve with an increasing number of properties being listed on the market as more sellers begin to accept the new normal.”

“With mortgage rates reaching the highest levels since mid-November 2023, the housing market struggled to build on the momentum exhibited in the first two months of this year,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. ”While sales could be hindered by higher rates in the coming weeks, the uptick in recent months suggests that we could see a bounce back in housing activity when the market digests the latest inflation report.”

 

Other key points from C.A.R.’s March 2024 resale housing report include:

 

  • Home sales in most major regions of the state declined on a year-over-year basis in March 2024, including 7.8 percent in Southern California.

  • At the regional level, all major regions registered an annual increase in their median price from a year ago, including a double-digit price gain of 11.1 percent in Southern California.

  • Unsold inventory statewide decreased 13.3 percent in March 2024 on a month-over-month basis but increased from March 2023 by 23.8 percent. The index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, dipped from 3.0 months in February 2024 to 2.6 months in March 2023. The index was 2.1 months in March 2023.

March 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

March 2023 County Unsold Inventory and Days on Market (Regional and condo sales data not seasonally adjusted)

  • Active listings at the state level in March 2024 increased on a year-over year basis for the second consecutive month, and the increase was the largest in 13 months. It’s an encouraging sign that housing supply could be heading in the right direction as the market enters the spring home-buying season. However, mortgage rates could reach a four-month-high in coming weeks and rates are expected to remain elevated longer than previously anticipated, which could delay some potential sellers in putting their house up on the market.

  • New active listings at the state level increased from a year ago for the third consecutive month by double digits as more sellers listed their homes on the market ahead of the spring home-buying season. The jump in new housing supply, along with a modest slowdown in housing demand last month, contributed to an improvement in the overall active listings.

  • The median number of days it took to sell a California single-family home was 19 days in March 2024, 22 days in February 2024, 32 days in January 2024 and 24 days in March 2023.

  • In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in March, 13 days in February 2024, 21 days in January 2024 and 15 days in March 2023. The median represents the time when half the homes sell above it and half below it.

  • C.A.R.’s statewide sales-price-to-list-price ratio was 100 percent in March 2024 and February 2024, 98.9 percent in January 2024 and 99.1 percent in  March 2023.

  • The 30-year, fixed-mortgage interest rate averaged 6.82 percent in March, up from 6.54 percent in March 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Topics: Brokers/Managers, Market Information

MEET CHARMAINE ORCINO-GONZALES, NEW PSAR BOARD MEMBER, MAKING AN IMPACT ON PEOPLE’S LIVES

Posted by Rick Griffin on Apr 3, 2024 9:00:00 AM

Charmaine Orcino-Gonzales

Meet REALTOR® Charmaine Orcino-Gonzales, who was recently elected to serve a two-year term (2024-2025) on the PSAR board of directors.

After a successful 19-year career in banking, Charmaine had a simple reason for switching to real estate in 2016.

“At first, it was a scary transition, but I was motivated to be more involved and make a bigger impact on other people’s lives,” she said. “What better way to do that than to help people with the biggest investment of their lives.”

Charmaine grew up in San Diego and graduated from Morse High School. “Right out of high school, I started working as a bank teller,” she said. “After moving up the ranks to management, I was promoted to sales development consultant with a territory that stretched from the border to La Jolla to Alpine.”

Charmaine said she joined PSAR at the start of her real estate sales career.

“I felt intimidated at my first rally-and-ride pitch session. I can be very shy in unfamiliar environments,” said Charmaine. “Fortunately, a friendly person approached me and welcomed me to PSAR. Later, we met for coffee and one month later he referred me to a client. I ended-up doing four deals with that same client, who later referred me to another four clients. It’s my fairytale, Cinderella story, all because of making just one connection at a PSAR pitch session.”

Charmaine said she became more involved with PSAR in 2019, starting with PSAR’s Young Professionals Network (YPN) group. First, she was a YPN Committee member, followed by Co-Vice Chair in 2020 and Chair in 2021.

She also has served with PSAR as the Chair of the planning committee for the R.E.A.L. (Real Estate Achievement and Leadership) awards celebration event the last two years.

A couple of years ago, she was approached about serving on the PSAR board of directors.

“I was tapped on the shoulder and encouraged to run for a board position, but I wasn’t ready at the time. The timing wasn’t right,” Charmaine said. “Last year, I was tapped on the shoulder again and decided to go for it. I’m grateful for the opportunity to serve on the board in 2024. I’m super excited.”

Today, the roles are reversed and she’s doing the “tapping on the shoulder,” encouraging PSAR members to get involved.

“There’s not a better way to get involved in supporting the industry than serving on a PSAR committee,” she said. “I’m always approaching our members and encouraging them to get involved. It’s a great opportunity to learn more about the nuts-and-bolts of our industry and develop a deeper connection to our careers, including supporting property rights and homeownership. And, you never know whom you will meet and how they can help you.”

Charmaine also says she appreciates the supportive culture and sense of community she feels as a member of PSAR and when she attends PSAR events.

“I would encourage all of our PSAR members, especially newer agents, to attend as many events as possible and get involved, the earlier the better,” she said. “The connections with peers and colleagues are so important in this business."

Charmaine said one of the reasons she chooses to be a member of PSAR is because it is member-driven and member-centric, supported by an incredible staff. “The PSAR staff backs-up what they say with their hard work. They really do care. They serve the members in the best ways and everyone succeeds. I will always stay loyal to PSAR.”

Topics: Announcements, Leadership

Navigating Price Gouging Laws in California: A Guide For Real Estate

Posted by Communications on Mar 12, 2024 10:00:00 AM

Price Gouging Laws in California
In the wake of emergencies, the real estate industry in California faces unique challenges. Understanding the state's anti-price gouging laws is crucial whether you're a sales agent, broker, or property manager. These laws not only protect consumers during crises but also guide professionals in maintaining ethical standards.

Here's what you need to know: 

The Essence of Price Gouging in Real Estate
Price gouging occurs when prices for housing, rentals, or other essential services are significantly increased to exploit an emergency. For real estate professionals, this typically relates to the pricing of rentals, homes for sale, and emergency lodging. The goal is to prevent undue strain on those affected by disasters, ensuring access to housing remains fair and equitable.

California’s Stance on Price Gouging
California law, specifically Penal Code Section 396, restricts increasing the price of housing and other essential services by more than 10% following an emergency declaration. This applies to sales, rentals, and services across the board, ensuring that real estate professionals are aligned with legal and ethical pricing standards during critical times.

Timing and Application of the Law
These protections activate immediately upon an emergency declaration by federal, state, or local authorities and are initially set for 30 days. For real estate-related services, like reconstruction and cleanup, the period extends to 180 days. Importantly, officials can extend these timeframes to meet ongoing needs, affecting how properties are marketed and managed.

Staying Informed on Declarations
Real estate professionals should closely monitor emergency declarations to comply with legal requirements. This includes staying updated through the Governor's website and local government channels. Awareness of state and local declarations is key to ensuring your practices align with current regulations. The following locations are under price gouging protections.

Who and What Is Covered?
The statute broadly applies to all entities within the real estate sector, including individuals and companies involved in selling, renting, or managing properties. It covers a wide range of necessities, notably including rental housing, hotels, and motels, ensuring that the industry's response to emergencies is comprehensive and compliant.

Addressing Cost Increases and Violations
If your costs increase due to supplier price hikes, the law allows the cost to be factored into pricing, provided it can be justified. However, compliance with the statute is closely monitored, and violations can lead to severe penalties, including fines and criminal charges. Ensuring transparency and fairness in pricing is crucial to avoid legal repercussions.

Role of Real Estate Professionals in Compliance
As gatekeepers of housing and essential services, real estate professionals have a pivotal role in upholding these laws. This involves adhering to pricing regulations and advising clients and the community on their rights and protections. Your guidance can help navigate the complexities of emergencies, ensuring access to housing remains fair and stable.

Conclusion
For real estate professionals in California, understanding and complying with anti-price gouging laws is essential. These regulations ensure that during emergencies, the industry acts with integrity, maintaining fair pricing and access to housing. By staying informed and adhering to these laws, you play a vital role in supporting communities during their most vulnerable times, reinforcing the ethical standards that define the real estate profession.

This link provides useful guidance for identifying if a state of emergency affecting price gouging in rental housing is in effect. Simply locate your rental property's county on the list and note the code (a letter in parentheses) next to it. Then, refer to the explanations at the bottom of the page to understand which price gouging laws apply to your situation

 

Important Disclosure
Please note that the information provided in this blog post is for general informational purposes only and does not constitute legal advice. Real estate laws and regulations can be complex and subject to change. While we strive to present accurate and up-to-date information, we cannot guarantee the completeness, reliability, or applicability of the content to your specific situation.

As a real estate professional, it's essential to understand your actions' legal implications, especially in emergencies and price-gouging laws. Therefore, we strongly recommend consulting with a qualified attorney or legal expert to obtain advice tailored to your specific circumstances. Doing so will ensure you navigate these challenges with the utmost compliance and integrity, safeguarding your professional practice and the communities you serve.

 

Topics: Brokers/Managers, Government Affairs, Property Management

HOUSING MARKET REMAINS RESILIENT, DESPITE HIGHER RATES

Posted by Rick Griffin on Mar 11, 2024 1:00:00 PM

LOWER HOME SALES, EVEN WITH LOWER MORTGAGE RATES

Despite a recent uptick in mortgage interest rates, California’s housing market continued to demonstrate resiliency in February 2024, reaching sales levels not seen since September 2022, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

In San Diego County, homes sales and home prices outpaced statewide levels with greater margins.

Sales of existing, single-family homes in San Diego County increased 20.9 percent in a month-over-month comparison between February 2024 and January 2024. In a year-over-year comparison between February 2024 and February 2023, the sales pace also was higher, an increase of 8.1 percent.

Similarly, statewide home sales for February 2024 increased 12.8 percent in a month-over-month comparison and 1.3 percent year-over-year. The monthly sales increase was the second straight month of double-digit gains for California. It was also the second consecutive month of year-over-year gains.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 290,020 in February, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide sales pace remained below the 300,000 threshold for the 17th consecutive month. While it is likely that sales will stay below this level in the first quarter of 2024, statewide home sales on a year-to-date basis remained positive with an increase of 3.4 percent, suggesting a better spring home-buying season than that experienced last year.

Meanwhile, home prices continued to rise in San Diego County in February 2024.

The median sales price of an existing, single-family detached home in San Diego County in February 2024 was $980,000, a 5.9 percent difference from January 2024, when the median was $925,000. A year ago, in February 2023, the median price for a San Diego County home was $878,000, a difference of 11.6 percent with February 2024.

February 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

February 2023 County Sales and Price Activity (Regional and condo sales data not seasonally adjusted)

Home prices on a statewide basis also increased, but at smaller margins compared to San Diego. The median price of an existing, single-family home in California was $806,490 in February 2024, a 2.2 percent difference with the statewide median price of $789,480 in January 2024. A year ago, in February 2023, the statewide median home price was $735,300, a difference of 9.7 percent with February 2024.

The near-double-digit, year-over-year gain was the eighth straight month of annual price increases for the Golden State. It was the tenth time in the last 11 months that the median price for an existing single-family home was above $800,000.

With mortgage rates on the uptick since the start of the year and concerns about rates staying elevated for at least the first half of 2024, the housing market could struggle to build on the momentum exhibited in the first two months of this year. However, tight inventory conditions should keep the market highly competitive and provide support for prices.

Moreover, sales of homes priced at or above $1 million have been holding up better in the last few months than more affordable options. The high-end market segment continued to grow year-over-year in February by double digits, while the more affordable segment declined again modestly. The mix of sales toward higher priced homes continued to provide support to the statewide median price and was partly responsible for the strong surge year-over-year price growth rate in February.

“Housing supply conditions in California continued to improve in February with new active listings rising more than 10 percent for the second straight month,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “This is great news for buyers who have been competing for a dearth of homes for sale, and the momentum will hopefully build further as we enter the spring home buying season.”

“Consumers have been feeling more positive about buying and selling since the beginning of the year, as increases in sales activity and home prices are reflected in the latest improvement in optimism,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “While the recent upward movement in interest rates may result in more moderate sales in March, we expect homebuyers on the sidelines to reenter the market as the economy slows and rates begin to trend down again in the second quarter.”

 

Other key points from C.A.R.’s February 2024 resale housing report include:

  • Home sales in all major regions in the state rose in February 2024, including 7.0 percent in Southern California.

  • At the regional level, home prices increased in February 2024 in all major reasons compared to a year ago, including 10.8 percent in Southern California.

  • The unsold inventory statewide index decreased 6.3 percent in February 2024 on a month-over-month basis, dipping by 3.2 percent from February 2023. The index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, dipped from 3.2 months in January 2024 to 3.0 months in February 2024. The index was 3.1 months in February 2023.

    February 2023 County Unsold Inventory and Days on Market
    (Regional and condo sales data not seasonally adjusted)

    February 2023 County Unsold Inventory and Days on Market (Regional and condo sales data not seasonally adjusted)

  • The unsold inventory index of available existing homes for sales in February 2024 in San Diego County was 2.3 months, a figure that was identical to February 2023. The index was 2.6 months in January 2024. 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.

  • Existing active listings at the state level increased on a year-over year basis for the first time in 11 months. February’s increase was the largest in 12 months, an encouraging sign that housing supply could be heading in the right direction as the market approaches the spring home-buying season. However, mortgage rates have increased since the start of the year and are expected to remain elevated, which may cause potential sellers to have second thoughts about listing their house for sale.

  • New active listings in February 2024 at the state level increased from a year ago for the second consecutive month by double digits as more sellers listed their homes on the market ahead of the spring home buying season as mortgage rates dipped at the start of the year. The annual listings increase was the largest since May 2022.

  • The median number of days it took to sell a California single-family home was 22 days in February 2024, 32 days in January 2024 and 35 days in February 2023.

  • In San Diego, the median number of days it took to sell an existing, single-family home was 13 days in February 2024, 21.5 days in January 2024 and 19 days in February 2023. The median represents the time when half the homes sell above it and half below it.

  • C.A.R.’s statewide sales-price-to-list-price ratio was 100 percent in February 2024, 98.9 percent in January 2024 and 97.7 percent in February 2023. In 2023, the statewide, sales-price-to-list-price ratio on a monthly basis was at 99 percent in December, 100 percent in November, October, September, August, July, June, May and April, 99.1 percent in March, 97.7 percent in February and 96.5 percent in January.

  • The 30-year, fixed-mortgage interest rate averaged 6.78 percent in February, up from 6.26 percent in February 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Topics: Brokers/Managers, Market Information

MEET MONICA GREENWOOD, NEW PSAR BOARD MEMBER, SERVING IS PART OF HER LIFE PHILOSOPHY

Posted by Rick Griffin on Mar 11, 2024 10:00:00 AM

Monica Greenwood

Meet REALTOR® Monica Greenwood, who was recently elected to serve a two-year term (2024-2025) on the PSAR board of directors.

Monica began her real estate career in 2005 with a mortgage loan company after earning her bachelor’s degree in business management from the University of Phoenix. She earned her real estate sales license in 2009, and her broker’s license in 2021. The Pacific Palisades native has lived in San Diego for the past 20 years. 

Monica speaks fluent French. She attended the Université Catholique de l’Ouest (UCO) in Angers, France, and College International de Cannes. She graduated with degrees in art history and language in 1987.

“I have French-speaking clients and I enjoy helping them,” Monica said. “Many of my family members live in Manchester, England, where I plan to visit this year.”

Monica said she was attracted to PSAR because of the excellent customer service. “Shortly after joining PSAR, I was so impressed with the ease of getting my questions answered. The office staff is so helpful. Also, I really enjoy the educational classes.”

Monica is a member of the Agent Leadership Council at the Keller Williams Realty San Diego East Foothills brokerage in El Cajon. She also is the brokerage’s risk management director and assists with agent education and training as chair of the Education Committee. She teaches weekly classes to agents, in addition to mentoring agents in the brokerage.

Monica has an in-depth knowledge of exactly what is involved in getting a real estate transaction closed. Her background in accounting and finance also helps her keep close attention to detail. 

“I’m serving on the PSAR board because I care about helping other agents and improving our industry for the benefit of homeowners. It’s part of my philosophy of life to do good in the world,” Monica said. “I always want to encourage homeownership for everyone and look out for the best interests of homeowners.”

She also has earned the highly-respected Certified Distressed Property Expert (CDPE) professional designation, which means Monica understands about alternatives available to homeowners facing financial hardship. CDPE holders have a thorough understanding of complex issues in today’s turbulent real estate industry and knowledge of foreclosure avoidance options available to homeowners. CDPEs can provide solutions, specifically on short sales, for homeowners facing market hardships.

“It’s important to me that I have completed comprehensive training so I can solve any foreclosure crisis one homeowner at a time,” said Monica. “Unfortunately, many homeowners often proceed through the financially and emotionally devastating prospect of foreclosure without any guidance. This is unnecessary because there are tools available to help homeowners find the best solutions for their unique situations.”

In recent years at PSAR, Monica is currently serving on the Grievance Committee. She also has been active with PSAR’s Young Professionals Network (YPN) group and enjoys going to these events. 

“It’s important for me to give back to our industry and make sure everyone has a voice, that’s why I ran for the board,” she said. “I always want to encourage our members to get involved, join a committee, and lend your voice. Your voice matters just like everybody else’s. There are many good committees that our PSAR members can join.”

She also has served as a board member and education director for the Veterans Association of Real Estate Professionals (VAREP), San Diego chapter. VAREP’s mission is to increase sustainable homeownership, financial literacy education, and economic opportunity for the active-duty and veteran communities. The VAREP San Diego chapter was founded in July 2013.

In her spare time, Monica said enjoys playing golf, skiing, hiking, and boating.

“The next thing I want to try is pickle-ball,” she said. “It looks like a lot of fun.”

Topics: Announcements, Leadership

MEET JIM O’DONNELL, NEW PSAR BOARD MEMBER, PART OF A `VIBRANT CULTURE'

Posted by Rick Griffin on Mar 7, 2024 10:00:00 AM

Jim ODonnell

Meet REALTOR® Jim O’Donnell, who was recently elected to serve a two-year term (2024-2025) on the PSAR board of directors.

Real estate sales is a second career for Jim, a Long Island native. He previously spent 27 years working in the banking industry in New York and San Diego with Bank of America and J.P. Morgan Chase & Co. His jobs in banking included talent acquisition, recruiting military veterans, and various training and human resources assignments.

One of his favorite roles in banking consisted of creating homeownership opportunities for low-to-moderate-income families by serving as a program manager for a community revitalization program. The program featured the bank re-gifting foreclosed homes to nonprofit organizations. Then, the nonprofits would remodel the homes and keep the proceeds from the home sale.

“It was the best job in the bank to give away homes to nonprofits,” said Jim. “It was a win-win opportunity for all parties. Building community partnerships that transformed neighborhoods was just so incredibly rewarding.”

Jim left the banking industry in 2017 and started his full-time real estate sales career in August 2018. The Mount Helix resident has lived in San Diego County since 1996.

“I really love real estate because we’re helping everyday people with the biggest investment of their lives, matching the right buyer to the right seller,” said Jim. “Homeownership is an investment that will lead to preserving and growth wealth over generations.”

Jim is known by the vehicle he drives, a recognizable 1965 Volkswagen bus, sometimes called a “hippie bus” made popular during its heyday as a counterculture icon of the 1960s.

“I see people smile when they see me driving down the road,” said Jim. “Other drivers honk their horns and give me the peace sign.”

Jim, also continues to serve as a member of PSAR’s Government Affairs Committee and Grievance Committee.

“I like to be engaged in the conversation and have a seat at the table when it comes to advocacy, which is why I enjoyed Government Affairs,” said Jim. “Also, the Grievance Committee was a natural for me with my human resources background.”

Jim admires PSAR and appreciates the family's feelings at PSAR events.

“At every PSAR meeting, I notice a sense of community, open communication, a welcoming team spirit, and support for each other,” he said. “I’ve been around long enough to size up the culture of an organization because I’ve seen how a vibrant culture can make everyone more successful.”

One of Jim’s new roles at PSAR is co-hosting the PSAR East County Pitch, a weekly marketing pitch session held from 9 to 10 a.m. on Thursdays at the PSAR East County Event Center, 1150 Broadway, El Cajon. Laurie MacDonald, 2024 PSAR President, is the other co-host.  

“PSAR values its members, who, in turn, value their clients,” he said. “When you put your client’s best interests first, then your personal needs will be realized beyond your greatest expectations.”

Topics: Announcements, Leadership