Sentrilock Key Card & Associated services Termination - MARCH 31ST

Posted by Kevin McElroy on Feb 22, 2024 7:00:00 AM

Old Sentri Lockboxes will be out of date

Immediate action may be required for old-model Gen 1 and Gen 2 lockbox continuity due to Sentrilock's updates for security and technology enhancements.

PSAR's CRMLS subscribers may exchange registered old boxes for new boxes for only $120.
(offer valid until March 29th)


1. Sentrilock has informed its Associations that, effective March 31, 2024, all remaining Sentrikey card usage will be completely terminated, including the Associations Admin keys.

2. What does this mean for box owners? Do not buy or sell non-Bluetooth lockboxes from any source, including eBay or fellow agents. Ownership of these boxes cannot be transferred from the previous owner to you. See the images above of the non-Bluetooth boxes to avoid purchasing:

3. Non-Bluetooth boxes inactive for over a year require an internal clock reset with a Sentrikey card. This reset must be completed by March 31; otherwise, the lockbox will cease to function.

4. PSAR strongly urges users to change batteries now and check old model boxes now to see if a clock reset is needed. PSAR has replacement batteries in the three service centers. PSAR staff has been told that batteries may also be available online.  Sentrilock Customer Support can assist users with clock resets at (513) 618-5800 until March 31st.

5. If a non-Bluetooth lockbox displays "Code" then "Error" upon an attempt to open, it likely indicates the box has been inactive for over a year and may require an internal clock reset with a Sentrikey card. This must be completed by March 31, or the lockbox will stop working. Contact Sentrilock Support at 513-618-5800, or PSAR for assistance before March 31.

6. "Call Before Showing" (CBS) functionality can be activated on a non-Bluetooth lockbox using a key card until March 31. After activation, CBS will remain permanently on the box. Some agents might keep a few boxes with active CBS.

7. Sentrilock explains that the CBS feature cannot be used until every PSAR lockbox is a Bluetooth model. This feature does not support mixing old and new boxes. If PSAR retires all old, non-Bluetooth boxes, the CBS feature could become available again, although this is currently not planned.

8. To facilitate the transition, starting March 4, PSAR will offer a limited-time deal for PSAR's CRMLS subscribers to update lockboxes. For those with old Gen 1 or Gen 2 non-Bluetooth boxes, there's an opportunity to trade them in for new ones with a $39 discount off the usual price. Until March 29, new boxes are available for only $120 upon trading in old ones. This offer is limited to two discounted boxes per member. For additional boxes, the discounted price of $120 each applies, but advance payment is required. New boxes will be ordered, and their arrival at PSAR offices is expected within two weeks.

9.  PSAR members, please Do not discard old boxes in the trash.  Please drop them off at PSAR and we will recycle them for you.

For other questions contact PSAR service centers at support@psar.org or by calling (619) 421-7811.
 
 
 

sentrilock

 

Topics: Education

Update regarding the DOJ Statement of Interest in the PIN Case.

Posted by Communications on Feb 16, 2024 10:16:19 PM

Katie Johnson NAR's General Council shared an update today regarding the Department of Justice's (DOJ) Statement of Interest in the ongoing lawsuit, Nosalek v. MLS PIN, which scrutinizes the practice of cooperative compensation between listing and buyer brokers.

MLS PIN, not fully owned by REALTOR® associations and not bound by NAR's guidelines, mandates that listing brokers offer compensation to buyer brokers. The DOJ challenges this tradition, suggesting that listing brokers and sellers should not offer compensation to buyer brokers, aiming to change longstanding practices in real estate transactions in the U.S.

Johnson argues that the DOJ's stance could harm consumers by making it more expensive for buyers to obtain representation and limit access to housing, noting the DOJ's lack of new analysis to back its claims. She emphasizes that such DOJ interventions overlook the potential negative impacts on homebuyers, including those buying for the first time or belonging to minority groups, and could disrupt the housing market.

Despite these challenges, NAR remains committed to defending free market competition and ensuring fair home ownership access. Johnson urges members to fully understand the DOJ's position, highlighting its implications for cooperative compensation practices and the broader real estate market. She asserts NAR's dedication to navigating these issues, aiming for outcomes that support property owners and real estate professionals across America.

Hee entire update may be found on the Realtor Hub Here.

Read the DOJ,'s Statement of Interest Here

Topics: Announcements, Brokers/Managers, Industry

LOWER HOME SALES, EVEN WITH LOWER MORTGAGE RATES

Posted by Rick Griffin on Feb 15, 2024 8:00:00 AM

LOWER HOME SALES, EVEN WITH LOWER MORTGAGE RATES

Lower mortgage rates at the beginning of this year failed to spark home sales across San Diego County in January 2024, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

Sales of existing, single-family homes in San Diego County declined 0.9 percent in a month-over-month comparison between December 2023 and January 2024. In a year-over-year comparison between January 2024 and January 2023, the sales pace was unchanged, a difference of 0.0 percent.

In contrast, statewide home sales for January 2024 increased 14.4 percent in a month-over-month comparison and 5.9 percent year-over-year. It was the highest level for statewide existing home sales in six months.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 256,160 in January 2024, 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 January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

While the increase in January 2024 was the first year-over-year sales gain in 31 months, the sales pace stayed below the 300,000-unit threshold for the 16th straight month and will likely stay below that level in the first quarter of 2024. With interest rates moderating sharply at the end of 2023 and leveling off nearly 100 basis points below the most recent peak, home sales should continue to grow year-over-year in February, but the improvement will be modest.

Meanwhile, home prices continued to rise in San Diego County in January 2024. The median sales price of an existing, single-family detached home in San Diego County in January 2024 was $925,000, a 1.5 percent difference from December 2023, when the median price was $911,500. A year ago, in January 2023, the median home sales price was $824,900, a difference of 12.1 percent with January 2024.

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

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

However, in contrast, on a statewide basis, home prices declined in month-over-month and year-over-year comparisons. The median price of an existing, single-family home in California was $788,940 in January 2024, a 3.8 percent drop from the $819,740 figure in December 2023. A year ago, in January 2023, the statewide median home price was $751,700, a difference of 5.0 percent with January 2024.

It was the seventh straight month for annual price gains on a statewide basis. The monthly price decline was due primarily to seasonal factors, and the January figure marked the first time in ten months that the median price dropped below the $800,000 benchmark. With mortgage rates softening since mid-October, home prices will likely maintain their upward momentum, and the market should continue to observe a mid- to single-digit, year-over-year growth rate in California’s median price in at least the early part of 2024.

“It’s encouraging to see California’s housing market kick off the year with positive sales growth in January,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “While we’ll likely experience some ups and downs in home sales in the coming months as rates continue to fluctuate, the lending environment is expected to be more favorable in 2024, so the market should see more pent-up demand translate into sales.”

“The increase in new active listings for the first time in 19 months was great news for the California housing market,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “With rates climbing back up to a two-month high earlier this week due to the latest inflation concerns, potential home sellers could hit the pause button on listing their house on the market and wait until rates begin to ease again. In general, rates are expected to decline later this year, and available inventory should slowly improve throughout 2024.”    

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

  • Home sales in all major regions in the state rose in January 2024 on a year-over-year basis, including 2.2 percent in Southern California.

  • At the regional level, home prices increased in January 2024 in all major regions from a year ago in January 2023, including 7.0 percent in Southern California

  • Unsold inventory statewide index increased 28 percent on a month-over-month basis and declined by 8.6 percent from January 2023. The index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate declined from 2.5 months in December 2023, to 3.2 months in January 2024. The index was 3.5 months in January 2023.

 

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

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

  • In San Diego County in January 2024, the inventory of available homes for sale was 2.6 months, compared to 2.2 months in December 2023, and 2.7 months a year ago in January 2023. Other unsold inventory figures on a monthly basis in 2023 for San Diego County included 2.5 months in November and September, 1.9 months in August, 2.0 months in July, 2.0 months in June, 1.7 months in May, 1.9 months in April, 1.7 months in March, 2.3 months in February and 2.7 months in January. 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 dipped again on a year-over-year basis for the 10th straight month in January 2024. However, the decline was small, a sign that active listings might be heading in the right direction as the market approaches the spring home-buying season. Still, the recent jump in mortgage rates the past couple of weeks could cause potential sellers to reconsider listing their homes for sale.

  •  New active listings at the state level increased from a year ago for the first time in 19 months, and the annual increase was the largest since May 2022. The jump in new active listings contributed to an improvement in overall active listings, and the sharp drop in rates at the end of 2023 was likely the motivating factor that convinced more homeowners to sell their homes.

  • The median number of days it took to sell a California single-family home was 32 days in January 2024, 26 days in December 2023, and 39 days in January 2023.

  • In San Diego, the median number of days it took to sell an existing, single-family home was 21.5 days in January 2024, compared to 18 days in December 2023, and 32 days in January 2023. Other median-time-on-the-market figures on a monthly basis for San Diego in 2023 include 15 days in November, 14 days in October and September, 13 days in August, 12 days in July, 11 days in June, 12 days in May and April, 15 days in March and 17 days in February. 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 98.9 percent in January 2024, 99 percent in December 2023 and 96.5 percent in January 2023.The statewide, sales-price-to-list-price ratio on a monthly basis in 2023 was at 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 sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

  • The 30-year, fixed-mortgage interest rate averaged 6.64 percent in January, up from 6.27 percent in January 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Topics: Brokers/Managers, Market Information

Nominate Candidates for the 2023 REALTOR®, Service Awards

Posted by Kevin McElroy on Jan 5, 2024 4:10:08 PM

GoogleFormsBanner - ROY_Awards_2023

Call for Nominations!!!

Do you know a fantastic PSAR volunteer who deserves recognition? Now is the time to get them the recognition they deserve.

     Nomination Form     

Nominations must be received by Friday, February 2nd, 5:00 pm.

PSAR shall recognize a

REALTOR® Of the Year is recognized for outstanding loyalty and devotion to the advancement and success of the Association and the Real Estate Profession through volunteerism and advocacy.

Broker Of the Year is honored for their exceptional leadership in the brokerage industry, and devotion to the advancement of the Association and the Real Estate Profession.

Affiliate Of the Year is recognized for loyalty and devotion to the advancement of the Association and the Real Estate Profession through PSAR programming.

PSAR Friend of the Industry Award.  This award is given to a non-Realtor.  It could be an Affiliate, it could be an elected official, or another non-member.  This special award may or may not be given out every year.  This award is given to someone who has made considerable contributions in service to the industry over many years.
 
PSAR Distinguished Service Award. The ultimate recognition for the dedicated PSAR REALTOR® who has always set themselves apart as a leader. REALTORS® who receive the award have shown exceptionally meritorious service to PSAR for at least 10 years and have been recognized as local leaders whose performance and involvement in political, educational, and community activities have been extraordinary.  This award will not be granted yearly because the bar is set that high.
______________________________
 
 
The Recognition Committee will accept all nominations from the public, PSAR Members, and or PSAR Staff. The names of individuals making nominations will remain confidential. The number of nominations shall not create an advantage for nominees.  Award winners may NOT be the sitting President of the Association and may NOT be past recipients of the specific award won.

The Recognition Committee will consist of The past recipients of REALTOR® of the Year, the Broker Manager of the Year and Affiliate of the Year, the Affiliate Director, members of the Association Council, the Chair of Professional Standards, and the Chair of the Grievance Committee. 

Save the date! Winners will be announced at the REAL Awards on March 1st, 2024 at the Sycuan Casino Resort. At least one runner-up will be announced.

___________________________

Pacific Southwest Association of REALTORS

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, and development of the Real Estate industry in San Diego County.

Topics: Announcements, Events, Leadership

IS THE MARKET TURNING THE CORNER WITH LOWER RATES?

Posted by Rick Griffin on Jan 4, 2024 7:00:00 AM

IS THE MARKET TURNING THE CORNER WITH LOWER RATES?

Mirroring a statewide trend, both home prices and home sales declined across San Diego County in December 2023, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

The median sales price of an existing single-family detached home in San Diego County in December 2023 was $911,500, which was a 4.3 percent difference from November 2023, when the median price was $952,000. A year ago, in December 2022, the median home sales price was $850,000, a difference of 7.2 percent with December 2023.

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

Also, in December 2023, sales of existing, single-family homes in San Diego County declined by 5.1 percent in a month-over-month comparison with November 2023. In a year-over-year comparison between December 2023 and December 2022, the sales pace was 17.3 percent lower.

Statewide, the numbers for home sales and home prices in December 2023 showed a stagnant California housing market.

For the 2023 year as a whole, the state recorded an annual sales level of 257,630 for 2023, a decline of 24.8 percent from the revised sales level of 342,530 reported at the end of 2022. The annual sales decline comparing 2023 with 2022 was the steepest decline in existing home sales in California since 2007.

Statewide, December 2023 home sales remained near the 16-year low reached in November 2023.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 224,000 in December 2023, 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 2023 if sales maintained the December 2023 pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The December 2023 sales pace was essentially unchanged from the revised 223,940 homes sold in November 2023 and was down 7.1 percent from a year ago in December 2022, when a revised 241,070 homes were sold on an annualized basis.

Sales of existing single-family homes in California have been below the 300,000 threshold since September 2022, and will likely stay below that level throughout the first quarter of 2024.

While the deceleration in the year-over-year loss was due primarily to the low level of pending sales recorded a year ago, the slowdown could be a sign that the market is turning the corner, especially since rates in the past couple of weeks have remained well-below the recent peak recorded in late October 2023.

Statewide, the median price of an existing single-family home was $819,740 in December 2023, down slightly by 0.3 percent from $822,200 in November 2023, but above the $770,490 price, a difference of 6.4 percent, posted in December 2022. It was the largest year-over-year gain since May 2022.

With mortgage rates softening since mid-October, home prices will likely maintain their upward momentum, and the market should continue to observe a mid- to single-digit, year-over-year growth rate in California’s median price during the early part of 2024.

For the 2023 year, California’s median home price slipped 0.6 percent to $813,980 from 2022’s $818,900 figure, but it is expected to climb to $860,300 in 2024.

“The housing market had a tough year in 2023 as a shortage of homes for sale and high costs of borrowing continued to have a negative impact on housing inventory and demand,” said 2024 C.A.R. President Melanie Barker, a Yosemite REALTOR®. “With mortgage rates expected to come down in the next 12 months, home sales will bounce back as buyers and sellers return to a more favorable housing market. Home prices should see a moderate increase in 2024 as well.”

“Easing inflationary pressure and a soft economic outlook suggest that we will see some interest rate cuts in the upcoming year, which bode well for a housing market recovery,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “With rates declining to a 7-month low in late 2023, Americans are feeling more positive about the market, and we could begin to see some increase in market activity at the start of the year. The improvement is expected to be gradual as tight housing supply will remain the norm in 2024.”  

 

Other key points from C.A.R.’s December 2023 resale housing report include:

  • Home sales in all major regions in the state dipped in December 2023 on a year-over-year basis, including 6.2 percent in Southern California.
     
  • At the regional level, home prices increased in December 2023 in all major regions from a year ago in December 2022, including 6.3 percent in Southern California.

  • The unsold inventory statewide decreased 16.7 percent on a month-over-month basis and dipped slightly from December 2022 by -3.8 percent. The index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate declined from 3.0 months in November to 2.5 months in December. The index was 2.6 months in December 2022.

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

December 2023 County Unsold Inventory and Days on Market

  • In San Diego County in December 2023, the inventory of available homes for sale was 2.2 months, compared to 2.5 months in November 2023 and 2.2 months in December 2022. Other unsold inventory figures on a monthly basis in 2023 for San Diego County included 2.5 months in November and September, 1.9 months in August, 2.0 months in July, 2.0 months in June, 1.7 months in May, 1.9 months in April, 1.7 months in March, 2.3 months in February and 2.7 months in January. 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.

  • New active listings at the state level dipped again from a year ago for the 18th consecutive month, but the annual decline remained below 3 percent for the second month in a row. With mortgage rates dropping at the end of 2023, sliding back to the lowest level since early August, the market could see a slight uptick in the number of for-sale properties being listed for sale, as we kick-off the New Year.

  • The median number of days it took to sell a California single-family home was 26 days in December 2023, 21 days in November 2023 and 33 days in December 2022.

  • In San Diego, the median number of days it took to sell an existing, single-family home was 18 days in December 2023, compared to 15 days in November 2023 and 23 days in December 2022. Other median-time-on-the-market figures on a monthly basis for San Diego in 2023 include 14 days in October and September, 13 days in August, 12 days in July, 11 days in June, 12 days in May and April, 15 days in March, 17 days in February and 26 days in January. 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 99 percent in December 2023 and 96.1 percent in December 2022.

  • The statewide, sales-price-to-list-price ratio on a monthly basis in 2023 was at 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 sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

  • The 30-year, fixed-mortgage interest rate averaged 6.82 percent in December, up from 6.36 percent in December 2022, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Topics: Brokers/Managers, Market Information

HOME SALES AT LOWEST LEVEL SINCE GREAT RECESSION

Posted by Rick Griffin on Dec 20, 2023 11:05:00 AM

HIGH INTEREST RATES CONTINUE TO TEST MARKET

California home sales in November 2023 registered the biggest monthly decline in the past year and dropped to the lowest level since the Great Recession, 16 years ago, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).  Elevated borrowing costs were blamed for the low home sales statewide.

In San Diego County, sales of existing, single-family homes in November 2023 decreased by 16.9 percent in a month-over-month comparison with October 2023. The sales pace was 12.2 percent lower in a year-over-year comparison with November 2022.

Also, in San Diego County in November 2023, the median home sales price for an existing, single-family detached home was $952,000, which was a 1.7 percent difference from October 2023, when the median price was $936,250. A year ago, in November 2022, the median home sales price $865,000, a difference of 10.1 percent with November 2023.

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

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

Statewide, the numbers for home sales and home prices in November 2023 showed a suppressed California housing market.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 223,940 homes sold in November 2023, 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 2023 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide sales pace in November 2023 was down 7.4 percent on a monthly basis compared to October 2023, when 241,770 homes were sold, and down 5.8 percent from a year ago in November 2022, when a revised 237,730 homes were sold on an annualized basis.

Sales of existing single-family homes in California remained below the 250,000-unit pace for the third consecutive month. The annual decline was the 29th straight drop, but the decline was the smallest in the last 20 months.

Year-to-date statewide home sales were down 25.9 percent in November 2023.

Median home prices on a statewide basis took at step backwards in November 2023, compared to the previous month, but rose in a year-over-year comparison for the fifth straight month. The year-over-year price gain was the largest in 18 months.

California’s statewide median price decreased 2.2 percent from October’s $840,360 to $822,200 in November 2023, and rose 6.2 percent from a revised $774,150 recorded a year ago in November 2022. The median represents a price where half of the total number of homes sold above it and half below.

The statewide monthly price decline was the largest in 10 months but was smaller than the October-to-November average price adjustment of minus 2.5 percent observed over the past five years.

“Elevated mortgage interest rates and a persistent shortage of homes for sale hindered home sales in November,” said 2024 C.A.R. President Melanie Barker, a Yosemite REALTOR®. “With mortgage rates dropping to the lowest level in four months in recent weeks and the Federal Reserve indicating it plans to cut rates more than previously anticipated in 2024, more prospective homebuyers could reenter the market early next year.”

“While sales have been weak for the past several months, a tight supply of homes for sale is keeping home prices from falling,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “Going into 2024, the recent decline in mortgage rates, along with the upward momentum in home prices, could motivate more would-be sellers to list their homes for sale in the spring home-buying season.”

Other key points from C.A.R.’s November 2023 resale housing report include:

  • At the regional level for Southern California, year-over-year sales declined in November 2023 by 5.6 percent. In October 2023, the figure was 7.4 percent.

  • At the regional level for Southern California, median home prices in November 2023 increased from a year ago by 9.9 percent. It was the biggest year-over-year gain of any the statewide regions tracked by C.A.R. In October 2023, the increase was 6.5 percent.

  • Housing inventory improved in November 2023, compared to October 2023. However, the improvement was due mostly to the sales decline rather than an increase in active listings.

  • The statewide unsold inventory index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, increased 11.1 percent in November 2023 on a month-over-month basis to 3.0 months, compared to October 2023 at 2.7 months, but fell below last year’s level by 6.3 percent to 3.2 months in November 2022.

  • In San Diego County in November 2023, the inventory of available inventory of homes for sale was 2.5 months, compared to 2.3 months in October 2023 and 2.9 months in November 2022. Other unsold inventory figures on a monthly basis in 2023 in San Diego included 2.5 months in September, 1.9 months in August, 2.0 months in July, 2.0 months in June, 1.7 months in May, 1.9 months in April, 1.7 months in March, 2.3 months in February and 2.7 months in January. 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.

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

blog_231220_chart2

  • Active listings at the state level dipped again in November 2023 on a year-over year basis for the eighth straight month. The decline in each of the last seven months all registered more than 10 percent year-over-year.
  • The median number of days it took to sell a California single-family home was 21 days in November 2023 and 29 days in November 2022.

  • In San Diego, the median number of days it took to sell an existing, single-family home was 15 days in November 2023, compared to 14 days in October 2023 and 22 days in November 2022. Other median-time-on-the-market figures on a monthly basis for San Diego in 2023 include 14 days in September, 13 days in August, 12 days in July, 11 days in June, 12 days in May and April, 15 days in March, 17 days in February and 26 days in January. The median represents a 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 November 2023 and 96.7 percent in November 2022.

  • The statewide, sales-price-to-list-price ratio on a monthly basis in 2023 was at 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. A year ago, in November 2022, the ratio was 96.7 percent. The sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

  • The 30-year, fixed-mortgage interest rate averaged 7.44 percent in November 2023, up from 6.81 percent in November 2022, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Topics: Brokers/Managers, Market Information

Isela Robles-Puentes, REALTOR®, Caffe Tazza owner (1973-2023)

Posted by Rick Griffin on Nov 20, 2023 11:15:03 AM

Isela Robles Puentes

The PSAR family extends its deepest sympathies to the family and close personal friends of Isela Robles-Puentes who passed on Nov. 5. She was 50 years old at the time of her passing..

A PSAR member since 1994, Isela worked in real estate for more than 30 years and served many clients as a realtor for more than 25 years. She started working in a real estate office as an assistant while attending high school. She was affiliated with a number of brokerages throughout her real estate career and assisted many people with their property transactions. Many of her clients considered Isela a favorite member of their family. 

With her entrepreneurial drive, she wore many business hats with a spirit that made her shine. In addition to working in real estate, over the past 15 years she owned and operated Caffe Tazza, a coffee house, deli and wine bar located in the Terra Nova Plaza retail center.  Caffe Tazza has been a favorite venue for many PSAR networking and socializing events, including Young Professional Network (YPN) gatherings. She also fournd the time to become a business partner in a linen rental service company.

Isela (pronounced E-sell-AH) was a Chula Vista native. She attended Robert E. Lee Elementary School in Paradise Hills (the school is now called Lee Elementary), Chula Vista Middle School, Chula Vista High School and and graduated from San Diego State University.

She was a beloved member of the Chula Vista community. Her family described Isela as an amazing mother and wife, a wonderful and loving daughter, a caring and giving sister and inspiring aunt. She was strong, smart, passionate, courageous and generous. She had a beautiful smile and a charming, inspirational, spirit . She went the extra mile in helping many people in their professional and private lives. Her laughter and vivacious personality were infectious.

Isela is survived by husband Caesar Puentes (they shared 18 years together) and a daughter Alexandra, 13, who is known as “Ali”,  her parents, Arturo and Rosa Robles, and two older sisters, Diana and Myrna. She is also missed  by her five nephews and one niece.

A celebration of life mass was held Wednesday morning, Nov. 15th, at St. Pius X Catholic Church, followed by her interment at Glenn Abbey Memorial Park and Mortuary in Bonita. Cards and notes may be mailed to Caffe Tazza, 374 East “H” St., Chula Vista, CA., 91910.

Topics: Announcements

HOME SALES MUTED, INVENTORY TIGHT, RATES HIGH

Posted by Rick Griffin on Nov 19, 2023 7:00:00 AM

HIGH INTEREST RATES CONTINUE TO TEST MARKET

Home sales remained muted in October 2023, as housing inventory continued to be tight and elevated interest rates kept homebuyers and sellers on the sidelines, according to the latest home sales and price report from the California Association of Realtors (C.A.R.). 

In San Diego County, sales of existing, single-family homes in October 2023 increased 5.7 percent in a month-over-month comparison with September 2023, while the sales pace was 6.4 percent lower in a year-over-year comparison with October 2022.

Also in San Diego County, the median home sales price for an existing, single-family detached home in October 2023 was $936,250, which was a 3.8 percent dip from September 2023, when the price was $973,100. In addition, the median home sales price a year ago in October 2022 was $860,000, a 8.9 percent difference with October 2023.

Statewide, the numbers for home sales and home prices in October 2023 revealed a similar narrative.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 241,770 homes sold in October 2023, 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 2023 if sales maintained the October 2023 pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide sales pace in October 2023 was up 0.3 percent on a monthly basis compared to September 2023, when 240,940 homes were sold, and down 11.9 percent from a year ago in October 2022, when 274,410 homes were sold on an annualized basis.

Sales of existing single-family homes in California remained below the 250,000-unit pace for the second consecutive month. The annual decline was the 28th straight drop, but the decline was the smallest in the last four months.

Year-to-date statewide home sales were down 27.2 percent in October 2023.

Home prices on a statewide basis rose for the fourth straight month in a year-over-year comparison, and the median price was the largest year-over-year gain in 17 months.

Statewide, in October 2023, the median price was $840,360, which was 0.4 percent lower than the September 2023 figure of $843,340, and 5.3 percent lower than the revised October 2022 figure of $798,140. The median represents a price where half of the total number of homes sold above it and half below.

While October’s median price took a step back from the month prior, the month-to-month decline was smaller than the long-run September-to-October price adjustment of -1.5 percent observed in the last 44 years.

Prices are expected to level off over the next couple of months, following traditional seasonal patterns. Positive year-over-year price growth should remain throughout the rest of the year as housing supply is projected to be tight in the coming months.

“A sizable jump in interest rates kept home sales constrained in October and will likely hamper home sales for the remainder of the year,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “Despite rates remaining elevated, many other factors have swung in favor of buyers recently including more properties staying on the market longer before selling and fewer homes selling over list price, which could motivate more sellers to offer concessions.”

“With the Federal Reserve pausing rate hikes at the last Federal Open Market Committee meeting and recent economic news pointing to a slowing economy, mortgage rates have been coming down in recent weeks,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “If inflation continues to cool, we could see more improvement in mortgage rates than the Fed is currently projecting for next year, which would alleviate some pressure on both the buy and sell sides of the housing market in 2024.”

Other key points from C.A.R.’s October 2023 resale housing report include:

  • At the regional level for Southern California, year-over-year sales declined in October 2023 by 7.4 percent. In September, the figure was 21.7 percent. In August 2023, the figure was 13.9 percent.

  • At the regional level for Southern California, median home prices in October increased from a year ago by 6.5 percent. In September the figure was 4.7 percent. In August, the figure was 4.4 percent.

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

blog_231122_chart1

  • Housing supply in California continued to shrink from a year ago in October 2023 as mortgage rates remained elevated. The statewide unsold inventory index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, was 2.7 months in October 2023, 2.8 months in September 2023, and 3.1 months in October 2022.

  • In San Diego in October 2023, the inventory of available homes for sale was 2.3 months, compared to 2.5 months in September and 3.0 months in October 2022. Other unsold inventory figures on a monthly basis in 2023 in San Diego included 1.9 months in August, 2.0 months in July, 2.0 months in June, 1.7 months in May, 1.9 months in April, 1.7 months in March, 2.3 months in February and 2.7 months in January. 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.

 

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

blog_231122_chart2

  • Housing inventory in California slid back in October from the prior month as the market continued to grapple with high mortgage rates. The statewide unsold inventory index decreased -3.6 percent on a month-over-month basis and fell below last October by -12.9 percent.

  • Active listings at the state level continued to dip on a year-over year basis for seven straight months, and a further decline in each of the last six months all registered more than 20 percent in year-over-year comparisons.

  • New active listings at the state level dropped from a year ago for the 16th consecutive month, but the rate of decline continued to decelerate. In fact, newly added for-sale properties dipped less than 10 percent for the first time in 12 months. The smaller year-over-year rate of decline was partly due to low-base effects though, as new active listings in October 2022 also recorded a sizeable drop from the prior year. 

  • The median number of days it took to sell a California single-family home was 20 days in October and 28 days in October 2022.

  • In San Diego, the median number of days it took to sell an existing, single-family home was 14 days in October and September 2023, compared to 22 days in October 2022.Other median-time-on-the-market figures on a monthly basis for San Diego in 2023 include 13 days in August, 12 days in July, 11 days in June, 12 days in May and April, 15 days in March, 17 days in February and 26 days in January. The median represents a time when half the homes sell above it and half below it.
  • The statewide, sales-price-to-list-price ratio on a monthly basis in 2023 was at 100 percent in October, September, August, July, June, May and April, 99.1 percent in March, 97.7 percent in February and 96.5 percent in January. A year ago, in October 2022, the ratio was 97.3 percent. The sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

  • The 30-year, fixed-mortgage interest rate averaged 7.62 percent in October, up from 6.90 percent in October 2022, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

  • Mortgage rates have been coming down in recent weeks as the Fed paused rate hikes at the latest meeting and recent economic news pointed to a slowing economy. Further decline in mortgage rates should alleviate pressures on both the supply side and the demand side of the housing market in the coming months.

Topics: Brokers/Managers, Market Information

Home Buyers and Sellers Profile Draws National Media

Posted by Communications on Nov 13, 2023 7:00:00 AM

blog banner_231112_ Profile of Home Buyers and Sellers

The National Association of REALTORS® released its 2023 Profile of Home Buyers and Sellers this morning, garnering coverage in a wide range of national media outlets, including CNN , Bloomberg and The Washington Post.

For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey was conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers. Download Highlights (PDF 7 MB) | Get the Full Report(link is external) | News Release

Read additional highlights of the report in REALTOR® Magazine’s “12 Trends That Explain Your Clients’ Real Estate Journey.”

The annual report, which NAR has been conducting since 1981, covers demographics, preferences, and experiences of recent buyers and sellers across the United States. Data was collected from a nationally representative sample of home buyers who purchased a primary residence in the 12-month period between July 2022 and June 2023.

This year’s report shows that reliance on real estate professionals remains strong. Although 100% of respondents said they used the Internet in the home search process, a vast majority—89% of both buyers and sellers—said they worked with a real estate professional on their sale or purchase. Only 5% of sellers cited the “agent’s commission” as an important factor in choosing their agent: The reputation of the agent, whether the agent was “honest and trustworthy,” and knowledge of the neighborhood ranked as the most important factors.

Household annual income among buyers was 22% higher than last year, an indication that high sales prices and rising interest rates have eroded lower-income households’ ability to purchase a home. Among buyers who financed their purchase, the median down payment amount was also up. In this year’s report, it was 8% for first-time buyers, 19% for repeat buyers, and 15% for all buyers.

After several years of losing share in the homebuying market, first-time buyers are making headway. They made up 32% of the market, according to this year’s report—still below the historical rate of 38% but notably higher than last year’s rate of 26%.

As in past years, buyers and sellers report satisfaction with the service provided by their real estate professionals. Ninety percent of buyers said they would definitely (75%) or probably (15%) use their agent again or recommend their agent to others. Eighty-seven percent of sellers said they would definitely (73%) or probably (14%) recommend their agent for future services.

Highlights From the Profile of Home Buyers and Sellers

Topics: Brokers/Managers, Market Information, Industry

HomeSnap-Pro Becomes Homes-Pro

Posted by Communications on Oct 13, 2023 4:46:10 PM

Homesnap pro is on the way out

The Homesnap app, which is a listing search product for both listing and buyer agents, will be changed to the Homes Pro app, a LISTING-Agent search and advertising platform. While Homesnap is still currently available, the Homesnap app will fully become the Homes Pro app on October 23.   

This update comes from Homesnap: Most elements of Homesnap will forward to the Homes Pro app or redirect to Homes.com, regardless of whether or not you're a CRMLS user. In fact, many MLSs that had relied upon Homesnaphomespro app have already made the transition to Homes Pro, so we're hoping for an easy change to the different platforms. 

When opening the Homesnap app or accessing the website, you'll see this splash screen informing you of the switch taking place on 10/23.

CoStar's business model is to steer all leads to the listing broker or agent and not to the buyer's agent working with a client. The business plan is to see advertising to the listing agents. 

Finding a suitable replacement for a familiar tool can be a daunting task, and the process of replacing it is no easy feat. However, below is a comprehensive list of comparable product solutions tailored to your particular MLS system. Carefully review each offer and determine whether the Homes Pro app or another CRMLS core product is a better fit for you.  Advantages of these tools include the client portal, the ability to Add/Edit, 

Paragon App Comparison
Matrix App Comparison

Learn more about the Paragon Connect Moblie Web Site

Learn more about MLS Touch
Learn more about the CRMLS App

CoStar's move to discontinue Homesnap came nearly three years after CoStar acquired Homesnap for $250 million in 2020, initially intending to enter the residential real estate market. In 2021, CoStar acquired Homes.com for $156 million and decided to make it their primary consumer brand. 

By the end of the year, Homesnap's website will redirect home searchers to Homes.com, and eventually, Homesnap will be completely phased out.

For now, Homes Pro will remain free for agents and multiple listing services (MLSs).

 

Topics: CRMLS, PSAR Benefits, Industry, Paragon