Rick Griffin

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OTAY WATER DISTRICT BOARD PRESIDENT JOINS PSAR COMMITTEE

Posted by Rick Griffin on Jun 29, 2023 9:26:57 AM

OTAY WATER DISTRICT BOARD PRESIDENT JOINS PSAR COMMITTEE

The newest member of the PSAR Government Affairs Committee has been an elected official for the past 22 years.

Mark Robak, a commercial broker with 33 years of experience in real estate, is currently serving as the 2023 Otay Water District (OWD) board president. He has represented OWD’s District 5 (Rancho San Diego, Mount Helix, Jamul, and eastern Chula Vista) for the past 18 years (since January 2005).

Robak recently became a PSAR member and soon thereafter joined the PSAR Government Affairs Committee.

“I believe in giving back, especially if you have the expertise to do something at a high level,” Robak said. “If you work in real estate, it’s important to get involved in your industry. Our committee members earnestly want to influence the government for the benefit of homeowners and property owners. We are dedicated to protecting private property rights.”

In 2015, Robak founded San Diego Commercial Real Estate (SDCRE), a La Mesa firm offering commercial real estate leasing, sales, and advisory services in San Diego County. Previously, he was a senior broker with other commercial brokerage firms.

“I’m impressed with the PSAR dynamic and its dedication to a collaborative atmosphere,” said Robak. “I was previously a member of another association, but I was attracted to PSAR because of its strong name recognition and positive public image in the real estate community.”

Robak was first elected to the Otay Water District (OWD) board in 2004 and was reelected in 2008, 2012, 2016, and 2020. Robak served as vice president of the board for four years from 2019 through 2022. Robak also previously held positions of treasurer in 2018 and president in 2017.

In addition to serving as the 2023 OWD board president, Robak will serve as the chair of the engineering, operations, and water resources, desalination project, and ad hoc Salt Creek Golf Course lease and property disposition committees.

In addition, he serves as the OWD representative for the California Special District’s Association for the state and county, the OWD and Sweetwater Authority Task Force to develop recycled water opportunities, the San Diego Area Wastewater Management District (Metro Commission), South County Economic Development Corporation, Association of California Water Agencies (ACWA), and ACWA-JPIA (Joint Powers Insurance Authority).

He serves as President of the Water Conservation Garden Authority, as well as the President of the Council of Water Utilities.

Robak is the Government Relations Director for the El Cajon Elks Lodge and serves on the government affairs committee of the East County Chamber of Commerce.

He has a bachelor’s degree in political science and public administration from San Diego State University. Robak also has been active in other community organizations as a volunteer, having served on the San Diego-Imperial Council of the Boys Scouts, Boys and Girls Club, Lions Club, and other local charitable organizations.

The five-member Otay Water District Board of Directors is the governing body of the District and is responsible for setting rates for service, taxes, policies, and ordinances, adopting the annual budget, and other matters related to the management and operation of the water agency. Each director is elected by voters within one of five divisions to represent the public’s interest on the board. Directors serve four-year terms in office. Following the vote of officers by the board at its meeting, each of the directors immediately assumed all powers and duties of an officer of the board of directors.

The Otay Water District is a public agency providing water, recycled water, and sewer service to approximately 228,000 customers within approximately 125 square miles of southeastern San Diego County, including the communities of eastern Chula Vista, Bonita, Jamul, Spring Valley, Rancho San Diego, unincorporated areas of El Cajon and La Mesa, and eastern Otay Mesa along the international border with Mexico.

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Topics: Announcements

Juanita Mangels Williams, Past President, 1932-2023

Posted by Rick Griffin on Jun 24, 2023 6:00:00 AM

Juanita Mangels Williams

The PSAR family extends its condolences to the family of Juanita Mangels Williams, who was very active for several decades in the East San Diego County Association of REALTORS® (ESDCAR), prior to the 2012 merger with the Pacific Southwest Association of REALTORS®.

Juanita, a two-time ESDCAR president (1988 and 1995) and recipient of the 1983 Realtor of the Year award passed away from natural causes on Saturday, May 13, 2023. She was 90.

She joined ESDCAR on August 23, 1965. She worked in real estate for about 50 years, including about 45 years as a broker, according to her family.

According to PSAR records, she served on the ESDCAR board of directors from 1980 to 1994. She served as secretary-treasurer in 1985 and 1986.

She also served as a member and chair on numerous ESDCAR committees, including Special Events, Communications, Jurisdiction, Membership-New Member Orientation, Professional Standards, Arbitration, Leadership and Budget & Finance.

Other committees benefiting from Juanita’s participation including Building, Equal Opportunity, Education, Government-Political Affairs, Board of Realtors Political Action Committee and Multiple Listing Service.

She served as chair of the Board Nominating Committee in 1991 and 1992, and chair of the Long Range Planning Committee in 1989.

On a statewide level, she was active with the California Association of REALTORS® (C.A.R.) as a C.A.R. Director from 1981 to 1995. She was named a C.A.R. Emeritus member in 1985.

Juanita Lovejoy was born on July 18, 1932, in New Philadelphia, Ohio. Early in her childhood, Juanita and her siblings (two brothers, one sister) and single mother moved to Seeley, Calif., in Imperial Valley. Later, the family settled in the local community of Spring Valley.

Juanita graduated 1951 from Grossmont High School in La Mesa. She married her first husband in 1952 and they raised four children. The family lived in the Casa de Oro neighborhood of Spring Valley.

She held several jobs before joining Vanice Realty Center to begin her real estate sales career, a profession which she loved, her family said.

She also become involved in the Casa de Oro community and became one of the first women members of several community organizations, including the Spring Valley Business Association, Spring Valley Chamber of Commerce and Spring Valley Lions Club. She also served as president of these community organizations.

In an email to PSAR, the family said, “These were all male-dominated clubs at the time. But, our mother was determined to show these men that she was just as worthy to be a productive member of their clubs. She proved that she could sell real estate and help the community with their events and fundraisers.”

Juanita was widely known in the Casa de Oro area and some referred to her as the “Honorary Mayor of Casa de Oro.” She organized the first Casa de Oro Flag Day Parade on June 14, 1970.

Soon thereafter, she recruited the local Santa Sophia Catholic Church to host the two-day Casa de Oro Fall Festival, which continued for many years. She was included in the list of Who’s Who in American Women during the 1970s.

In the 1990s, Juanita continued her involvement with the Spring Valley Lions. In 1992, she was honored with the “Lion of the Year” award. She served as club president in 1995 and 1996. She also served as a district governor. In 1997, Juanita was selected as a Spring Valley Lions Club Fellow, the highest honor a Lions Club can bestow on a member.

In the early 2000s, she began volunteering with the USS Midway Museum on Harbor Drive and eventually became a docent and volunteer at many fundraising celebration events held there. She loved making people smile and be happy with an amazing experience at the nighttime galas, her family said.

The USS Midway Museum honored Juanita as its Retired and Senior Volunteer of the Month in December 2017. Midway officials said Juanita served as a docent and on the outreach and exhibit teams. She oversaw the maintenance of the museum displays and created centerpieces for events held aboard the Midway.

The Volunteer of the Month announcement said: “Juanita stands out as an exemplary volunteer due to her spirit of giving and connection. She is described as compassionate and has a great sense of humor. Perhaps most importantly Juanita brings a general feeling of family and friendliness to the USS Midway.”

Juanita was preceded in death by her first husband, who passed away in 2011. In 1989, she married Mr. Williams, who passed away in 2016. Juanita also was preceded in death by her oldest son, along with two brothers and one sister.  

Survivors include her son’s widow and her three other children and their spouses, along with many great-grandchildren and grandchildren.

For the past two years, Juanita lived with a son, who lives in Chandler, Ariz. She had dementia in her later years.

The family said in a statement, “Juanita never knew a stranger. She was a real go-getter, an extraordinary woman. She was also very patriotic and proud to be an American. She always made sure that our school clothes included red, white, and blue clothing growing up. She will be sorely missed by her family and friends and many who were lucky to have known her. Our family has all agreed on that that she was truly a very special lady.”

A Celebration of Life service has not been scheduled yet, the family said.

PSAR expresses our sincere condolences to the family at this time.

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Topics: Announcements

Vote Now FOR PSAR BOARD MEMBERS!

Posted by Rick Griffin on Jun 23, 2023 9:00:00 AM

2024 candidates

PSAR members, don't forget to vote for the 2024-2025 board members! Electronic ballots were emailed on June 23rd at 9 a.m. and voting ends on June 30th at 5 p.m. Only PSAR REALTORS® can vote.

     Cast Your Vote     


Candidates for PSAR President-Elect  (1 Seat)

Yvonne Cromer

Yvonne Cromer

Mike White

Mike White

 

Candidate for Secretary / Treasurer (1 Seat)


Sam Calvano

Sam Calvano

 

Candidates for Director Pick Up to Five (Two-Year Seats)

Tristin Stokes
Tristin Stokes
Monica Greenwood
Monica Greenwood
Charmaine Orcino - Gonzales
Charmaine Orcino-Gonzalez
Paula Gonzalez
Paula Gonzalez

Jim O'Donnell
 Jim O'Donnell

Norma Scantlin
Norma Scantlin


Rebecca Pollack-Rude
Rebecca Pollack-Rude

 

 


     Cast Your Vote     

 

 

PSAR members get to engage in the decision-making process and choose our leaders. The association's management of policies, programs, events, and investments has a direct impact on our personal lives and businesses. Elected Directors not only offer practical guidance but also motivate the association to strive for greater heights.

It takes just a few minutes to cast your vote, but the outcomes can be significant. Take the time to make a difference and shape the future of our association.

We look forward to counting your ballot!

For a Complete Copy of the PSAR  By-Laws download them here:

Download the PSAR By-Laws

Topics: Education, Marketing, Industry

Lower Mortgage Rates Helped Market Rebound in May

Posted by Rick Griffin on Jun 22, 2023 10:15:00 AM

RISING INTEREST RATES DEPRESS HOME SALES, PRICES

A reprieve in mortgage interest rates helped the California housing market rebound in May 2023 with homes sales at an eight-month high, according to the latest home sales and price report from the California Association of REALTORS® (C.A.R.).

In San Diego during May 2023, both home sales and home prices were higher in month-over-month comparisons with April 2023.

Sales of existing, single-family homes in San Diego County increased in May 2023 by 14.8 percent in a month-over-month comparison with April 2023, but the figure was 24.1 percent lower in a year-over-year comparison with May 2022.

Meanwhile, the median sales price for an existing, single-family detached home in San Diego County increased in May 2023 to $935,000, compared to $930,000 in April 2023, a 0.5 percent difference. In a year-over-year comparison, the median price was $970,000 in May 2022, a 3.6 percent difference.

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

May 2023 County Sales and Price Activity

Statewide, the sales pace for existing, single-family homes was up 9.8 percent in May 2023, compared to April 2023, and it as down 23.6 percent from May 2022.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 289,460 in May, 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 May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

May’s sales pace of 289,460 homes sold was up 9.8 percent on a monthly basis from 263,650 home sold in April 2023 and down 23.6 percent from a year ago in May 2022, when a revised 378,640 homes were sold on an annualized basis.

Sales of existing single-family homes in California remained below the 300,000-unit pace for the eighth consecutive month.

Year-to-date statewide homes sales were down 35.1 percent in May 2023.

Also statewide, the median home price in May 2023 increased by 3.0 percent to $836,110, compared to $811,950 in April 2023. It was the second straight month for the statewide median home price to exceed $800,000. In a year-over-year comparison, the statewide median home price was down 6.4 percent from $893,200 in May 2022.

The statewide median price continued to rise and reached the highest level in nine months. Tight housing supply and more high-end homes being sold relative to prior months continued to put upward pressure on prices. 

“The bounceback in May’s home sales and price shows the resilience of California’s housing market and is a testament to the value that consumers place on homeownership,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “The housing market is stabilizing and even showing signs of improvement as competition is on the rise again; nearly half of homes are selling above asking price, fewer sellers are reducing listing prices, and homes for sale are going into pending status in just two weeks compared to more than 30 days early this year.”

“While home sales rose solidly in May, we don’t expect to see a rapid recovery because of the lock-in effect that’s keeping prospective sellers with low interest rate mortgages from listing their homes on the market and keeping inventory extremely tight.” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “Consequently, we expect prices to continue to rise on a month-to-month basis for the next few months because of the shortage of homes for sale. Even with reduced homebuyer demand, California still has more homebuyers than homes to put them in. It is this imbalance between supply and demand that continues to put upward pressure on home prices and nudge the median price up month over month since the beginning of the year.”

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

-- At the regional level, all major regions recorded year-over-year sales declines in May 2023. Southern California declined 22.3 percent from May 2022.

-- At the regional level, median home prices dropped from a year ago in all major regions. Southern California home prices declined by 5.3 percent in May 2023.

-- Despite mortgage rates rising sharply since mid-May and peaking at their highest point in six months, the number of pending sales recorded in May remained steady and only dipped slightly by less than 2 percent from the prior month. The consistent level of open-escrow sales suggests that the California housing market will register closed sales in June at around 275,000, a similar level between what was recorded in April and May.

-- Housing inventory in California dipped in May after a brief bounce-back in April, as sales improved while supply remained tight. The statewide unsold inventory index in May 2023 was flat from last year and declined 16 percent on a month-over-month basis. Assuming a softer sales level in June 2023, the market could see a minor inventory improvement in the upcoming month, but the upward adjustment would be due to a change in demand.

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

May 2023 County Unsold Inventory and Days on Market

-- Housing inventory increased in all price ranges in May 2023, compared with May 2022. In year-over-year comparisons, the unsold inventory index recorded a gain of 21.1 percent in the $1 million-and-higher price sector and remained flat in the $500,000-$749,000 price range (zero percent). Lower inventory levels dipped year-over-year in the $750,000-$999,000 sector (-9.1 percent) and the sub-$500,000 sector (-4.3 percent).

-- The statewide unsold inventory index on a monthly basis declined to 2.1 months for May 2023, compared to 2.5 months for April 2023 and 2.1 months for May 2022.

-- In San Diego, in May 2023, the inventory of available homes for sale was 1.7 months, compared to 1.9 months in April 2023, 1.7 months in March 2023, 2.3 months in February 2023, 2.7 months in January 2023 and 1.9 months in May 2022. 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.

-- Statewide, the median number of days it took to sell a California single-family home was 17 days in May 2023, 20 days in April 2023 and 11 days in May 2022.

-- In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in May 2023, compared to 12 days in April 2023, 15 days in March 2023 and eight days in May 2022.  Other median-time-on-the-market figures in San Diego in 2023 include 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 was at 100 percent in May 2023, 100 percent in April 2023, 99.1 percent in March 2023, 97.7 percent in February 2023 and 96.5 percent in January 2023. A year ago, in May 2022, the ratio was 103.4 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 6.43 percent in May, up from 5.23 percent in May 2022, according to Freddie Mac.

Topics: Brokers/Managers, Market Information

San Diego Median Home Price Hits $930K in April

Posted by Rick Griffin on May 25, 2023 1:46:01 PM

RISING INTEREST RATES DEPRESS HOME SALES, PRICES

A surge in mortgage interest rates and a shortage of homes for sale is suppressing the California housing market, according to the April 2023 home sales and price report from the California Association of REALTORS® (C.A.R.).

For April 2023 in San Diego, home sales were lower and home prices were higher in month-over-month comparisons between April 2023 and March 2023.

Sales of existing, single-family homes in San Diego County decreased in April 2023 by 8.2 percent in a month-over-month comparison with March 2023, and 36.9 percent in a year-over-year comparison with April 2022.

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

April 2023 County Sales and Price Activity

Meanwhile, the median sales price for an existing, single-family detached home in San Diego County increased in April 2023 to $930,000, compared to $915,000 in March 2023, a 1.6 percent difference. In a year-over-year comparison, the median price was $975,000 in April 2022, a 4.6 percent difference.

Statewide, the sales pace for existing, single-family homes was down 4.7 percent in April 2023, compared to March 2023, and down 36.1 percent from April 2022.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 267,880 in April 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 April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

April’s sales pace of 267,880 homes sold in April 2023 was down from 281,050 homes sold in March 2023 and down from a year ago in April 2022, when a revised 418,970 homes were sold on an annualized basis.

Sales of existing single-family homes in California remained below the 300,000-unit level for the seventh consecutive month.

Year-to-date statewide home sales were down 37.4 percent in April 2023.

Also statewide, the median home price in April 2023 increased by 3.0 percent to $815, 340, compared to $791,490 in March 2023.

It was the first time in six months, since October 2022, that California’s median home price surprised the $800,000 level.

Despite the price improvement since early this year, April’s median price was lower on a year-over-year basis for the sixth consecutive month, declining 7.8 percent from the revised $884,680 recorded a year ago in April 2022. 

The sizable drop in median price from last year was due partly to the strong price surge in early 2022 when homebuyers rushed into the market to take advantage of low rates before the Federal Reserve began aggressively raising rates.

“While home sales declined in April, the market is getting more competitive as we’re seeing time on the market before selling down to 20 days in April from 33 days in January and the share of homes sold above asking price double from one in five at the beginning of the year to more than two in five in April,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “This increase in market competition continued to provide support to the statewide median home price in April, which climbed above $800,000 for the first time in six months.”

“Home sales remained soft as the lock-in effect continued to tighten housing supply and keep would-be sellers from listing their homes for sale, which contributed to a 30 percent year-over-year drop in new statewide active listings, the largest drop since May 2020 when the pandemic shutdown took place,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “A surge in borrowing costs as mortgage rates surpassed 7% in late February and early March also contributed to the market weakness, as many transactions that opened in those two months were closed in April.”

Looking ahead, C.A.R. has revised its 2023 Housing Market Forecast and projects existing single-family home sales to reach 279,900 units in 2023, a decline of 18.2 percent from the 342,000 units sold in 2022. While home prices in general are expected to improve in the second half of the year, the California median home price is projected to decrease 5.6 percent to $776,600 in 2023, down from the annual median price of $822,300 recorded in 2022. C.A.R. also expects the 30-year fixed mortgage interest rate will average 6.3 percent for the year.

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

-- At the regional level, all major regions recorded year-over-year sales declines in April 2023. Southern California declined 37.4 percent from April 2022.

-- At the regional level, median home prices dropped from a year ago in all major regions. Southern California home prices declined by 6.2 percent in April 2023.

-- Housing inventory in California bounced back after dipping month-over-month for two straight months. The statewide unsold inventory index in April 2023 also increased from last year, jumping 38.9 percent on a year-over-year basis. The surge in the inventory continued primarily due to low housing demand as existing home sales remained below the 300,000 benchmark.

-- Housing inventory increased by at least 20 percent in all price ranges in April 2023, compared to April 2022. Homes priced at $1 million and higher gained the most in unsold inventory with a 64.7 percent increase, followed by the $500,000-$749,000 price range (33.3 percent), the $750,000-$999,000 price range (21.1 percent), and the sub-$500,000 price range (26.3 percent).

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

April 2023 County Unsold Inventory and Days on Market

-- The statewide unsold inventory index on a monthly basis increased to 2.5 months in April 2023, compared to 2.2 months in March 2023 and 1.8 months in April 2022.

-- In San Diego, in April 2023, the inventory of available homes for sale was 1.9 months, compared to 1.7 months in March 2023, 2.3 months in February 2023, 2.7 months in January 2023, and 1.6 months in April 2022. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell out given the current rate of sales.

-- The median number of days it took to sell a California single-family home was 20 days in April 2023, 24 days in March 2023, and 11 days in April 2022.

-- In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in April 2023, compared to 15 days in March 2023 and eight days in April 2022. Other median-time-on-the-market figures in San Diego in 2023 include 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 was at 100 percent in April 2023, compared to 99.1 percent in March 2023, 97.7 percent in February 2023 and 96.5 percent in January 2023. A year ago, in April 2022, the ratio was 104.2 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 6.34 percent in April, up from 4.98 percent in April 2022, according to Freddie Mac.

 

Topics: Brokers/Managers, Market Information

Home Sales Strong Despite Uptick in Interest Rates

Posted by Rick Griffin on Apr 24, 2023 9:23:29 AM

RISING INTEREST RATES DEPRESS HOME SALES, PRICES

For the first time in seven months, median home prices in California in March 2023 recorded a healthy increase on a month-to-month basis while higher interest rates held home sales essentially flat, according to the latest home sales and price report from the California Association of REALTORS® (C.A.R.).

In San Diego, both home sales and home prices were higher in month-over-month comparisons between March 2023 and February 2023.

Existing, single-family home sales in San Diego County increased in March 2023 by 34.9 percent in a month-over-month comparison with February 2023. However, in a year-over-year comparison between March 2023 and March 2022, home sales in San Diego County decreased by 32.1 percent.

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

March 2023 County Sales and Price Activity

Meanwhile, the median sales price for an existing, single-family detached home in San Diego County increased in March 2023 to $915,000, compared to $875,000 in February 2023, a 4.6 percent difference. In a year-over-year comparison, the median price was $950,000 in March 2022, a 3.7 percent difference.

Statewide, the March 2023 sales pace for existing, single-family homes was down 1.0 percent on a monthly basis from February 2023, and down 34.2 percent from March 2022.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 281,050 in March 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 March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

March’s sales pace of 281,050 homes sold was down slightly from 284,010 homes sold in February 2023 and down 34.2 percent from a year ago in March 2022, when a revised 427,040 homes were sold on an annualized basis. Sales of existing single-family homes in California remained below the 300,000-unit pace for the sixth consecutive month.

Year-to-date statewide home sales were down 37.8 percent in March 2023.

Also statewide, the median home price in March 2023 increased by 7.6 percent to $791,490, compared to $735,480 in February 2023. The March 2023 median price was 7 percent lower than the $851,130 price posted in March 2022. The statewide median home price in Mach was lower on a year-over-year basis for the fifth consecutive month. The median is the price at which half of the homes sell for more and half for less.

With home prices rising more sharply than the normal seasonal pattern last year, the market could see larger year-over-year price drops as it moves through the spring home-buying season.

“Despite a dip in March home sales, the competitiveness in the housing market continues to heat up, as homes are selling faster, and the sales-to-list-price ratio is improving, all the while when the number of homes available for sale continues to tighten,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “All signs point to a market with solid demand, which should help bolster sales through the homebuying season.”

“While home sales continue to hover below the 300,000-unit annualized pace, the market seems to have weathered more aggressive rate hikes and banking failures quite well in the last few weeks,” said C.A.R. Vice President and Chief Economist Jordan Levine. “If interest rates stabilize or even improve in the next couple of months, home sales should rise during the spring home-buying season, but tight inventory will prevent a rapid rebound.”

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

-- At the regional level, all major regions recorded year-over-year sales declines. Southern California declined 33.8 percent from March 2022. Extreme weather conditions had a negative impact on the housing market, which contributed to sharp sales declines in some counties.

-- At the regional level, median home prices dropped from a year ago in all major regions. Southern California home prices declined by 4 percent 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

-- Housing inventory in California slipped on a monthly basis for the second straight month from 3.2 months in February 2023 to 2.2 months in March 2023, the lowest level since May 2022. The unsold inventory in March 2022 was 1.6 months.

-- In San Diego, in March 2023, the inventory of available homes for sale was 1.7 months, compared to 2.3 months in February 2023, 2.7 months in January 2023, and 1.4 months in March 2022. Other inventory figures in San Diego during 2022 include 2.2 months in December 2022, 2.9 months in November 2022, 3.0 months in October, 2.7 months in September, 2.5 months in August, 3.1 months in July, 2.4 months in June, 1.9 months in May, 1.6 months in April and 1.4 months in March. 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.

-- Home prices were higher in March 2023 in all price ranges compared to a year ago in March 2022. In March 2023, homes priced at $1 million or higher gained the most in unsold inventory (50 percent), followed by the $749,000-$500,000 price range (25 percent), $750,000-$999,000 price range (23.5 percent) and sub-$500,000 price range (16.7 percent).

-- Active listings in March 2023 continued to surge. Despite the increase in overall active listings, housing inventory is much tighter than what the yearly growth suggests. While new active listings added in March 2023 improved by 27.9 percent on a month-to-month basis from February 2023, the figure also declined 30 percent in a year-over-year comparison with March 2022. The drop in new active listings, was the largest dip since May 2020 when the pandemic shutdown took place.

-- The median number of days it took to sell a California single-family home was 19 days in March 2023, 17 days in February 2023 and eight days in March 2022.

-- In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in March 2023, compared to 17 days in February 2023, 26 days in January 2023 and seven days in March 2022. Other median-time-on-the-market figures in San Diego during 2022 was 20 days in December, 18 days in both November and October, 19 days in September, 15 days in August, 10 days in July, eight days in June and seven days in May and April. The median represents a time when half the homes sell above it and half below it.in san 

-- Once again, the statewide, sales-price-to-list-price ratio remained at below 100 percent in March 2023 at 99.1 percent, compared to 97.7 percent in February 2023 and 96.5 percent in January 2023. A year ago, in March 2023, the ratio was 103.9 percent. Other statewide ratio percentage figures during 2022 include 96.2 percent in December, 96.7 percent in November, 97.3 percent in October, 97.7 percent in September and 98.4 percent in August. 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 6.54 percent in March, up from 4.17 percent in March 2022, according to Freddie Mac.

 

Topics: Brokers/Managers, Market Information

PSAR Celebrates Real Estate Achievements, Leadership (R.E.A.L.)

Posted by Rick Griffin on Mar 24, 2023 6:15:23 PM

PSAR CELEBRATE REAL ESTATE ACHIEVEMENTS, LEADERSHIP (R.E.A.L.)

It was a night of celebrating “Real Estate” professionals for their “Achievements” and “Leadership.” It was PSAR’s 2023 R.E.A.L. Awards Gala (R.E.A.L. is an acronym for Real Estate, Achievements, and Leadership). The R.E.A.L. Awards honored PSAR’s top-producing agents and brokers who achieved excellence based on units closed or volume production as compared to all other agents based out of San Diego County, according to 2022 CRMLS data.

The gala was held Friday, March 17 at Sycuan Casino and Resort’s Heritage Events Center. More thanLaure and Jason blog 450 PSAR members attended the event which featured cocktails, dinner, dancing, and the presentation of awards to individuals to recognize their industry leadership and success. 

2023 PSAR President Jason Lopez and 2024 PSAR President Laurie Ohnesorgen-MacDonald served as emcees. The national anthem was sung by Katriz Trinidad.

Richard D’Ascoli, PSAR CEO, outlined how this celebration event aligns with PSAR's Mission to Empower Real Estate Professionals, he also introduced elected officials in attendance and industry leaders.

Elected officials: Brian Jones, California State Senator; Jordan Marks, San Diego County Assessor-Recorder-County Clerk; Ditas Yamane, City Council Member, City of National City,

Industry Leaders: Chris Hasvold, board chair of California Regional Multiple Listing Service (CRMLS).

PSAR members serving as California Association of REALTORS® (C.A.R.) directors. They included Ditas Yamane, Max Zaker, Jason Lopez, Lupe Soto, Laurie Ohnesorgen-MacDonald, Yvonne Cromer, Nikki Coppa, Jeff Campbell, Jan Farley, and Robert Cromer.

PSAR member Anthony Andaya, serving as a director with the National Association of REALTORS® (NAR).

2023 PSAR board of directors: Max Zaker (Immediate Past President), 2023 PSAR President Jason Lopez, 2024 PSAR President Laurie Ohnesorgen-MacDonald, Sam Calvano (2023 secretary-treasurer), Anthony Andaya, Merrie Espina, Camille Bruno, Valerie Gardner, Paula Gonzalez, Dylan Graham, Amy Ruiz, Amber Tannehill, Rafael Perez, Norma Scantlin, and Martha Garcia.

Past PSAR presidents: Pat Russiano, Nikki Coppa, Peter Mendiola, Jeff Campbell, Bob Olivieri, Carey Guthrie, Jan Farley, Robert Cromer, Ditas Yamane, and Max Zaker.

Brian Jones and Max Zaker blogFollowing the introductions, Senator Brian Jones delivered the invocation and presented a proclamation to 2022 PSAR President Max Zaker.

Also recognized were contributors to the REALTOR® Action Fund (RAF). RAF advances the goals of the REALTOR® Party. It promotes and advocates for the rights and values of REALTORS®. Every dollar of this fund is used to protect the interests of REALTORS® in government.

 


Qualifications for a R.E.A.L. Award included the following categories (number of PSAR members who achieved the particular production levels appears in parenthesis):

-- Top 1%, at least 27 sides or $31,779,040 in volume (59); View recipients

-- Top 3%, at least 17 sides or $18,483,537 in volume (83); View recipients

-- Top 5%, at least 13 sides or $13,329,500 in volume (70); View recipients

-- Top 10%, at least 8 sides or $8,075,500 in volume (235). View recipients

All top achievers attending the REAL awards were recognized.
 
Last year's recipients of Affiliate, Broker/Office Managers, and REALTOR of the Year were called to the stage.  They included Andrea Martino, Mauricio Perez-Vazquez, Bob Olivieri, Jeff Campbell, Amber Tannehill and Charmaine Orcino-Gonzales.

Also at the gala, four PSAR members were presented with Professional of the Year awards. They included: Ditas Yamane, Broker of the Year; Steven Sladek, Realtor of the Year; Michelle Hickin, Affiliate of the Year; Nikki Coppa, Distinguished Realtor Award.

 

Special Awards blog

Nikki Coppa
Nikki Coppa
Distinguished Service Award

Ditas Yamane
Ditas Yamane
Broker of the Year

Michelle Hickin
Michelle Hickin
Affiliate of the Year

Steven Sladek
Steven Sladek
REALTOR of the Year

The R.E.A.L. Awards Committee included Charmaine Orcino-Gonzales, committee chair, as well as 2023 PSAR President Jason Lopez, 2024 PSAR President Laurie Ohnesorgen-MacDonald, Yvonne Cromer, Zoe Khetani, Martha Garcia, Amber Tannehill, Valerie Gardner, Vicki Lisama, Richard D’Ascoli, Sally Valdez and Kevin McElroy.

REAL Award Committee  blog 2
The major sponsors of the night included Caliber Home Loans, The Phana Par Group, and the California Regional Multiple Listing Service.

Additional sponsors included: Aftermath Exterminating - Gillz Building Services, Inc. - PSAR YPN - Preferred Inspections - Mac Printing - Big Block Realty - Property ID - South Shore Appraisals - Navy Federal Credit Union - SD Realty Gals - Sam Calvano Home Loans - NixTermite - Old Republic Home Protection - Gardner Insurance Services - San Diego Estates - RanchoTed Hard Money Lending - Edward Jones - Farmers Insurance - Metro South RE Producers - Morrison Inspections - Fidelity National Home Warranty - Ooh La Lash & Beaut - Insight Photos and Elizabeth Ireland Photography.

________ PHOTOS FROM THE 2023 EVENT ________

 Event Entry Photos             Event Photos     a


Pacific Southwest Association of REALTORS

 

______________________________________

PSAR's mission is to empower Realtors.

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

 

Topics: Announcements, Events, Leadership

Steve Whittington (1947-2023), 2002 Past President

Posted by Rick Griffin on Mar 24, 2023 4:00:00 PM

1994_Steve Whittington

The PSAR family is saddened to hear about the recent passing of Steve Whittington, who served as PSAR's East San Diego County Association of REALTORS® president in 2002. He passed away from a respiratory illness on March 8, 2023. He was 76.

Steve was born on Aug. 23, 1947, to Frank and Lorraine Whittington in Dubuque, Iowa. At age 3, the family moved to San Diego.

Steve was married to his wife Patti for 53 years. They both attended the same elementary school. Their friendship continued while attending Hilltop Junior High and Hilltop High School. They were married in 1970, the same year Steve graduated from San Diego State University with a degree in sociology. They raised a son and daughter.

Steve worked for Bank of America for several years before launching his real estate sales career, which began around 1987. In 1991, Steve opened Peerless Properties, a real estate sales office, and Peerless Property Management.

Steve believed in giving back to the community and supporting growth in the real estate industry, which led to his service as PSAR president. During Steve’s tenure as president, his daughter Amy worked part-time at PSAR as a receptionist.

Steve continued working in real estate until his retirement in 2010. During his retirement years, Steve enjoyed golfing, playing poker with close friends, and traveling with Patti.

Steve is survived by his wife Patti Whittington; daughter Amy Whittington; son Brent Whittington and his wife Kimjera Whittington; grandchildren Blake, Kendall, and Braxton; brother Randall Whittington and his wife Peggy Whittington; and sister Susan Whittington.

No memorial services are planned.

PSAR expresses our sincere condolences to the Whittington family at this time.

#  #  #

 

Topics: Announcements

HOME SALES, PRICES WERE HIGHER IN FEBRUARY 2023

Posted by Rick Griffin on Mar 20, 2023 6:48:00 AM

RISING INTEREST RATES DEPRESS HOME SALES, PRICES

The lowest mortgage interest rates in five months helped boost California home sales for the third straight month in February 2023, even as home sales prices continue to slide lower, according to the latest home sales and price report from the California Association of REALTORS® (C.A.R.).

In San Diego, both home sales and home prices were higher in month-over-month comparisons between February and January 2023.

On a statewide basis, closed escrow sales of existing, single-family detached homes totaled a seasonally adjusted annualized rate of 284,010 in February 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 February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide sales pace in February 2023 was up 17.6 percent on a monthly basis from 241,520 in January 2023 but down 33.2 percent from a year ago in February 2022, when a revised 425,120 homes were sold on an annualized basis. 

Despite the third straight month of improvement, sales of existing single-family homes in February 2023 in California remained below the 300,000-unit pace for the fifth consecutive month.

Year-to-date statewide home sales were down 39.6 percent in February 2023.

California’s median home price retreated for the sixth straight month, declining 2.1 percent from the January 2023 median price of $751,330 to $735,480 in February 2023, the lowest price level in two years.

The February 2023 price also was lower on a year-over-year basis for the fourth consecutive month, declining 4.8 percent from the revised $772,180 recorded a year ago in February 2022. 

The statewide median price for a typical home has declined 18.3 percent from May 2022, when it reached its recent peak of $900,170. 

With home prices to remain soft throughout the rest of 2023, home shoppers can expect to see larger price drops moving through the spring home-buying season.

In San Diego, home sales increased month-over-month by 11.5 percent in February 2023, compared to January 2023. In a year-over-year comparison, between February 2023 and February 2022, home sales decreased by 32.6 percent.

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

February 2023 County Sales and Price Activity

The San Diego median sales price for an existing, single-family detached home increased in February 2023 to $875,000, compared to $824,950, a 6.1 percent difference. In a year-over-year comparison, the median price was $888,000 in February 2022, a difference of 1.5 percent. The median is the price at which half of the homes sell for more and half for less. 

“A brief interest rate reprieve and softer home prices during January created a window of opportunity for homebuyers to dip their toes into the home-buying waters, which helped boost home sales to the highest level in five months,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “A shift toward more home sales in the lower-price segments is expected to continue to further soften home prices. However, with the availability of homes remaining extremely tight and housing supply conditions not expected to improve any time soon, prices should find bottom later this year as interest rates stabilize.”

“The recent failure of a handful of tech-focused banks caused an unexpected drop in interest rates, which could offer an opportunity in the near term for homebuyers who have been waiting on the sidelines to lock in a lower rate,” said C.A.R. Vice President and Chief Economist Jordan Levine. “However, any decline in rates is not likely to be sustainable since inflation remains high, and the Federal Reserve is willing to take some calculated risks in order to keep inflation under control.”

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

-- At the regional level, all major regions recorded year-over-year sales declines. Southern California declined 33.8 percent.

-- At the regional level, median home prices dropped from a year ago in all major regions. Prices in Southern California declined by 2 percent.

-- Housing inventory in California slipped to its lowest level in four months. The statewide unsold inventory was 3.2 months in February 2023 and 2.0 months in February 2022, a difference of 60 percent. The unsold inventory in January 2023 was 3.6 months. 

-- In San Diego, in February, the inventory of available homes for sale was 2.3 months, compared to 2.7 months in January 2023 and 1.5 months in February 2022. Other inventory figures in San Diego in 2022 include 2.2 months in December 2022, 2.9 months in November 2022, 3.0 months in October, 2.7 months in September, 2.5 months in August, 3.1 months in July, 2.4 months in June, 1.9 months in May, 1.6 months in April and 1.4 months in March. 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.

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

-- Unsold inventory in various home price ranges increased in February 2023 from a year ago by at least 30 percent or higher in the state. The sub-$500,000 range gained the most in unsold inventory (45.9 percent), followed by the $500,000-$750,000 range (42.3 percent), the $1 million and up (33.4 percent) and $750,000-$999,000 category (30.0 percent).

-- Weak housing demand continued to create carryover and elevate inventory on the surface, as 46 of the 51 counties tracked by C.A.R. registered an increase in active listings in February 2023 compared to February 2022.

 -- The median number of days it took to sell a California single-family home was 28 days in February, compared to 33 days in January 2023 and 9 days in February 2022. Other statewide inventory figures for 2022 include 28 days in December, 24 days in November, 23 days in October, 22 days in September, and 19 days in August.

In San Diego, the median number of days it took to sell an existing, single-family home was 17 days in February 2023, compared to 26 days in January 2023 and 7 days in February 2022. Other inventory figures for 2022 in San Diego were 20 days in December, 18 days in both November and October, 19 days in September, 15 days in August, 10 days in July, eight days in June, and seven days in May and April. The median represents a time when half the homes sell above it and half below it.

-- Once again, the statewide, sales-price-to-list-price ratio remained at below 100 percent in February 2023 at 97.7 percent, compared to 96.5 percent in January 2023. A year ago, in February 2022, the ratio was 102.6 percent. Other 2022 statewide ratio percentage figures include 96.2 percent in December, 96.7 percent in November, 97.3 percent in October, 97.7 percent in September and 98.4 percent in August. 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 6.26 percent in February 2023, up from 3.76 percent in February 2022, according to Freddie Mac.

 

Topics: Brokers/Managers, Market Information

CALIFORNIA HOME SALES INCH UP, PRICES MODERATE FURTHER

Posted by Rick Griffin on Feb 24, 2023 8:14:15 AM

RISING INTEREST RATES DEPRESS HOME SALES, PRICES

California home sales edged up in January 2023 for the second straight month, while home prices continued to slide and interest rates took a breather, according to the latest home sales and price report from the California Association of REALTORS® (C.A.R.).

In San Diego, home sales and home prices were lower in January 2023 in monthly and yearly comparisons, said C.A.R.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 241,520 units in January 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 January 2023 pace throughout the entire 2023 year. It is adjusted to account for seasonal factors that typically influence home sales.

The January 2023 sales pace was up 0.4 percent on a monthly basis from a revised 240,630 homes sold in December 2022, and down 45.7 percent compared to a year ago in January 2022, when a revised 444,400 homes were sold on an annualized basis.

January 2023 was the third straight month for home sales at below the 250,000-unit per month sales level.

California’s median home price receded in January 2023 to $751,330, down 3.0 percent from the $774,850 recorded in December 2022, which was the fifth straight monthly decline. The January 2023 home price figure also was lower on a year-over-year basis for the third consecutive month, declining 1.9 percent from the $766,250 recorded a year ago in January 2022.

In San Diego, home sales decreased month-over-month by 17.9 percent in January 2023, compared to December 2022. In a year-over-year comparison, between January 2023 and January 2022, home sales decreased by 35.1 percent.

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

January 2023 County Sales and Price Activity

The San Diego median sales price for an existing, single-family detached home declined in January 2023 to $824,950, compared to $850,000 in December 2022, a 2.9 percent difference. In a year-over-year comparison, between January 2023 and January 2022, when the price was $875,000, the difference was a 5.7 percent decrease.

“Thanks to slightly waning interest rates and tempering home prices, California’s housing market kicked off the new year with another step up and continued to improve in January as buyers gained more confidence in purchasing a home and the affordability outlook improving slightly,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “While the monthly sales gains have been nominal over the past two months, the market is moving in the right direction, and more gradual improvements could be coming in the months ahead as the market moves into the spring home-buying season in a few weeks.” 

“Job layoffs in recent months, primarily in the tech sector, have contributed to a decline in both sales and prices in higher-priced housing markets, particularly in the San Francisco Bay Area,” said C.A.R. Vice President and Chief Economist Jordan Levine. “With home prices expected to remain soft and the mix of sales continuing to shift toward less expensive housing units throughout the rest of 2023, the market will see more downward price adjustments in the next few months.” 

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

-- At the regional level, all major regions recorded year-over-year sales declines of more than one-third in January 2023. Southern California dropped 41.1 percent.

-- At the regional level, median home prices dropped from a year ago in all major regions in January 2023. Prices in Southern California declined by 0.2 percent.

-- Housing inventory in California in January 2023 reached its highest level in 32 months. The January 2023 figure of 3.6 months was double the 1.8 months recorded in January 2022, the same month a year ago. The unsold inventory in December 2022 was at 2.7 months. The statewide January 2023 figure was at a level last seen in May 2020, during the government-mandated pandemic lockdown.

-- In San Diego, the inventory of available homes for sale in January 2023 increased to 2.7 months, compared to 2.2 months in December 2022 and 1.5 months a year ago in January 2022. Other inventory figures in San Diego in 2022 include 2.2 months in December 2022, 2.9 months in November 2022, 3.0 months in October, 2.7 months in September, 2.5 months in August, 3.1 months in July, 2.4 months in June, 1.9 months in May, 1.6 months in April and 1.4 months in March. 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.

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

-- Unsold inventory increased in January 2023, compared to a year ago in January 2022, by 88 percent or higher in all price ranges, with the $500,000-$749,000 price range gaining the most (112.5 percent), followed by the $1 million-and-up price tier (105.0 percent), the $750,000-$999,000 (100.0 percent) and the sub-$500,000 (88.9 percent).

-- Weak housing demand continued to create carryover and elevate inventory on the surface, as 48 of the 51 counties tracked by C.A.R. registered an increase in active listings in January 2023 compared to January 2022.

-- The median number of days it took to sell a California single-family home was 33 days in January 2023, compared to 28 days in December 2022 and 12 days in January 2022. Other statewide inventory figures for 2022 include 28 days in December, 24 days in November, 23 days in October 2022, 22 days in September 2022 and 19 days in August 2022.

-- In San Diego, the median number of days it took to sell an existing, single-family home was 26 days in January 2023, compared to 20 days in December 2022 and nine days a year ago in January 2022. Other inventory figures for 2022 in San Diego was 18 days in both November and October, 19 days in September, 15 days in August, 10 days in July, eight days in June and seven days in May and April. The median represents a time when half the homes sell above it and half below it.

-- Once again, the statewide, sales-price-to-list-price ratio remained at below 100 percent in January 2023 at 96.5 percent. A year ago, in January 2020, the ratio was 101.2 percent. Other 2022 statewide ratio percentage figures include 96.2 percent in December, 96.7 percent in November, 97.3 percent in October, 97.7 percent in September and 98.4 percent in August. 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 6.27 percent in January 2023, up from 3.45 percent in January 2022, according to Freddie Mac.

 

Topics: Brokers/Managers, Market Information