A year ago, he was diagnosed with cholangiocarcinoma, a rare bile duct cancer in the liver, according to his wife Sherry. “He got to live each day the best he could,” said Sherry. “He didn’t dwell on ‘Why me?’ He was very positive.”
Tom was considered a legendary figure at PSAR. He served as President when the Association was called the San Diego Bay Cities Board of REALTORS® (the Association’s name was changed to PSAR in 1993).
“He took great delight in hooking up first time buyers with a home,” said Sherry.
In addition to serving as President, Tom served on numerous PSAR committees as a member and chair, including the Government Affairs Committee. He also served as a California Association of REALTORS® (C.A.R.) Director. He was a recipient of the PSAR REALTOR® of the Year award.
In a 2015 interview with PSAR, Tom voiced his long-time support for the Association. “Over the many decades, the Association has never lost its focus, which is to serve its members and homeowners.”
“He was a good friend who helped me a great deal when I first got hired at PSAR,” said Rich D'Ascoli, CEO, PSAR. “Last summer, a big celebration of life event was held for him when he was still alive and many elected officials and dignitaries attended to honor him.”
The City of Chula Vista declared Aug, 8, 2018, as “Tom Money Day.” The celebration gathering drew the attendance of five mayors of Chula Vista to honor him.
In a recent edition of The Star-News newspaper, Chula Vista Mayor Mary Casillas Salas said, “Tom Money was more than a successful businessman and realtor. He had a great sense of community pride and was someone who believed in giving back through volunteerism on a number of boards, commissions, and especially devoting his time and treasure through his leadership and service in our Chula Vista Kiwanis Club. He will be missed.”
Thomas George Money was born at San Diego’s Mercy Hospital on March 3, 1943.
He met Sherry Seagraves, in August of 1970, on a blind date, and they married three years later, Aug. 25, 1973 in Balboa Park.
Tom attended local elementary schools and graduated from Chula Vista High School (class of 1961). In high school, he was the photographer for the Spartan newspaper. He contributed a photo of President Dwight D. Eisenhower for the Senior Year Scroll.
Tom operated Money Realty at 355 Third Ave. in Chula Vista. His office in Downtown Chula Vista holds the longevity record in San Diego County for continuous location as a real estate sales office. The office was opened by his father Mark in 1944, when the company was called Mark H. Money & Associates. Previously, Mark had relocated the family from Wisconsin to work in San Diego as an aircraft mechanic.
In 1963, after his father’s passing, Tom, age 28 at the time, joined the family real estate business as a REALTOR® and maintained the same office address since then. Tom’s mother Jane served as broker for the real estate company.
In addition to his service to PSAR, Tom was active in the community as a volunteer with a number of service clubs, charities and community organizations. In the 1970s and 1980s, he served on the board of the Junior Chula Vista Chamber of Commerce. He later served on the boards of the Third Avenue Village Association (TAVA) and Chula Vista Chamber of Commerce. He also served as president of the Chula Vista Kiwanis Club. He also served on an advisory board for Scripps Health.
Tom’s passion was sailing. He served on a committee in 1976 to save the Star of India, and then later sailed on the world’s oldest active sailing ship as part of the crew. The Star of India, a full-rigged iron windjammer ship built in 1863, is moored along Harbor Drive in Downtown San Diego and operated by the Maritime Museum of San Diego. Tom also was instrumental in having the America’s Cup trophy on display at Harbor Days, a summertime community event now known as Chula Vista HarborFest.
Tom experienced a number of sailing adventures during his life. As a young man, one of his adventures consisted of hitchhiking around the world on sailboats. He started a three-part, two-year journey around the globe in Hawaii. “I was 22 years old and working in Honolulu at odd jobs when I met a guy sailing to Tahiti in French Polynesia in the South Pacific who needed a crew member,” said Tom in a 2015 interview. “Then, in Tahiti I met a guy sailing to Africa who also needed a crew member. Then, in Africa, I met a guy sailing to Newport, Rhode Island. So, I call it a round-the-world trip on a sailboat as a hitchhiker.”
In 1969, Tom joined a gold mining company that was dredging the Bering Sea, between Alaska and Russia, looking for gold. According to Tom, “We were off the coast of Nome and a big storm came in and created huge chunks of ice. Our boat was crushed by the ice and we walked ashore on the ice about a quarter mile. The whole town turned out in the middle of the night with sleds to help us get our gear off the boat before it sank.”
In 1970, Tom was member of the crew who sailed a 100-foot-long, square-rigged, iron windjammer ship (similar to the Star of India) from Tahiti to Sydney, Australia, to commemorate Captain James Cook’s discovery of Australia in 1770.
In 1991, at age 48, Tom sailed across the Pacific Ocean, 2,250 miles in 12-and-a-half days, from San Diego to Honolulu, with himself and National City resident John Walton, a member of the Walton family who founded Wal-Mart (John was a son of Wal-Mart founder Sam Walton). A race was being held to raise money for Mercy Hospital and John Walton was building a new style of trimaran sailboats that were lightweight and fast (a trimaran is a multi-hull sail boat that comprises a main hull and two smaller outrigger hulls, or floats, which are attached to the main hull with lateral beams).
According to Tom, “I went to John and asked him to sponsor me in this race. He kept asking me questions and then decided to go with me. We finished first by a day-and-a-half, but were declared to be in second place by 15 minutes because of our ship’s handicap. In some races, boats have handicaps just like golfers.” (John Walton passed away on June 27, 2005, in a private plane crash in Wyoming).
Tom is survived by his wife Sherry, two daughters, Courtney Money and Colleen Varnum and husband Matt, and two grandsons, Evan and Zach; sisters Susanna Money of San Diego and Roxanne Money Zunich and her husband John of Fresno. He was preceded in death by his parents Mark H. Money and Jane Milke Money.
Broker and longtime family friend Mayra Swanson recently took over the real estate business. A memorial service will be held at 3 p.m., Sunday, Feb. 24, at the San Diego Yacht Club 1011 Anchorage Lane, San Diego, 92106. To RSVP for the service, send an e-mail to Mayra at firstname.lastname@example.org, or call her at 619-422-0177. His ashes will be scattered off the coast of Pt. Loma, the family said.
The California Association of REALTORS® (C.A.R.) reports that a combination of high home prices and eroding affordability is expected to cut into housing demand and contribute to a weaker housing market in 2019.
C.A.R. is projecting a 3.3 percent decline in existing single-family home sales in 2019, down from a projected 410,460 in 2018 to 396,800 in 2019. The 2018 figure is 3.2 percent lower compared to the 424,100 homes sold in 2017.
“While home prices are predicted to temper next year, interest rates will likely rise and compound housing affordability issues,” said C.A.R. 2018 president Steve White. “Would-be buyers who are concerned that home prices may have peaked will wait on the sidelines until they have more clarity on where the housing market is headed. This could hold back housing demand and hamper home sales in 2019.”
C.A.R. also is forecasting growth in the U.S. gross domestic product of 2.4 percent in 2019, after a projected gain of 3.0 percent in 2018. With California’s nonfarm job growth at 1.4 percent, down from a projected 2.0 percent in 2018, the state’s unemployment rate will remain at 4.3 percent in 2019, unchanged from 2018’s figure but down from and 4.8 percent in 2017.
C.A.R. also predicts the average for 30-year, fixed mortgage interest rates will rise to 5.2 percent in 2019, up from 4.7 percent in 2018 and 4.0 percent in 2017, but will still remain low by historical standards.
Rising mortgage interest rates coupled with higher home prices in California is expected to mean that only 25 percent of households statewide will be able to afford a median-priced home in 2019, said C.A.R. If the past is any indication, the percentage of households that will be able to afford a single-family home in San Diego County next year will be even fewer.
The median home price statewide is forecast to increase 3.1 percent to $593,450 in 2019, following a projected 7.0 percent increase in 2018 to $575,800, according to C.A.R.
“The surge in home prices over the past few years due to the housing supply shortage has finally taken a toll on the market,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “Despite an improvement in supply conditions, there is a high level of uncertainty about the direction of the market that is affecting homebuying decisions. This psychological effect is creating a mismatch in price expectations between buyers and sellers and will limit price growth in the upcoming year.”
Outmigration, resulting from the state’s housing affordability issue, will also be a primary concern for the California housing market in 2019 as interest rates are expected to rise further next year. The high housing cost is driving Californians to leave their current county or even the state.
According to C.A.R.’s 2018 State of the Housing Market/Study of Housing: Insight, Forecast, Trends (SHIFT) report, 28 percent of homebuyers moved out of the county in which they previously resided in 2018, up from 21 percent in 2017.
The outmigration trend was even worse in the Bay Area, where housing was the least affordable, with 35 percent of homebuyers moving out because of affordability constraints. Southern California did not fare any better as 35 percent of homebuyers moved out of their county for the same reason, a significant jump from 21 percent in 2017. The substantial surge in homebuyers fleeing the state is reflected by the home sales decline in Southern California, which was down on a year-over-year basis for the first eight months of 2018.
Outmigration will not abate as long as home prices are out of reach and interest rates rise in the upcoming year, said C.A.R.
November’s sales figure was down 3.9 percent from October and 13.4 percent from November 2017. Homes were selling at a seasonally adjusted annual rate of 381,400 units in November, compared to 440,340 a year ago. November marked the fourth month in a row that sales were below 400,000.
Sales in San Diego were down 8.4 percent in November 2018 from October 2018 and 11.0 percent compared to November 2017.
“While many home buyers continue to sit on the sidelines, serious buyers who are in a position to purchase should take advantage of this window of opportunity,” said C.A.R. President Jared Martin. “Now that interest rates have pulled back, home prices have tapered, and inventory has improved, home buyers’ prospects of getting into a home are more positive.”
C.A.R. said November’s statewide median home price declined to $554,760, down 3.0 percent from $572,000 in October but up 1.5 percent from a revised $546,820 in November 2017.
Prices are falling in San Diego as well. The median price in November 2018 was $626,000, down 1.5 percent from $635,500 in October 2018, but still 1.0 percent above last November’s $619,900.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 381,400 units in November, 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 2018 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
“The slowdown in price growth is occurring throughout the state, including regions that have strong economic fundamentals such as the San Francisco Bay Area,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “The deceleration in home price appreciation should be a welcome sign for potential buyers who have struggled in recent years against low inventory and rapidly rising home prices.”
Other key points from C.A.R.’s November 2018 resale housing report included:
- Statewide active listings rose for the eighth consecutive month after nearly three straight years of declines, increasing 31 percent from the previous year. November’s listings increase was the largest since April 2014.
- The median number of days it took to sell a California single-family home edged up from 22 days in November 2017 to 28 days in November 2018. Meanwhile, in San Diego County, the median number of days a home remained unsold on the market was 22 days in November 2018, compared to 24 days in October 2018 and 17 days in November 2017.
- The unsold inventory index, which is a ratio of inventory over sales, increased year-to-year from 2.9 months in November 2017 to 3.7 months in November 2018. The index measures the number of months it would take to sell the supply of homes on the market at the current sales rate.
- On a region-wide, non-seasonally adjusted basis, sales dropped double-digits on a year-over-year basis in the San Francisco Bay Area, the Central Coast, and the Southern California regions, while the Central Valley region experienced a relatively small sales dip of 3.9 percent.
- Forty-one of the 51 counties reported by C.A.R. posted a sales decline in November with an average year-over-year sales decline of 16.8 percent. Twenty-six counties recorded double-digit sales drops on an annual basis.
- The 30-year, fixed-mortgage interest rate averaged 4.87 percent in November, up from 3.92 percent in November 2017, according to Freddie Mac. The five-year, adjustable mortgage interest rate also increased in November to an average of 4.11 percent from 3.24 from November 2017.
- San Diego leads the nation with the most home price reductions this year. The share of home listings with a price cut grew to its highest level in at least eight years, says a recent analysis from Trulia. San Diego had the most reductions, 20.5 percent, of the 100 biggest metro areas in the United States so far this year. San Diego was tied with Tampa, which also saw 20.5 percent of homes with a price cut.
- The San Diego metropolitan area has been ranked as the fifth least popular home buying market for millennials in the United States, according to the latest LendingTree report. The company found that San Diego-area millennials only accounted for about 35 percent of the home loan purchase requests for the first 11 months of the year. Tampa was ranked as the least popular market for millennial homebuyer loan requests, followed by Las Vegas, Miami and Orlando. Salt Lake City topped the list for the most millennial home loan requests at 51 percent. It was followed by Minneapolis and Pittsburgh, where nearly half of the requested loans were from millennials.
- Few millennial renters can afford down payment on a home. According to Apartment List’s 2018 Millennial Homeownership Report, 88 percent of millennial renters in San Diego say that they plan to purchase a home at some point in the future, but just 3 percent expect to do so within the next year, while 37 percent say that they won't buy for at least five years. The survey of 6,400 millennial renters found that while the overwhelming majority of those surveyed would like to purchase a home at some point in the future, far fewer are financially prepared to do so in the near term. Of the millennial renters in San Diego who plan to purchase a home, 59 percent have zero down payment savings, while just 14 percent have saved $10,000 or more, according to the survey.
- With average rents nearing $2,000 a month, San Diego may be one of the pricier places for millennial renters in the U.S. Despite the cost, however, a survey by the rental platform company Zumper said that only 2 percent of millennials are getting help from their parents for rent. San Diego appears to be the most independent city with only 2 percent of respondents who had their parents help with rent, compared to 24 percent in Detroit. Austin had the second largest proportion of millennials in need at 23 percent.
- San Diego had the second lowest unemployment rate among California’s most populous metro areas this year between July and September, according to a report released Wednesday by the San Diego Regional Economic Development Corp. San Diego’s third-quarter unemployment rate sat at 3.2 percent, bested only by San Francisco at 2.5 percent. The rates in both cities fell 0.5 percent between the second and third quarters. Compared to the other most populous metro areas in the country, San Diego ranked 10th in the third-quarter unemployment rate.
The California Association of REALTORS® (C.A.R.) recently conducted a consumer survey of California homebuyers. The survey examined the attitudes and behaviors of real estate consumers. According to its 2018 State of the California Consumer Survey, California’s competitive housing market and low housing affordability are forcing homebuyers to make compromises in their home purchases including price, size, location, and school quality.
The survey revealed that 44 percent of buyers bought a more expensive home than they wanted, 33 percent purchased a smaller home than desired, 36 percent purchased a home further from school or work than wished, and 30 percent purchased in an area where schools were of lesser quality.
“Well-qualified homebuyers understand that buying a home can be challenging in a competitive housing market environment and they may not be able to buy the ideal home they want,” said 2019 C.A.R. President Jared Martin. “Instead of finding a home that’s a perfect fit, they are finding a home that’s a good enough fit.”
Buyers were not deterred by higher home prices and tight housing supply conditions but waited until their financial situations improved or to save for a down payment. Buyers typically saved for five years, and nearly a quarter of those who purchased a home priced $1 million or higher saved more than 10 years.
The source of down payment for the majority of home buyers was their personal savings. Boomers were more likely to use the proceeds from the sale of a previous home since many were repeat buyers. Millennials were significantly more likely than Gen Xers or boomers to use funds received from parents or family or a gift.
California’s costly home prices gave nearly one in three home buyers cause to consider purchasing in another state, but buyers ultimately stayed because they liked the city or state they currently lived in or because of their job, family, or friends. Younger buyers and first-time buyers were more likely to consider leaving the state. With the state’s housing prices at 161 percent above the national average, California’s high housing costs are the biggest factor hurting young, middle-class, often minority families.
Buyers typically spent eight weeks on their home search, and nearly one in three spent 13 weeks or more. Reflecting the extremely tight housing market in the San Francisco Bay area, buyers in the Bay Area spent a median of 10 weeks in their home search. Buyers who bought homes $1 million or higher spent a median of seven weeks searching for a home, while those whose homes cost less than a $1 million spent a median of eight weeks. Generally, the more competitive the housing market is, the longer it takes to find a home.
Buyers made a median of three offers on other homes before having an offer accepted, but nearly one-fourth made more than 10 offers. Those who purchased a home for more than $1 million made five offers on other homes. The hyper-competitive, supply-constrained Bay Area had the highest incidence of multiple offers.
Homebuyers’ preferences varied by age/generation, income, and home buyer status (first-time, repeat, investment buyer, etc.).
The typical first-time buyer purchased a three-bedroom, 1,500-square-foot, single-family home. Nearly half purchased a home in the suburbs, and two-thirds purchased a one-story home. Buying a home within their price range and with the desired number of bedrooms were the top requirements for first-time buyers. They selected their neighborhood primarily based on their budget (53 percent), safety (51 percent), and proximity to jobs/school (38 percent). First-time buyers were likely to purchase a home close to where they previously lived, with only 20 percent choosing to leave the county or state.
Being in a better financial situation, repeat buyers typically purchased a larger home with three bedrooms and a median square footage of 1,700. Three in four purchased a single-family home, and more than half purchased a one-story home. Nearly half bought a home in the suburbs, 26 percent bought a home in the city outside of downtown, 18 percent bought homes downtown, and 11 percent bought in a rural area.
With lower income and less equity under their belts, millennials tended to buy smaller, more affordable homes than older generations with a median of 1,500 square feet and a median price of $350,000. Millennials were more likely to purchase a condominium or townhome in a suburb (43 percent), followed by a home in the city outside of downtown (26 percent). They selected the neighborhood they wanted to live in based on their budget (52 percent), safety (49 percent), proximity to jobs/schools (40 percent) and family/friends (33 percent).
Similar to millennials, the Gen X group most commonly selected a home in the suburbs, trading up to a home a median of 300 square feet greater than that of their previous home. More than half of them selected a home with at least one bedroom larger than their previous residence. Most purchased a single-family home, and townhouses/condos accounted for nearly 20 percent of those purchased. The majority of Gen Xers chose to buy within the same county as they previously lived, presumably to minimize disruption from the relocation and maintain the same lifestyle.
Boomers were most likely to have purchased a single-family home in the suburbs without stairs and were also the most likely to buy a home in a rural area since many of them are approaching retirement age and planning to age in their home and seek a quieter lifestyle. They were less likely to purchase in the same county they previously resided in with 24 percent buying in another county perhaps to be closer to children/grandchildren or healthcare facilities.
C.A.R.’s 2018 State of the California Consumer Survey , conducted online between May 9 and July 9, 2018, was designed to understand the process of home buying and selling, as well as the motivation behind renting and owning from the perspective of the California consumer. Surveys were sent to 470,803 consumers ages 18 and older in the state of California, resulting in 6,144 participants, a 1.3 percent response rate. The margin of error was plus-or-minus 1.2 percent at a 95 percent confidence interval. For the buyers section, 1,441 buyers purchased a home in California within 18 months preceding survey participation.
This article is the latest in a series highlighting former PSAR presidents.
It was 1973. As a teenager growing up in Chula Vista, Wayne Ansley had long hair, a ponytail and played guitar and keyboard in a rock band. But, then, he realized he had to get a real job. His father Bill, a retired U.S. Army lieutenant colonel, was a real estate broker at the time and encouraged his son to get his real estate sales license.
“After I graduated from Anthony’s Real Estate School and received my sales license, my dad gave me $500 to go buy some business suits,” said Wayne. “Then, I joined what was then called the South San Diego Bay Cities Association of Realtors, which later became PSAR (in 1992). I was 19 years old, and I think I was the youngest member ever to have joined the Association, until someone who was 18 years old joined later.
“My first real estate deal in 1973 was selling a home on Agua Tibia Street in Chula Vista for $22,000. The sellers, an elderly couple, the Papes, took pity on me and trusted a young, new agent. On those days, the sales contract was a one-page, legal-size form and copies were made with carbon paper. Cell phones weren’t invented yet. If you had a pager, you were a hot-shot like a doctor.”
After his father Bill passed away at age 61 in 1983, and Wayne got his broker’s license and took over the family business. In 1991, he joined the PSAR board of directors. He also became a California Association of REALTORS® (C.A.R.) Director in 1992, and attended many C.A.R. state conventions on behalf of PSAR. In the 1990s, Wayne served on many PSAR committees, including Community Relations, Grievance, Professional Standards, Government and Political Affairs and Building Operations. For two years, in 1994 and 1995, Wayne served as board VP. In 1996, he was elected as president-elect. In 1997, he served as president of PSAR.
As a member of the PSAR Building Committee in 1992, Wayne played a role in the relocation of the PSAR offices in Chula Vista from “L” Street to PSAR’s current headquarters, a 16,467-square-foot building at 880 Canarios Court.
Wayne estimates he has sold more than $100 million of property over his 45-year career. He remains today an active full-time broker. His diversified background in real estate has included residential sales, investment properties (including commercial, apartment and industrial sales and leasing), foreclosure short sales and full-service property management. He also has developed and built several apartment buildings, houses and a condo project.
“While previewing or showing properties, I have set-off alarms, broken keys in locksets, accidentally let out dogs and cats and, one time, walked into a master bedroom where a naked lady was in the shower. She screamed at the top of her lungs,” said Wayne.
“As a young agent, I had a string of bad luck with several unreliable cars. I had a Mercury Capri sports car with a broken passenger seat that was propped up with a piece of wood. I picked up a buyer from Japan who had a camera hung around his neck. I hit a bump in the road and the piece of wood came loose and the buyer went flat on his back and got hit in the head by his camera.
“Then, I bought a Ford Pinto for $300. I was showing property to a Naval officer wearing his dress whites uniform. On the freeway, the front end started shaking at 40 miles per hour and then rusty water from the heater leaked on his white pants. He actually bought the house I showed him and later he told me, `Wayne, the first thing I want you to do with your commission check is to go buy a new car.’”
Over the years, Wayne said his other cars have included an Oldsmobile Delta 88 and a Cadillac Sedan Deville. He then purchased his dream car, a BMW 740 I-L.
Wayne is especially proud of his contributions as a member of the Pilgrim Lutheran Church. As a volunteer, he donated more than 3,000 hours over the past year-and-a-half and helped the church sell its previous three-acre property at 497 “E” St. for $5.5 million (escrow closed in August). The church has since merged with their sister church located on a larger 8.5-acre site at 810 Buena Vista Way to become the Victory Lutheran Church and Christian Academy. “It was the most difficult transaction I ever had, but also the most gratifying because I was able to give back to the Lord in gratitude of 45 years of success,” he said. Construction recently began on their new church project.
PSAR is proud to announce that a new Service Center in San Diego’s Clairemont community.
The new centrally located PSAR facility, easily accessible throughout central San Diego, at the Liberty Park Plaza, 4340 Genesee Ave., Suite 203, San Diego. We are right next door Curves on the Second floor.
Clairemont is a vibrant, culturally and ethnically diverse suburb conveniently located for commuters between three freeways, including Interstate 5 and 805 and State Route 52. Its perch atop the mesas of San Clemente Canyon and Tecolote Canyon affords enviable views of Mission Bay and the Pacific Ocean.
The community’s early developers, Lou Burgener and Carlos Tavares, changed the community’s name from Morena Mesa to Clairemont in honor of Tavares’ wife, Claire. In the early 1950s, Clairemont became San Diego’s largest post-war subdivision. Burgener once boasted that between 1952 and 1954 an average of seven tract homes were constructed per day. Clairemont was known at the time as the largest development of its kind in the country. Considered innovative at the time, homebuilders abandoned a more traditional gridded blocks and streets in favor of cul-de-sacs and meandering streets.
Today, Clairemont offers perhaps the most multicultural dining options in San Diego County. Here you can find international markets, as well as Thai, Italian, South African, Mexican and Lebanese restaurants all within the same block.
The housing markets for Clairemont (92117), Pacific Beach (92109), University City (92122) and Linda Vista (92111) vary greatly for both detached and attached homes. According to recent housing market statistics from industry source HomeDex:
-- The median sales price for a detached single-family home in Clairemont was $729,000 in October 2018, which was 10.3 percent higher than the $660,750 price in October 2017. The October 2018 monthly figure for detached homes in Clairemont was 8.7 percent higher than the year-to-date median sales price of $690,000.
-- In Pacific Beach, the median sales price for a detached single-family home was $1.295 million in October 2018, which was 5.6 percent higher than the $1.226 million in October 2017. The October 2018 monthly figure for detached homes in Pacific Beach was 8.6 percent higher than the year-to-date median sales price of $1.250 million.
-- In University City, the median sales price for a detached single-family home was $922,500 in October 2018, which was 2.7 percent higher than the $898,000 price in October 2017. The October 2018 monthly figure for detached homes in University City was 5.9 percent higher than the year-to-date median sales price of $900,000.
-- In Linda Vista, the median sales price for a detached single-family home was $610,000 in October 2018, which was 3.3 percent lower than the $630,500 price in October 2017. The October 2018 monthly figure for detached homes in Linda Vista was 9.1 percent higher than the year-to-date median sales price of $635,000.
For attached homes, the market also varies greatly among the four communities.
-- For attached homes in Clairemont, the median price was $441,250 in October 2018, which was 6.5 percent higher compared to the $414,500 price the same month a year ago. The October 2018 monthly figure for attached homes in Clairemont was 10.8 percent higher than the year-to-date median sales price of $399,000.
-- For attached homes in Pacific Beach, the median price was $615,000 in October 2018, which was 2.3 percent lower compared to the $629,500 price the same month a year ago. The October 2018 monthly figure for attached homes in Pacific Beach was 0.8 percent higher than the year-to-date median sales price of $620,000.
-- For attached homes in University City, the median price was $485,000 in October 2018, which was 10.7 percent higher compared to the $438,000 price the same month a year ago. The October 2018 monthly figure for attached homes in University City was 8 percent higher than the year-to-date median sales price of $464,250.
-- For attached homes in Linda Vista, the median price was $420,500 in October 2018, which was 7.6 percent lower compared to the $455,000 price the same month a year ago. The October 2018 monthly figure for attached homes in Linda Vista was 4.1 percent higher than the year-to-date median sales price of $433,750.
California’s housing market declined for the sixth straight month in October, according to the latest housing market report from the California Association of REALTORS® (C.A.R). C.A.R. also found that existing home sales in the state dropped below the 400,000 level for a third consecutive month. The last time there were three straight months when the sales dipped below 400,000 was February 2015.
Summarizing the overall housing market, mortgage rates remain affordable while demand for existing homes is slowing, home prices are falling slightly, price growth is moderating, price reductions are becoming more common and a tight supply of available homes, still low, is increasing, while many potential buyers are putting their homeownership plans on hold.
In October, C.A.R. said the month’s sales figures was up 3.8 percent from the revised 382,550 level in September and down 7.9 percent compared with home sales in October 2017 of 431,070.
C.A.R. said October’s statewide median home price was $572,000, down 1.2 percent from September ($578,850) and up 4.7 percent from October 2017 ($546,430).
In San Diego County, the median price of a single-family home was $635,500 in October 2018, a slight decrease from the $640,000 price reported for September 2018 and a 13.2 percent decline from October 2017 when the median price was $603,000. San Diego’s year-over-year comparison between October 2018 and October 2017 was the largest decrease among any Southern California market, said C.A.R. Orange, San Bernardino, and San Diego counties all experienced year-over-year, double-digit declines of 11.3 percent, 11.4 percent, and 13.2 percent, respectively. Sales in Los Angeles County declined 5.9 percent and were down 2.9 percent in Riverside County.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 397,060 units in October, 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 2018 if sales maintained the October pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
“Homebuyers continued to put their homeownership plans on hold in October and wait out the market,” said 2019 C.A.R. President Jared Martin. “With mortgage rates at seven-year highs making homeownership more expensive and home prices beginning to flatten, this phenomenon will likely continue for the near term as buyers wait for further price adjustments and for interest rates to stabilize.”
“October’s sales decline was not as severe as the double-digit drop experienced in September, but the continued pullback in sales suggests the market will continue to slow and likely soften further into 2019,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “Likewise, as home sales continue to soften, the median price, which was the lowest since March 2018, will also ease up,” said Appleton-Young.
Other key points from C.A.R.’s October 2018 resale housing report included:
- Homes are taking longer to sell than they did just a few months ago. The median number of days it took to sell a California single-family home rose from 21 days in October 2017 to 26 days in October 2018.
- Meanwhile, in San Diego County, the median number of days a home remained unsold on the market was 24 days in October 2018, compared to 19 days in both September 2018 and October 2017.
- Statewide active listings rose for the seventh consecutive month after nearly three straight years of declines, increasing 28 percent from the previous year. October’s listings increase was the largest in four years.
- Active listings in the $500,000-$750,000 price range experienced the largest year-over-year gain (43.9 percent), followed by homes priced $750,000-$999,999 (40.1 percent). The sub-$200,000 market was the only price segment with a decline of 6.2 percent from last year.
The unsold inventory index, which is a ratio of inventory over sales, increased year-to-year for the seventh consecutive month in October from 3.0 months in October 2017 to 3.6 months in October 2018. The index measures the number of months it would take to sell the supply of homes on the market at the current sales rate.
- The 30-year, fixed-mortgage interest rate averaged 4.83 percent in October, up from 3.90 percent in October 2017, according to Freddie Mac. The five-year, adjustable mortgage interest rate also increased in October to an average of 4.08 percent from 3.18 from October 2017.
- According to real estate tracker CoreLogic, a chill is settling over the once white-hot Southern California housing market. San Diego home sales decreased 17.5 percent in September 2018. A total of 2,942 homes were sold in the county, down 17.5 percent from 3,568 during the same month the previous year. It was the lowest number of sales for a September in 11 years, compared to September 2007 just before the Great Recession when 2,152 units were sold.
- CoreLogic also said in September 2018, the median price of a San Diego County home was $575,000, up 7.5 percent from $535,000 in September 2017, but it was the first decrease since January 2018 after hitting an all-time high of $583,000 in August. Most experts are attributing the slowdown to a rise in mortgage interest rates as potential buyers balk at higher monthly payments.
- The number of seriously underwater homes in San Diego County continued to decline in the third quarter as home equity maintained an upward trajectory, according to Attom Data Solutions. The real estate analytics company’s latest report found that only 6.5 percent of San Diego homes surveyed had mortgages that were at least 25 percent higher than the property's estimated market value.
- Discounts, gift cards, and free streaming services for new renters are on the rise across the nation, but San Diego County seems to be bucking that trend, according to a HotPads report. The online real estate company found that rental listings advertising a concession have increased by 15.8 percent since the fall of last year, but San Diego County has seen a 27.1 percent decrease in rental concessions year-over year. HotPads pegged the median San Diego County rent at $2,680 a month, representing a 4.8 percent year-over-year increase.
- San Diego County’s unemployment rate rose slightly in October, although total nonfarm employment increased by more than 10,000 jobs, according to the California Employment Development Dept. The county unemployment rate ticked up from an adjusted 3.2 percent in September to 3.3 percent in October, but is down from 3.6 percent in October 2017. A year ago, the rate stood at 3.6 percent.
- Wages and salaries jumped by 3.1 percent in October, the highest level in a decade. Also in October, U.S. consumer confidence rose to an 18-year high amid optimism about jobs and the economy, according to the Conference Board.
The installation celebrated success in the PSAR REALTOR® community with REALTORS committed to serving in the industry. The program featured the swearing in of the 2019 PSAR board of directors, including Robert Calloway as 2019 PSAR president.
In his message to the members, Calloway stated the following:
“The 2019 theme for PSAR is Salute to Service. On Jan. 20, 1961, it was a cold day in Washington, D.C. for President John F. Kennedy’s inauguration. There, Mr. Kennedy spoke his famous words: `And so, my fellow Americans: Ask not what your country can do for you, ask what you can do for your country.’ He then continued by addressing his international audience: `My fellow citizens of the world: Ask not what America will do for you, but what together we can do for the freedom of man.’ It was a call to action for the public to do what is right for the greater good. President Kennedy called on all Americans to commit themselves to service and sacrifice.
“Today, I am calling on all PSAR members to do the same. Let me encourage you to get involved by volunteering and serving on a PSAR committee or on the board of directors. Don’t just show-up, volunteer. Find your passions, utilize your strengths, be a participant, not just an observer, and you will get more out of PSAR. You will develop your skills, advance your career and the experience will be rewarding to you both personally and professionally. While no one is capable of doing everything, everyone is capable of doing something. However, all of us can extend the reach of PSAR by building relationships and spreading the word about the many benefits PSAR offers.”
Joining Robert on the PSAR board of directors during the 2019 calendar year beginning Jan 1, 2019, will be: Robert Cromer as president-elect, Sam Calvano as secretary-treasurer and Jan Farley as immediate past president. Other REALTOR® members also serving on the 2019 board will include: Mike Anderson, Yvonne Cromer, Carey Guthrie, Shonee Henry, Sean Hillier, Robert Kilbourne, Jason Lopez, Dennis Ryan, Norma Scantlin and Ditas Yamane. Also serving on the board will be Tony Santiago as an affiliate director.
Also announced at the installation were recipients of special awards, including:
- Laurie MacDonald, East County Realtor of the Year;
- Sarah Heck, South County Realtor of the Year;
- Robert Hillard, East County Affiliate of the Year;
- Juanita Adame, South County Affiliate of the Year;
- Nikki Coppa, East County Broker-Office Manager of the Year;
- Max Zaker, South County Broker-Office Manager of the Year.
Special guest speaker Sammy Lee Davis drew several standing ovations at the installation. Davis served in the U.S. Army during the Vietnam War and was awarded the nation’s highest military medal for valor, the Medal of Honor. As Private First Class Davis, he told an emotional first-person story of a nightlong mortar firefight at Cai Lay in Vietnam as experienced by his Battery C group. His entertaining performance of “Oh Shenandoah” on his harmonica was breathtaking. Mr. Davis certainly made this year’s Veterans Day Weekend very memorable.
In his message to the member, PSAR CEO Rich D’Ascoli stated: “While many question the viability of REALTOR® associations, PSAR is continuing to get stronger. We remain committed to our collaborative relationships with other local associations, such as NSDCAR, C.A.R., NAR, as well as, most recently, as a member of the California Regional Multiple Listing Service (CRMLS.) Together, REALTORS® are thriving because our associations are the glue that both holds the industry together and the fuel which powers our members for success.
“While REALTORS® may operate in an extremely competitive business arena, we come together through our associations and the MLS to create a marketplace that directly benefits consumers. As an industry, we don’t give ourselves enough credit. Because of REALTORS®, the MLS creates a transparent marketplace that provides consumers with choices and information which helps them to make sound financial decisions. Residential buyers and sellers are making the largest investment decisions of their lifetime. Without REALTORS®, we wouldn’t have the MLS marketplace or the market transparency that exists today.”
PSAR’s Government Affairs Committee endorsed a number of local candidates who were winners in this week’s November 6th general election. Also, PSAR was victorious in positions regarding a local proposition and statewide propositions.
PSAR endorsed Brian W. Jones who won the seat to represent the State Senate 38th District. With 100 percent of the precincts reporting, Jones drew 56 percent of the vote. Jones, a three-term Republican Assemblyman and current Santee city councilman, succeeded Joel Anderson (R-Alpine), who was termed-out. The massive 38th District, with nearly 1 million residents and covering about 30 percent of San Diego County, stretches from Lemon Grove to Fallbrook, from Borrego Springs to Alpine and includes most of eastern and northern San Diego County. It encompasses eight municipal cities, including Lemon Grove, Santee, La Mesa, El Cajon, Poway, Escondido, San Marcos and San Diego’s Scripps Ranch community, as well as the communities of Lakeside, Ramona and Julian. As an assemblyman, Jones has always been a reliable vote for policies that protect homeownership and private property rights.
PSAR also supported the successful reelection of three city mayors, including Mary Casillas Salas in Chula Vista, Bill Wells in El Cajon and Mark Arapostathis in La Mesa.
Salas won with 70.1 percent of the vote. She has been an elected official since 1996, beginning with the Chula Vista City Council followed by the State Assembly. She became mayor in 2014.
Wells, also an incumbent, won handily with 66 percent of the vote. Elected to the City Council in 2008, Wells has been the city’s mayor since 2013.
Arapostathis ran unopposed for his mayor’s seat in La Mesa. He was elected as mayor in 2014.
Other PSAR candidates who were successful in their city council races included: John McCann, Chula Vista; Ron Morrison, National City; Gary Kendrick, El Cajon; Bill Baber, La Mesa; Ronn Hall, Laura Koval, Rob McNelis, Santee; Jerry Jones, Lemon Grove.
In a special district race that drew a PSAR endorsement, Dan McMillan was reelected to the Helix Water District board of directors.
PSAR organized a massive campaign to defeat of Measure “W,” a rent control initiative in National City that drew 54 percent of “no” votes. In the city of more than 60,000 residents, about 70 percent of residents are renters.
National City voters said they did not favor the city government creating new costly bureaucracy which would limit how property owners manage their rental units . Most econommists agree that the measure would have eliminated incentives for property owners to fix up their units and discourage new housing construction.
PSAR believes rent control reduces the quality and quantity of housing. Typically, rent control leads to reducing available rentals and landlords skimping on repairs. Rent control eliminates incentives for landlords and property owners to fix up, or invest in, their units, as well as discourages new housing construction and decreases the number of available rental units.
In statewide propositions, PSAR agreed with the California Association of REALTORS® (C.A.R.) in its positions on Propositions 1, 5 and 10.
Prop. 1, the Housing Programs and Veterans’ Loans Bond that was supported by C.A.R., passed by a 54.2 percent margin. As a result, the state will borrow up to $4 billion in general obligation bonds for housing-related programs benefiting veterans. The vast majority of the bonds, about $3 billion, will be set aside for various types of housing programs. The biggest share, or $1.5 billion, will go toward the construction and rehabilitation of permanent and transitional rental housing and apartments for California households who earn of up to 60 percent of the area median income. The second biggest portion of the $3 billion, about $150 million, will be earmarked for cities, counties, transit agencies, and developers to build higher density housing near transit stations.
Prop. 5, the Property Tax Transfer Fairness Initiative that was supported by C.A.R., was defeated (42 percent voted “yes,” 58 percent voted “no”). Voters said no to expanding property tax savings for older homeowners. If approved, Prop. 5 would have allowed homeowners over ages 55 to transfer their lower property tax rates with them when moving to a newly bought home anywhere in the state. Prop. 5 was initiated by C.A.R. The measure qualified for the ballot after C.A.R. submitted nearly 1 million voter signatures to the Secretary of State’s office.
Prop. 10, the Local Rent Control Initiative that was opposed by C.A.R., was defeated resoundingly (62 percent voted “no,” 38 percent voted “yes”). C.A.R. opposed Prop. 10 because it would have allowed for the expansion of rent control across California. The initiative would have repealed a 1995 law, the Costa-Hawkins Rental Housing Act, that limits county and city governments’ ability to slow rent hikes. It would have overturned an existing state law blocking cities from imposing rent control on rental units built after 1995 and on all single-family homes and condominiums. Repealing the longstanding Costa-Hawkins Rental Housing Act would have exacerbated the housing crisis, eventually allowing local governments to impose draconian rent control measures. If approved, unelected bureaucrats would have overseen rent control ordinances and determine how much landlords could charge tenants for renting apartments and houses. The election result means those prohibitions remain in place.
The PSAR Government Affairs Committee recommended the endorsements to the PSAR board of directors, which then ratified the recommendation. The Government Affairs Committee is involved in political advocacy and public policy and its impact on homeownership and private property rights.
Topics: Government Affairs
The Pacific Southwest Association of REALTORS® (PSAR) has announced its endorsement of candidates for the Nov. 6th general election. Endorsed candidates include:
Brian Jones for California State Senate 38th District
Mary Casillas Salas, Chula Vista Mayor
John McCann, Chula Vista City Council, District 1
Ditas Yamane, National City Mayor
Ron Morrison, National City City Council
Bill Wells, El Cajon Mayor
Gary Kendrick, El Cajon City Council
Mark Arapostathis, La Mesa Mayor
Guy McWhirter and Bill Baber, La Mesa City Council
Ronn Hall, Laura Rose Koval, Rob McNelis, Santee City Council
Jerry Jones, Lemon Grove City Council
Dan McMillan, Helix Water District, District 1
John Olsen, Grossmont-Cuyamaca Community College District Board of Trustees, Area 1
PSAR’s Government Affairs Committee recommended the endorsements to the board of directors, which then ratified the recommendation. The Government Affairs Committee is involved in political advocacy and public policy and its impact on homeownership and private property rights.
In addition, PSAR is recommending the following:
- “No” on Measure “W,” Rent Control in National City. If approved, Measure W would put a 5 percent limit on annual rent increases and ban certain types of evictions, making it tougher to evict problematic renters.
- “Yes” on California Proposition 5, Property Tax Transfer Fairness Initiative. If approved, Prop. 5 would allow homeowners over ages 55 to transfer their lower property tax rates to a newly bought home anywhere in the state. A couple, for example, could sell a home assessed at $250,000 for $750,000 then buy another property for $750,000 and continue to pay property taxes at the $250,000 valuation. If the new home cost more or less, property tax would be adjusted based on simple formulas that continued the property tax breaks that residents enjoyed with their previous homes.
Prop. 5 was initiated by the California Association of REALTORS® (C.A.R.). C.A.R. qualified the measure for the ballot after it submitted nearly 1 million voter signatures to the Secretary of State’s office, indicating strong voter support. Vote “Yes” on Prop. 5.
- “No” on California Proposition 10, Local Rent Control Initiative. If approved, Prop. 10 would overturn an existing state law blocking cities from imposing rent control on rental units built after 1995 and on all single-family homes and condominiums. Repealing the longstanding Costa-Hawkins Rental Housing Act would exacerbate the housing crisis, eventually allowing local governments to impose draconian rent control measures. If approved, unelected bureaucrats would oversee rent control ordinances and determine how much landlords could charge tenants for renting apartments and houses.
PSAR believes Prop. 10 is a flawed rent control initiative that would make housing more expensive, not less, and worsen the housing crisis. Vote “No” on Prop. 10.
In addition to positions on Prop. 5 and Prop. 10, C.A.R. is supporting Proposition 1, the Housing Programs and Veterans' Loans Bond. A “yes” vote on this measure would authorize the state to borrow up to $4 billion in general obligation bonds for housing-related programs benefiting veterans. If approved, additional affordable housing would be provided for veterans. The vast majority of the bonds, about $3 billion, would be set aside for various types of housing programs. The biggest share, or $1.5 billion, would go toward the construction and rehabilitation of permanent and transitional rental housing and apartments for California households who earn of up to 60 percent of the area median income. The second biggest portion of the $3 billion, about $150 million, would be earmarked for cities, counties, transit agencies, and developers to build higher density housing near transit stations. The remaining $1 billion would be earmarked for veterans participating in a home loan program. In addition to C.A.R., Prop. 1 has support from major California newspapers, including the San Francisco Chronicle, Los Angeles Times, and Sacramento Bee, as well as the League of Women Voters and Democratic state lawmakers.The Pacific Southwest Association of REALTORS® (PSAR), a 2,600-member trade group for San Diego-area REALTORS®, offers educational training, advocacy and other services and resources to its REALTOR® members. Founded in 1928, PSAR has played a significant role in shaping the history, growth and development of greater San Diego County. The Association maintains a leadership role in the industry, empowering REALTORS® by leveraging our collective strength so they may serve homebuyers and sellers and the greater community. For more information, visit www.PSAR.org.
Topics: Government Affairs