C.A.R. Urges Legislature to Take Action on Housing
To send a letter to your Legislator(s) please click the 'Take Action' button below.
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C.A.R. Urges Legislature to Take Action on Housing
To send a letter to your Legislator(s) please click the 'Take Action' button below.
TAKE ACTION |
Fierce competition in the California housing market in March drove the state’s median home price to a new record high while sales remained solid heading into the spring homebuying season, according to the monthly home sales and price report from the California Association of REALTORS® (C.A.R.).
The statewide median home price in March reached a new all-time high of $758,990.
Similarly, the median home price in San Diego in March rose to a new record of $800,000.
In addition, nearly two-thirds or 63 percent of homes sold above the asking price in March 2021, reflecting the combination of intense demand and short supply. California already had set a record for share of home selling over listing price at 56 percent in February 2021.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 446,410 in March 2021, down 3.5 percent from 462,720 in February 2021 but were up 19.7 percent from March 2020, when 373,070 homes were sold. The annualized sales figure represents what would be the total number of homes sold during 2021 if sales maintained the March pace throughout the year.
The monthly sales decline was the third in a row, and the sales pace was the lowest since last July. The nearly 20 percent sales gain was attributed to weak home sales a year ago as the coronavirus outbreak abruptly halted the real estate market and economy, CAR said.
March 2021 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
Meanwhile, California’s median home price set another new record high in March 2021 as the statewide median price surged nearly 24 percent from a year ago. The statewide median home price in March 2021 climbed 8.6 percent on a month-to-month basis to $758,990, up from $699,000 in February 2021 and up 23.9 percent from the $612,440 recorded in March 2020.
The year-over-year statewide gain, from March 2020 to March 2021, was the highest since October 2013 and it was the eighth straight month that California’s median price registered a double-digit gain.
In San Diego County, the number of home sales in March 2021 was 29.3 percent higher compared to February 2021 and 18.1 percent higher compared to March 2020.
San Diego’s median price for a single-family detached home in March 2021 was a record high of $800,000, which was $35,000 or 4.6 percent higher than the median home price of $765,000 in February 2021 and 18.5 percent higher compared to $675,000 in March 2020.
The median price represents the point at which half of homes sell above a price, and the other half below it.
“While intense homebuying interest is the engine that continues to drive housing demand, a shortage of homes for sales is the rocket fuel pushing prices higher across the state. A lack of homes for sale is creating unprecedented market competition, leading to a record share of homes selling above asking price in March,” said C.A.R. President Dave Walsh, vice president and manager of the Compass San Jose office. “With more of the state’s COVID-19 restrictions being lifted in the coming months as we move into the spring home buying season, we should see home sales improve as more prospective home sellers feel comfortable listing their homes for sale.”
“The market sentiment is drastically different today compared to a year ago at the onset of the pandemic,” said C.A.R. Vice President and Chief Economist Jordan Levine. “With the U.S. economy positioned to grow at the fastest pace since the early 1980s and mortgage rates trending down again in the past week, consumer confidence will improve further, so in the coming months, we should continue to see a solid bounce-back from last year as the market maintains its momentum.”
Other key points from C.A.R.’s March 2021 resale housing report included:
-- Home sales in March from a regional perspective experienced a double-digit sales surge compared to a year ago. The San Francisco Bay Area had the highest year-over-year gain, at a growth rate of 35.0 percent from March 2020. The Central Coast (31.8 percent), Far North (26.1 percent), and Southern California regions (23.3 percent) experienced a sales increase of more than 20 percent from last year.
-- Home sales in resort markets remained robust in March, with Big Bear, Lake Arrowhead and South Lake Tahoe all increasing more than 50 percent from a year ago. South Lake Tahoe was particularly strong in March 2021 with sales rising 128.1 percent compared to March 2020. Lake Arrowhead also had a strong month of March with sales growing near triple-digits year-over-year, while Big Bear increased by 54.8 percent and Mammoth Lakes jumped by 16.7 percent.
March 2021 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)
-- All major regions recorded double-digit increases in the median price increases from last year. The Central Coast region posted the highest year-over-year growth rate of 26.4 percent, followed by the San Francisco Bay Area (21.3 percent), Southern California (20.5 percent), the Central Valley (18.6 percent) and the Far North (12.4 percent).
-- All 51 counties tracked by C.A.R. reported a gain in median price on a year-over-year basis, with 45 of them increasing more than 10 percent.
-- Active listings statewide fell 51.1 percent in a comparison between March 2021 and March 2020. It was the third consecutive month that listings declined more than 50 percent. On a month-to-month basis, for-sale properties inched up by 5.3 percent in March.
-- The available supply of homes for sale continued to tighten up across the state, with all major regions near record low levels. Forty-nine of the 51 counties covered by C.A.R. recorded a decline in active listings on a year-over-year basis in March, and 30 of them dropped more than half from levels a year ago.
-- Statewide, the unsold inventory of available homes for sale dropped to 1.6 months in March from 2.0 months in February and was down sharply from a year ago, when there was 2.7 months of housing inventory. Inventory levels measured in months indicate the number it would take for the available supply of homes on the market to sell-out given the current rate of sales.
-- In San Diego County, the inventory of available homes for sales in March 2021 dropped to 1.5 months, compared to 1.8 months in both February 2021 and January 2021 and 2.4 months in March 2020.
-- The median number of days it took to sell a California single-family home in March 2021 hit a record of eight days, the lowest every recorded. The eight-day figure compared to 10 days in February 2021, 11 days in January 2021, 11 days in December 2020, nine days in November 2020, 10 days in October 2020, 11 days in September 2020 and 15 days in March 2020. Prior to March 2021, the previous statewide record was nine days in November 2020.
-- In San Diego County, the median number of days an existing, single-family home remained unsold on the market was six days in March 2021. That number compares to seven days in both February 2021 and January 2021, as well as eight days in December 2020 and seven days in November, October and September 2020. The timeframe a year ago in March 2020 was 10 days.
-- The 30-year, fixed-mortgage interest rate averaged 3.08 percent in March, down from 3.45 percent in March 2020, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 2.78 percent, compared to 3.16 percent in March 2020.
Topics: Brokers/Managers, Market Information
CRMLS users drive the changes made to our rules, MLS systems, and services. CRMLS doesn't make up rules on a whim – we follow the directives of Brokers and Agents.
Based on feedback from the CRMLS subscribers and participants, filtered through committees, and approved by our Board of Directors, a few changes to the CRMLS Rules and Regulations are being made.
Effective May 1, 2021, CRMLS is updating the Rules and Regulations and publishing them on the Compliance page of the CRMLS website. Please read the two-page summary of the rule changes, located here.
Here's a brief overview of some of the most impactful changes:
Additional resources are available here:
Please familiarize yourself with the new rules as soon as possible.
Topics: Announcements, Industry
Every April, REALTORS® commemorate the passage of the Fair Housing Act of 1968 with events and education that shine a light on housing discrimination and segregation. Fair Housing Month signifies a recommitment to expanding equal access to housing. Implicit bias is often a manifestation of muscle memory. A go-with-your-gut unconscious choice, act, or opinion with immeasurable consequences that can–and have–impacted generations.
Slow down, course correct, and take action. Throughout the year we must remain steadfast in our commitment to breaking down biases, holding ourselves accountable, and upholding the letter of the law. Refresh your memory, and open your mind. There’s always more to know, and we can all do better.
What can you do?
1. Complete the NEW fair housing simulation training for REALTORS® which uses the power of storytelling to help members identify, prevent, and address discriminatory practices in real estate. Inspired by real stories, this innovative online experience has agents work against the clock to sell homes in the fictional town of Fairhaven, while confronting discrimination in the homebuying process. Learners will also walk in the shoes of a homebuyer facing discrimination. The training provides customized feedback that learners can apply to daily business interactions. Get started by visiting fairhaven.realtor (link is external) to explore the fictional town of Fairhaven and assess how well you are adhering to fair housing principles.
2. Join a PSAR Reading Discussion Circle. PSAR is encouraging community leaders and Realtors to read "The Color of Law" by Richard Rothstein. The fact that some neighborhoods are almost exclusively African American while others are almost exclusively white—is the result of explicit government policy rather than personal choice. Understand how residential segregation was realized. Join community leaders and other Realtors as we discuss this book.
Interested? Sign up Here to join and receive for more information.
Below is a 35 minute sound clip with the author of "Color of Law."
3. Join the Facebook Group Deliberately Fair Housing. Listen and engage in discussions about Fair Housing. Read and discuss books and discover issues that face diverse communities.
4. Be knowledgeable in your craft. Read or listen to one of these resources and books. Prefer a podcast? How about one of these? For film and video, here are some other resources.
5. Take a Fair Housing class though PSAR. This presentation covers: Fair Housing based on issues in advertising. This training is designed for those new to the housing industry as well as experienced housing professionals wishing to learn about current issues affecting fair housing laws. Find a fair Housing Class
6. If you don't think you have biases, think again. We all do. Check out this great Ted Talk with Valerie Alexander "How to Outsmart Your Own Unconscious Bias"
Topics: Announcements, Leadership, Industry
A last-minute urgency item has been added to the County Board of Supervisors agenda for a vote this Tuesday, April 6. The ordinance, if approved will limit rent increases to only the CPI percentage (currently 1.8%) until July 1 throughout the County. It would also prevent any termination of tenancies and evictions unless a tenant is "an imminent health or safety threat." This means tenants can create nuisances and commit crimes at your property with no consequences. This also means that property owners will not be able to move into their own homes or sell their properties.
"Homeowners will not be able to move into their own homes or sell their properties."
Industry groups were not consulted about this proposal. Rental housing providers are already hurting financially and struggling with problematic tenants. This attack on the ability of property owners to keep their properties safe and maintained is unacceptable. And there is no end date on the eviction ban...it would be tied to the Tier system.
PSAR is joining the Southern California Rental Housing Association in opposition to this ordinance.
On January 27, the EastLake Educational Foundation (EEF) presented John Carroll with the Ostrem Award, which is named after the “Father of EastLake” Bill Ostrem, whose leadership and generosity left an indelible mark on the EastLake Community.
John's roots are in Chula Vista. He attended Hilltop High School in the ’80s. In fact, it was there that he met his future wife Susan. They moved to EastLake in 2002 where they raised their twins, JJ and Katie. Later they started Fidelity Title Company. John and Susan will celebrate their 29th year of marriage this May.
John was selected for the Ostrem Award because of his generosity and leadership in the community. He invested considerable time, talent, and treasure helping schools his kids attended, including Olympic View Elementary, EastLake Middle School, and EastLake High School. It is during these years that John expanded his commitment to helping all the area public schools by joining the leadership of the Eastlake Educational Foundation. His generous commitment is still felt today.
“John’s efforts have supported the dreams of countless children and have buoyed the ability of local public schools to educate kids for the 21st-century technology-driven world,” said Janet Francis, Executive Director at the EastLake Educational Foundation.
John’s long-standing commitment to the EEF Board ensured that events and activities were successful year-after-year—events like Taste of EastLake, the Stan Canaris Golf Tournament, and EastLake Cycle & Run. These events culminated in successful fundraising efforts that made it possible for EEF to provide substantial grants annually to EastLake’s public schools. These grants commonly totaled $120,000+ each year which allowed schools to fund technology, educational software, scholarships, and professional development.
Fellow board member Barbara Legg shared: “John’s can-do attitude and warm personality always made everyone feel they were fortunate to be involved in the mission, and his extensive list of contacts ensured that no matter what problem arose, he could get it fixed.”
Long-time friend Michael Minjares shared: “John has epitomized what the OSTREM AWARD means. He has modeled community leadership and generosity even during a difficult personal time in his life. He has inspired me with his courage and character.”
Others in attendance at the virtual award presentation shared their thoughts and reflections about John’s commitment to the community. Stan Canaris, Emeritus EEF Board Member, reflected on the bike shop in Bonita that John’s parents owned, and how the whole family worked together to make it a success. Canaris highlighted how John’s strong character is like his father. Stan went on to say: “John is a role model for his family, as well as his extended family—the EastLake Community.
Susan Mahler recalled how John simply shows up for people in need. She stated: “We are so fortunate that John Carroll is a member of our community. John is an extraordinary role model and his boundless love and care for others is a blessing to all he touches.”
The award was presented to John via Zoom. The presentation can be viewed at https://vimeo.com/eefkids.
THE EASTLAKE EDUCATIONAL FOUNDATION's MISSION IS A FOUNDATION FOR PUBLIC SCHOOLS
In collaboration with the community, the EastLake Educational Foundation raises funds to provide educational resources for programs in EastLake public schools, ensuring students can succeed in a technology-driven world. EEF granted permission to share this message.
Congratulations to this year’s recipients of PSAR 2020's Industry Awards, including REALTOR® of the Year, Broker/Office Manager of the Year and Affiliate of the Year.
Honoring PSAR members who empower all REALTORS® through selfless contributions to our industry
(drum roll, please):
2020 REALTOR® of the Year Award recipients:
Rafael Perez, Central
Anthony Andaya, East
Yvonne Cromer, South
2020 Broker/Office Manager of the Year Award recipients:
Lupe Soto, Central
Carey Guthrie, East
Nikki Coppa, South
2020 Affiliate of the Year Award recipients:
Jake Holmes, Central
Ted Przybylek, East
Martha Garcia, South
More Criteria Information and Past Recipients
These award recipients were announced at this week’s online party celebration held in honor of these selfless members and also of the the more than 300 REALTOR® members who recently received a Real Estate Achievement and Leadership (R.E.A.L.) award. The party was hosted by PSAR’s Young Professional Network (YPN) group,
The R.E.A.L. awards program recognized PSAR’s top producing agents and brokers based on sales volume dollars or units sold, including listings or sales units entered into the MLS and closed in 2020. R.E.A.L. awards were presented to PSAR’s top 1%, 3%, 5% and 10% REALTORS®.
The primary mission of the Pacific Southwest Association of REALTORS® (PSAR) is to empower REALTORS® to achieve their business goals. The R.E.A.L. awards are a tangible recognition of the highest level of REALTORS® business achievement by agents, brokers and teams over the prior year.
“A hearty congratulations to everyone who received a 2020 R.E.A.L. Award plus these special annual award winners,” said Ditas Yamane, 2021 PSAR President. “PSAR's mission is to empower REALTORS® to flourish while being accountable to each other, our clients, and our community. All these award winners embody our mission. I am so very proud of everyone.”
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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
California’s home sales and prices eased in February as mortgage rates spiked, while strong buying interest continued and tight housing supply restrained demand, especially in more affordable markets.
According to its monthly home sales and price report released this week by the California Association of REALTORS® (C.A.R.), the state’s housing market has recently encountered some speed-bumps due to rising mortgage interest rates.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 462,720 in February 2021, which was down 4.5 percent from 484,760 in January 2021, but 9.7 percent higher from February 2020, when 421,670 homes were sold on an annualized basis.
It was the eighth straight month for year-over-year gain in home sales. However, February’s nearly 10 percent home sales increase from a year ago was the smallest gain in the past seven months. Year-to-date statewide home sales were up 15.9 percent in February.
The statewide annualized sales figure represents what would be the total number of homes sold during 2021 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
Meanwhile, California’s median home price in February 2021 was essentially unchanged from January 2021, but was 20.6 percent higher than in the $579,770 figure for February 2020, recording the first back-to-back 20 percent yearly increase since February 2014. The statewide median home price dipped 0.1 percent on a month-to-month basis to $699,000 in February 2021, down from $699,920 in January 2021.
February 2021 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
The double-digit statewide increase from last year was the seventh in a row and the second largest since February 2014.
In San Diego County, February 2021 home sales were 6.1 percent higher, compared to January 2021, and 12.8 percent higher compared to February 2020.
San Diego’s median price for a single-family detached home was $765,000 in February 2021, a 4.8 percent increase from $730,000 in January 2021, and a 14.2 percent increase from $670,000 in February 2020.
The median price represents the point at which half of homes sell above a price, and the other half below it.
“The housing market has been cruising at a robust pace since the second half of 2020 but has encountered some speed-bumps recently as rates began to rise,” said C.A.R. President Dave Walsh, vice president and manager of the Compass San Jose office. “While higher rates may slow growth in home sales temporarily, the major roadblock in the long run is a shortage of homes for sale. With inventory dropping more than a half from a year ago, the market will soften in the second half of 2021 if we don’t see enough homes come on the market to meet demand.”
“The upward movement in rates has called into question whether the market will sustain its momentum going into the spring homebuying season,” said C.A.R. Vice President and Chief Economist Jordan Levine. “While rates are off their record lows, they are still relatively low by historical standards. Recent increases in mortgage rates will likely slow the pace of price growth in the coming months but will also motivate those who truly want to buy to enter the market before rates start moving further up.”
Other key points from C.A.R.’s February 2021 resale housing report included:
-- Home sales from a regional perspective surged in February, compared to a year ago. The Central Coast region posted the highest year-over-year sales gain, with a growth rate of 22.4 percent. The Far North (17.3 percent), the San Francisco Bay Area (16.1 percent), and Southern California (10.5 percent) regions also experienced double-digit year-over-year increases in sales from a year ago.
-- Resort marks continued to perform well in February. Sales growth in the resort markets was relatively strong when compared to the rest of California. South Lake Tahoe (56.7 percent), Lake Arrowhead (44.1 percent), and Big Bear (36.1 percent) all experienced sales increases of more than 35 percent from a year ago. The exception was Mammoth Lakes were sales were flat in February 2021. However, aggregated sales for the first two months of 2021 in mountain resort communities are up 40 percent from the same period last year.
-- All major regions recorded double-digit increases in the median price increased from last year with the San Francisco Bay Area growing the strongest at 26.5 percent. The year-over-year increase in the Bay Area’s median price was the largest since September 2013, and it helped to set a new record high in the median price for the Bay Area. The Central Valley region had the second highest price growth rate of all regions with its median price increasing 19.1 percent year-over-year in February, followed by Southern California (16.4 percent), the Central Coast (15.9 percent) and the Far North (11.7 percent).
-- Active listings statewide fell 52.5 percent in February 2021, compared to February 2021. It was a decline of more than 40 percent on a year-over-year basis for the eighth consecutive month. On a month-to-month basis, for-sale properties inched up slightly by 0.4 percent in February 2021 and should climb further in the coming months as the market prepares for the spring homebuying season and the pandemic situation continues to improve.
-- The unsold inventory of available homes for sale inched higher to 2.0 months in February 2021, from 1.9 months in January 2021. However, inventory levels in February 2021 were sharply lower than in February 2020, when there was 3.6 months of housing inventory. Inventory levels measured in months refers to the number it would take for the current supply of available homes on the market to sell-out given the current rate of sales.
February 2021 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)
-- In San Diego County, the inventory of available homes for sale remained at 1.8 months for February 2021, which was the same figure for January 2021. That compares to 1.2 months in December 2020, 1.6 months in November 2020, 1.8 months in October 2020 and 3.0 months in February 2020.
-- The median number of days it took to sell a California single-family home was 10 days in February 2021, compared to a revised 11 days in January 2021, 11 days in December 2020, nine days in November 2020, 10 days in October 2020, 11 days in September 2020 and 23 days in February 2020. The nine-day November 2020 statewide figure was the lowest ever recorded.
-- In San Diego County, the median number of days an existing, single-family home remained unsold on the market was seven days in February 2021, which was the same figure for January 2021. That compares to eight days in December 2020, seven days in November, October and September 2020. The timeframe a year ago in February 2021 was 12 days.
-- The 30-year, fixed-mortgage interest rate averaged 2.81 percent in February, down from 3.47 percent in February 2020, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 2.83 percent, compared to 3.26 percent in February 2020.
Topics: Brokers/Managers, Market Information
A “Submit offer using Glide” feature will appear on the listing results pages within Paragon and Flex. In Paragon, the feature will appear as a button; in Flex, as a link. Clicking it will seamlessly transition you into the Glide system, where you can create, manage, negotiate, and close offers all in one place.
Register for a live Zoom seminar
(multiple dates and times)
Two Training Videos
How to use Transaction Timeline
How to create an Offer package
Here is what it will look like in Paragon:
Simplicity. No more paper forms in various locations. With this new feature, you can manage your entire transaction from beginning to end from your desktop or mobile device
Training Videos
How to use Transaction Timeline
How to create an Offer package
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R.E.A.L. Awards Celebration!
Thursday, March 18th
4:00 pm - 5:30 pm
This event has it all and all are welcome!
Don't miss all of the entertainment, cocktails, and opportunity drawings we have planned! You'll also have the chance to network with some of the best fellow real estate professionals in the business. Join us in congratulating and toasting the recipients of the 2020 R.E.A.L. Awards!.
Tune in for some much needed Real Estate Laughs with Eric Gillman!
@EricRidesForHope
Our on-call mixologist, Adam Wild, will be showing us how to make some drinks to toast the award winners, so be ready with the following ingredients to follow along and bring your glass! @drinksbywild
Breakfast Sour • 2oz Irish Whiskey |
French 75 • 1/2oz Lemon Juice |
On the call there will be a people's choice award for the
most creative, unique, unusual, drink container!
and....
Opportunity Drawing!
We will have several drawings during the event! To be automatically entered, you must register by Thursday, March 18th at 11am*
Grand Prize $500 Cash-Money!
To enter the drawing for the grand prize, you need to go to the @psar_ypn Instagram account or the PSAR YPN Facebook page and find the OPPORTUNITY DRAWING POST (will say in the first line of the caption) and do the following 3 things:
What are you waiting for?
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Topics: Announcements, Events, Leadership
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