Alpine (91901) November Housing Market Update

As we enter into the holidays, we have an update on the Alpine real estate market. Fortunately, mortgage rates have remained low, helping to keep sales and prices up.

Single-Family Housing Market in Alpine

The median price for homes sold in November of 2019 was down 3.7% from November of 2018. But, the good news is the overall year to date prices are up 2.9%, reaching a new high of $657,500 for a single-family home.

There were 12 homes sold in November, which is one more that was sold in 2018. The total sales year to date is up 20.2%, with a total of 208 sold. This biggest gain is the number of homes that went into escrow in the month of November.

There were 24 homes that went into escrow, which is up 200% from 2018. The low-interest rates have really helped keep the market strong this fall.

VIEW YOUR HOME’S VALUE AT http://www.91901Values.com

Condo Market in Alpine

The condo market in Alpine represents a small portion of the market, but prices are up 9.9% year to date. The number of sales is down 34.8%, but it is not alarming due to the small number of condos and townhomes in Alpine. Overall, there have only been 15 sales year to date, which is down 34.8% from the previous year. The median price of a condo is now $300,000, which is up 9.9% for the year.

VIEW YOUR HOME’S VALUE AT http://www.91901Values.com

Mortgage / Interest Rates Update

Mortgage rates were back on the rise in the week ending 27th November, but it was a very small rise of 2%. 30-year fixed rates increased to 3.68%. (This was from a low of 3.66% the week prior.) In spite of the slight increase, 30-year rates continued to hold close to levels last seen in early November of 2016, according to figures released by Freddie Mac. Compared to this time last year, 30-year fixed rates were down 1.13%, which has played a significant role in the health of the housing market. 30-year fixed rates are also down by 1.26% from last November’s peak of 4.94%. 15-year fixed rates finished the month at 3.15%. 15-year mortgage rates were down from 4.25% from a year ago.

Overall Housing Market

San Diego housing market 2020 remains one of the hottest in the nation (ranked 10th by Zillow). Zillow predicts that rents will rise 8.4% and properties are forecast to rise by 4.7%.

"Current mortgage interest rates are near historic lows. That should keep the housing market in positive territory into next year, especially with the looming presidential election,"

said Nathan Moeder, principal at real estate and economic policy consulting firm London Moeder Advisors.

“Right now, we’re back in a seller’s market rather than a buyer’s market” in San Diego, he said. “It went to a buyer’s market for a little bit where you saw price reductions because agents were pushing the limits and trying to put the biggest price out there.” Now sellers are being less aggressive with listing prices, said Moeder. “It’s a seller’s market because they’re more appropriately priced.”

Realtor.com just released its 2020 Housing Forecast, which doesn't have as positive of an outlook. Tight inventory and flat prices headline their forecast. Overall, they are predicting a decline in sales of 3.2% and an increase in prices of only 0.2%.

“I think the biggest surprise from the forecast is how long the market is staying in this low inventory environment, especially as Millennials are in a major home-buying phase." "Sellers will contend with flattening price growth and slowing activity with existing home sales down 1.8%." Nationwide you can look to flat home prices with an increase of less than 1%.”

Observes Danielle Hale, chief economist at realtor.com. The report forecasts inventory levels to fall to their lowest since 2015. If you would like to know what your home is worth, you can check your home value HERE.  And if you are considering selling, make sure to reach take a look at our new "Trade-In" program, which allows you to trade-in your home and still receive market value.  It's an exciting opportunity for all of our home sellers. You can view the full details at: http://www.TradeInSD.com 

If you’re considering buying a home in Alpine, there are some great opportunities and these low-interest rates may not be around next year. If you find a home that you love, jump on the opportunity to lock in the lower rates and payments. You can search all Alpine Homes for sale HERE.

If you have any questions about your home or the real estate market, please, don’t hesitate to contact us today at 619-500-3222 or glen@phtsd.com Brought to you by San Diego Real Estate Agent and Real Estate Broker, Glen Henderson.  Glen is an Alpine Native and has been a San Diego Realtor for over 16 years and has been involved in over 1,000 home sales throughout San Diego County.  Contact him today with any questions at 619-500-3222 or visit Premier Homes at www.MyPremierHomes.com