San Diego Real Estate Data Forecast – Good Morning. Over the weekend I was thinking about what we may expect from this week’s Housing Data. As you know here in San Diego or Real Estate market seems to be recovering nicely. So I thought I would share with you the information I was able to collect.
The housing market data have been mixed over the past few months. The Midwest got nailed this year by storm after storm. Why this is important to us here in sunny San Diego and how it may affect our Real Estate market is something all of us should be watching. The data that will be released will be based on National Sales Figures. It won’t be adjusted to homes sales here in La Costa or Scripps Ranch, but it will have an effect on those areas. As we approach the peak selling season for Real Estate here in San Diego, knowing how to time the market is the most important aspect you need to consider.
New homes sales for the month of February are set to be released by the Commerce Department on Tuesday morning. The consensus expectation is for sales to come in at a seasonally adjusted annual rate of 449,000 units, below the 5½ year high of 468,000 that was recorded for the month of January. The other housing data that will emerge this week, the S&P/Case-Shiller home price index for January, it will be released Tuesday as well. This report is designed to give investors an indication of the trend in real estate prices and what they can expect moving forward. Friday, pending home sales data from the National Association of Realtors is set to be released. That will give us an ideas to what’s in the ‘pipeline’. If the pending sales figures are positive, then as I expected we will start to see an upturn in the market.
My expectation is that the North County Coastal Markets – such as Del Mar, Carmel Valley, Cardiff, Encinitas and La Costa will all see steady gains. Carlsbad is also a very strong market and should see very similar gains. Albeit this means we see an improvement in inventory in the areas I mentioned. If supply continues to fall short of demand prices will increase greater than expected – so I guess if you’re a seller, good for you, if you’re thinking about buying it make cost you a few more bucks.