August 2015 Report
Single Family Homes in North County Inland, Borrego Springs, All Neighborhoods Change >
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Average Price$231,633
-2.8%
Pending Properties5
+25.0%
Sale/List Price Ratio98.3%
+2.8%
Days of Inventory120
+86.7%
Trends at a Glance
Trends At a Glance |
Aug 2015 |
Previous Month |
Year-over-Year |
Median Price |
$280,000 (+12.0%) |
$250,000 |
$225,000 (+24.4%) |
Average Price |
$231,633 (-2.8%) |
$238,214 |
$224,290 (+3.3%) |
No. of Sales |
3 (-57.1%) |
7 |
5 (-40.0%) |
Pending |
5 (+25.0%) |
4 |
1 (+400.0%) |
Active |
12 (-20.0%) |
15 |
20 (-40.0%) |
Sale vs. List Price |
98.3% (+2.8%) |
95.6% |
95.1% (+3.4%) |
Days on Market |
36 (-69.5%) |
117 |
187 (-80.9%) |
Days of Inventory |
120 (+86.7%) |
64 |
120 (0.0%) |
Market Commentary
Homeowners caught in affordability squeeze, are staying put, REALTOR® survey finds
LOS ANGELES (August 26) – Even with rising home prices over the past few years, many homeowners who have considered selling are deciding not to because they are caught in an affordability squeeze that is compounded by a lack of inventory, according to findings from the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2015 Survey of California Homeowners.” More than one-third (35%) of homeowners have considered selling their home in the past year, and of that share, about two-thirds (64%) are reluctant to sell because they are finding they can’t afford the home they really want, the survey found.
C.A.R.’s Survey of California Homeowners also found that more than half (59%) of homeowners have not seriously considered selling their home in the past year, with more than half (60%) saying their current home will be their retirement residence. For those who have been in their home 15 years or more, that figure rises to 70%.
But for others (44%), the affordability crunch, higher property taxes, and home prices are keeping them in their current home.
In first-quarter 2012, when housing in California was at its most affordable, a median income of $56,324 was needed to purchase a median-priced home. In second-quarter 2015, that figure jumped to $96,160, with 99% of that required income increase attributable to home price increases.
Sixty-one percent of all homeowners could be prompted to sell if they got the price they want for their home; 56% would sell if they had a gain in their home value; and 53% would sell if a better or equivalent house was available.
Of homeowners who have considered selling, 56% said they desire a larger home, and 48% because they desire a smaller home. Those who have owned their home less than 15 years were nearly twice as likely (66%) to consider selling due to their desire for a larger home than those who have owned their home over 15 years (34%).
Additional findings from C.A.R.’s “2015 Survey of California Homeowners” include: