PSAR members were recently polled at “Rally & Ride” pitch sessions. A survey asked PSAR members to identify which real estate issues they were “most concerned” about. The survey stated: “On a scale of 1 to 5, with 5 representing “most concerned” and 1 representing “least concerned,” what are PSAR members most concerned about?
Among six choices, “Decline in Housing Affordability” received the most votes with one out of every four PSAR members ranking it as highest.
PSAR members agreed the other five choices were still very important, as indicated by a fairly close margin in the percentages for the other options.
The final tally was: #1) Decline in Housing Affordability, 25 percent; #2) Lack of Inventory, 19 percent; #3) Rising Interest Rates, 18 percent; #4) Slow Down in Economic Growth, 15 percent; #5) Home Prices Overinflated, 13 percent; #6) Lending and Financing, 10 percent.
“Our members are looking forward to the momentum and acceleration expected during the seasonal spring home buying season,” said Anthony Andaya, 2016 PSAR president. “We remain concerned over inventory and affordability issues, but we’re optimistic that interest rates will remain wonderfully low and are confident in the persistence and knowledge of how our skillful PSAR members will continue to serve their clients.”
Interestingly, the results from PSAR’s Market Pulse Survey were slightly different than a statewide survey conducted by the California Association of REALTORS® (C.A.R.). The C.A.R. January Market Pulse Survey revealed that four in 10 California REALTORS® who responded said “Lack of Inventory” was their greatest concern.
The final tally of C.A.R.’s Market Pulse Survey was: #1) Lack of Inventory, 40 percent; #2) Decline in Housing Affordability, 16 percent; #3) Home Prices Overinflated, 11 percent; #4) Slow down in Economic Growth, 8 percent; #5) Rising Interest Rates, 6 percent; #6) Lending and Financing, 5 percent.
Meanwhile, PSAR’s own “Market Data Report” for the month of February revealed several noteworthy trends for the San Diego County real estate marketplace, including:
-- The number of active listings for single-family homes, condominiums and townhomes in February was slightly below in comparison to the same month last year (5,935 in Feb. 2016 vs. 7,748 in Feb. 2015), while the listing price volume is nearly the same ($6.6 billion in Feb. 2016 vs. $6.8 billion in Feb. 2015).
-- The average listing price per square foot is higher this year. The price of $366 in February 2015 increased to $423 for February 2016.
-- The “Months of Inventory” category compares the number of months it would take to exhaust active listings at the current sales rate. For February 2016, the figure was three months, compared to four months in February 2015.
-- The average percentage for homes that sold at asking price was nearly the same, 97.73 percent in February 2016 vs. 97.7 percent in February 2015.
Founded in 1928, San Diego County's Pacific Southwest Association of REALTORS® (PSAR) offers MLS, lockbox services, mediation and dispute resolution, educational training, advocacy and other services and resources to REALTOR® members. For more information, visit www.PSAR.org.