Richard Morris Century 21-1st Choice Realtor View and Canyon Specialist

Just looked up the March 2015 numbers for 92117 (Clairemont, San Diego, CA) and median sales price last month was $567K for a single-family detached house. At the peak of the market in late 2005 the median was $575K. We are 2% away from matching that mountain-top! As recently noted, there is "no" inventory. Compared to a year ago there are 50% less homes on the market (67/36), so in turn the number of days a new listing is on the market has also been cut 50% (36/19). Add to this the historic low, low interest rates and you have buyer demand. The bottom line - if you've been thinking of selling your Clairemont 92117 detached home but procrastinating (or wondering about the market) - NOW IS A GOOD TIME.

I DO enjoy Real Estate because it's a market that truly fluctuates on "what a buyer will pay", ergo - marketplace dynamics. I recently heard, and agree, that nationwide there is a "crisis of inventory". Sure, interest rates are historically low, but prices are super high! I say this because 6 years ago we wondered if we would ever get out of the trough. We are so-o-o up to top-of-the-mountain 2005 levels (almost) - except condos. The condo we recently sold for 232K had a bona fide offer in 2005 for 317K. Comparatively, detached single-family homes are experiencing robust upward pressure very, very close to 2005 levels. I'm tempted to ask "Didn't we learn our lesson?" But the compelling analysis (because condos have not reclaimed their glory) is that owning a detached single-family home is a predominant goal of mainstream America.

Closed Escrow yesterday! Yes-sir-eee, fairly smooth escrow for the condo in beautiful Fletcher Valley (here in San Diego). AND we did get over asking price. The time from the very first day of the listing...to close of escrow was 54 days!

Who was surprised by the recent Feds meeting? Their monetary decision to have "patience" was defined by one media analyst as "we'll raise the rate next time"! I literally was relaxing in bed when I heard another commentator said "if you're a lender or real estate agent you should jump for joy". In summary, the Fed is saying we want more of what 2014 brought us. To me it means 2015 is going to continue with the same robustness, and housing values will not dip anytime soon. Interest rates at 4% or lower will continue driving sales - particularly at the lower end of the market. However, my prediction is that by June 30 we will see the same abrupt "stall" - and the last half of the year is anyone's guess.

We're in Escrow! After just 16 days of market time, and multiple offers, 8936 Fletcher Valley Drive went into escrow January 30. Another example of how much better it is to price a property close to market value. It sure saves the emotional torture "months-with-no-offers" causes - not necessarily the Realtor - but the Seller. And the subsequent "ratchet-down-the-price" strategy often backfires.

Hey all, don't forget April 18, 2015...the huge Fast Times 5K / Clairemont Day At The Bay. I think last year we had over 3000 people, and all proceeds go back to the wonderful schools in the Clairemont community :)