I wanted to stop by with an update on the San Diego market so far in 2017 and also let you know about some upcoming events that we'd love to see you at.
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Looking back, we can see that 2016 was a great year for the San Diego real estate market. We led the nation several times in appreciation in the Case-Shiller Index, but the early numbers for 2017 show that some other metropolitan areas are taking the lead. San Diego has actually fallen to 14th on that list. The San Diego market is still appreciating, but not as much as some of those other markets.
After about 6% or 7% appreciation in 2016, some predict we'll see that slow a little bit. This is probably because many areas in San Diego have already surpassed their all-time highs in values. You may have even experienced how homes are flying off the shelves.
We've seen a lot of activity this quarter, likely due to interest rates rising, causing people to jump off the fence and lock in a rate while they're low. This year, we expect a lot of early appreciation to take place in the first part of the year; April and May have typically been our market's busiest months.
As for inventory, we're at just under 5,000 homes on the market for San Diego County. As interest rates continue to fuel activity, upward pressure on prices will be fueled too until something dramatic happens that could change inventory levels.
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Interest rates are causing people to jump off the fence and buy a home to lock in a low rate.
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There are a few other events here in San Diego coming up that I wanted to tell you about. The first is The Taste of Morena on April 26th from 5 p.m. to 9 p.m. Here at our office at 4112 Napier Street, we're holding an open house as one of the sponsors. We're also selling tickets, so if you need tickets, you can get them from us for $25 apiece. There will be 23 different restaurant and bar stops where you'll get free samples from.
It's going to be a fun night, and we'll also have some drawings, drinks, and giveaways at our office as well. We'd love for you to join us.
On May 6th, we're also sponsoring the 21st Clairemont Garden Tour at 2151 Burgener Street. We'll have a booth there, and there will be a food truck nearby as well. It's a great opportunity to walk through and get some great ideas and inspiration for landscaping. We hope to see you there as well!
As always, give us a call or send us an email with any questions you have. We're happy to help.
