Alpine (91901) Real Estate Market Update

Curious as to what is going on with the Alpine real estate market? If so, then we’ve got some insight for you! While it’s absolutely true that the market has cooled off as compared to the long run of gains we saw from early 2012 through mid-2018, things aren’t quite what the news might lead one to believe.

Single-Family Housing Market in Alpine

The median price for homes sold in August of 2019 was down 3.7% from August of 2018. But, the good news is the overall year to date prices are up .8%, reaching a new high of $645,000 for a single-family home. The number of closed sales is also up significantly. In August, the number of homes that went into escrow is up 114% (30 homes in escrow) and the number of homes that sold is up 85.7% (26 homes sold).  Year to date, the closed sales are up 16.2%.

VIEW YOUR HOME’S VALUE AT http://www.91901Values.com

Condo Market in Alpine

The condo market in Alpine represents a small portion of the market, but prices have seen a big jump at 10.2% year to date.  The number of sales is down 42.1%, but it is not alarming since there are not very many condos in Alpine.

Alpine-Housing-Market-Update-91901

VIEW YOUR HOME’S VALUE AT http://www.91901Values.com

 

Mortgage / Interest Rates Update

Mortgage rates moved lower after two straight weeks of increases, which should allow the housing market to remain strong as we head into the typically slower fall months.

The 30-year fixed-rate mortgage averaged 3.64% during the week ending Sept. 26, falling from the previous week. The 15-year fixed-rate mortgage dropped to an average of 3.16%, according to Freddie Mac.

Overall Housing Market

“The state of the housing market as we head into the latter half of 2019 is a tug of war between increased affordability and economic anxiety. We’re starting to see this tension play out in our August data,” said George Ratiu, senior economist for realtor.com®. “On the one hand, lower interest rates have given buyers more purchasing power, which is contributing to August’s decline in national inventory. However, concerns over trade wars and cutbacks in corporate spending are causing some buyers to postpone their search. This is contributing to both the slowdown in prices, as well as the inventory decline, as buyers stay put in their current homes.”

Realtor.com’s home shopper survey last month showed that more than 4 in 10 home shoppers are expecting a recession before the end of 2020 and that would prompt more than half to delay their home purchase.

“These strong but opposing forces make it more difficult to predict what will happen in the second half of this year,” added Ratiu. “If the headwinds of economic uncertainty intensify, it could prompt a decrease in buyer demand and shift housing inventory’s current trajectory. But if increased purchasing power prevails, we could see even more inventory declines and intensified competition between buyers.”

If you are considering selling your home now may be the time to take advantage of the lower interest rates and steady buyer demand. With all of the uncertainty in the market and the economy, it is hard to predict where we will be in the next couple of months.  If you would like to know what your home is worth, you can check your home value HERE.

If you’re considering buying a home in Alpine, there are some great opportunities and these low-interest rates may not be around next year. If you find a home that you love, jump on the opportunity to lock in the lower rates and payments. You can search all Alpine Homes for sale HERE.

If you have any questions about your home or the real estate market, please, don’t hesitate to contact us today at 619-500-3222 or [email protected]

Brought to you by San Diego Real Estate Agent and Real Estate Broker, Glen Henderson.  Glen is an Alpine Native and has been a San Diego Realtor for over 16 years and has been involved in over 1,000 home sales throughout San Diego County.  Contact him today with any questions at 619-500-3222 or visit Premier Homes at www.MyPremierHomes.com