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REAL ESTATE NEWS

McMILLIN REALTY | TRENDS blog
  • Interesting Buyer Trends in Chula Vista

    Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch the Market Action Index for sustained changes: if the index falls into the Buyer’s Market zone for a long period, prices are likely in for a downward correction. This is the state we have been in for some time now.

    The Market Action Index (MAI) illustrates the balance between supply and demand using a
    statistical function of the current rate of sale versus current inventory.

    An MAI value greater than 30 typically indicates a “Seller's Market” (a.k.a. "Hot Market")
    because demand is high enough to quickly gobble up available supply. A hot market will typically cause prices to rise. MAI values below 30 indicate a "Buyer's Market" (a.k.a. "Cold Market") where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. A cold market will typically cause prices to fall.
    Until very recently, we have been charting a drop in our MAI. We are now seeing an increase in buyer activity which is pushing those numbers up over 20 in some areas. Now remember, a HOT market is when the MAI indicator hits over 30.

    The CHULA VISTA market is currently quite strongly in the Buyer's Market zone (below 30). The 90-day Market Action Index stands at 19. With several months of inventory available at the
    current sales rate, buyers should find ample choice. Home sales have been exceeding new inventory for several weeks. Since this is a Buyer's market prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market
    moves into the Seller's zone, and we are likely to see upward pressure on pricing.


    Intermediate Chart
    Intermediate Chart
  • McMillin Realty's Weekly Market Update for Chula Vista

    Why follow a Real Estate company's blog? Because of the great recipes and tips on how to clean your gutters?... NO! Because they are the area experts. Because when it comes to the market and real estate, they have the answers to all your questions. Because when it is time to BUY or SELL your home you should know who is the areas BEST. Demand it, expect it!

    At McMillin Realty we have many tools available to our customers that can assist them with all their real estate needs. How do we know what your needs are? Well, we've been helping people just like you find and sell homes in San Diego and especially South County for 50 years now. It's a family tradition.

    Attached to this blog is our weekly Market Update. It gives you current prices for homes on the market in Chula Vista combined and by individual zip. It also gives trends in pricing, current levels of supply and demand and a value metrics.

    Just some quick observations... Eastlake, 91915, looks to be stable in median list price with week with no trend up or down. The same holds true for 91914, Rolling Hills Ranch, San Miguel Ranch, The Wood, The Gates, with an average list price of $527,311. However, buyer activity is up in that zip and days on market has stabilized. 91913, Otay Ranch, is seeing a slight downward pricing trend, however, days on market are also down - selling faster, and the buyer market has stabilized, although it is still a buyers market. In 91911, Sunbow, and areas west of 5, and 91910, Rancho Del Rey, the pricing trends are up.

    What is the bottom line?... Looks like we are starting to see some healthy activity in our city. If you are asking yourself, "Is now a good time to buy?" I only have one answer for you.

    NOW IS THE BEST TIME!!!

    Below is the full Chula Vista Market Update Report - by Altos Research


  • Quicker Recovery for New Homes Expected in 2011

    In a community full of new homes, does this mean things are looking up for South County? Lets just say we are very optimistic.

    In its latest real estate and economic forecast, the National Association of Realtors anticipates that sales of existing homes, after falling 4.8 percent in 2010, will rise 7.9 percent this year, to 5.3 million, and another 4.5 percent in 2012, to 5.53 million.

    The median price of existing homes, meanwhile, rose 0.3 percent in 2010 after a 12.9 percent drop in 2009, and is expected to rise 0.5 percent this year, to $173,800, and another 2.4 percent in 2012, to $177,900.

    Sales of new single-family homes are expected to rebound faster, rising 17.7 percent this year, to 374,000 sales, after a 15.5 percent drop in 2010, and then rising 51.1 percent in 2012, to 565,000 sales. In an earlier forecast, released last month, NAR anticipated that sales of new single-family homes would climb 20.8 percent in 2011 and 30.9 percent in 2012.

    The new-home median price rose 2.2 percent in 2010 and is expected to climb 1.8 percent this year, to $224,700, and 1.9 percent in 2012, to $229,000.

    NAR expects that 30-year-fixed mortgage rates will average 5.1 percent this year, up from 4.7 percent in 2010, and rise to 5.9 percent in 2012.

    The group also forecasts the U.S. unemployment rate to fall from 9.7 percent in 2010 to 9.4 percent this year and 8.7 percent in 2012, while U.S. real gross domestic product is expected to dip from 2.8 percent in 2010 to 2.6 percent this year, rising to 3.2 percent in 2012.

    See link below for the rest of this story...

    Sharing Stream, Real-time Sharing, Trending Shares - ShareThis Stream
  • Market Conditions for South County - Chula Vista Real Estate
    Market conditions as we enter into February seem to be warming up a bit for our fortuitous buyers. This is really their market. Inventory is high, prices are at an all time low, and interest rates are historically low. For inventory under $400K we are even seeing multiple offers again (especially on our Short Sale and Bank owned properties).

    The upper end market is still softening a bit. There are many factors that hamper the market in those areas. Stiffer mortgage restrictions on jumbo loans, state of the economy, and when the bulk of your move up market has lost their equity and/or their home to Short Sale or Foreclosure, the buyer pool is greatly diminished. We do, however, expect to see a healthy recovery in this market, it will just take more time.

    Positive indicators is that activity is picking up in our area dramatically. Buyers are out there. First time homebuyers are increasing and will be a major contributor to our market in 2011. The South County can still boast fantastic amenities, outstanding schools, and great growth opportunities. That coupled with the inventory of fantastic homes and affordable prices, this is the destination of choice for many families, individuals and couples to settle down and call home.

    Visit www.mcmillinrealty.com to find a home that suits your needs today. Anyone of their outstanding agents can help you!


    Intermediate Chart
  • Chula Vista Market Statistics for the Week of Jan 24, 2011
    In an ongoing effort to keep our market current with what is happening in our area, McMillin Realty has subscribed to Altos Research.

    Altos is a powerful online tool that tracks the market conditions of individual areas. It will show current prices for homes on the market, trends in pricing, current levels of supply and demand, and value metrics.

    What does that mean for you? Well, if you are a home owner, it means you have your finger on the pulse of the market, you know exactly where you stand with your investment, your home, your future. If you are a buyer, it means you are more educated in the area you wish to purchase. Is that an area that is trending up or down, are homes selling quickly, what type of offer should I make. Knowledge is power. At McMillin Realty we believe the more knowledge we give to our consumer the better decisions he or she will make and ultimately the happier the customer will be.

    Here is the latest charts for the entire City of Chula Vista. For individual zip codes you can subscribe to our market summary reports right from this page.


    The median single family home price in CHULA VISTA this week is $350,000. The 830 homes have been on the market for an average of 137 days.

    Inventory has been tightening but days-on-market and the Market Action Index have been basically unchanged, not providing strong indication for market conditions.

    PRICE
    The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.

    QUARTILE PRICES
    Often, we find insights by watching pricing trends within the quartile segments. Prices have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift (up or down) in the Market Action Index before prices move from these current levels.


    PRICE AND VALUE
    The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.

    INVENTORY
    Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.


    MARKET ACTION INDEX
    Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer’s Market zone for a long period, prices are likely in for a downward correction.

    The Market Action Index (MAI) illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory.

    An MAI value greater than 30 typically indicates a “Seller's Market” (a.k.a. "Hot Market") because demand is high enough to quickly gobble up available supply. A hot market will typically cause prices to rise. MAI values below 30 indicate a "Buyer's Market" (a.k.a. "Cold Market") where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. A cold market will typically cause prices to fall.

    The CHULA VISTA market is currently quite strongly in the Buyer's Market zone (below 30). The 90-day Market Action Index stands at 18. With several months of inventory available at the current sales rate, buyers should find ample choice.

    The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.




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The South County Buzz
  • SD Participates in National Alert System Test
    Tomorrow Wednesday, November 9th all San Diego County will be participating in a nationwide alert test via radio, television, cable and satellite stations will be interrupting regular programming at 11:00am, PST. San Diego is the first county to participate in this Alert... These test are made to better server all residents and alert everyone of any local or national emergencies.
    San Diego County Offices of Emergency Services has tons of great tips and resources at: http://www.ReadySanDiego.org/
  • Its Almost Time... To Fall Back!
  • READ READ READ!

    SAN DIEGO COUNTY KICKS OF FAMILY LITERACY MONTH!

    San Diego County Supervisor Pam Slater-Price was only about two minutes into the story she was reading to the pre-Kindergartener’s when the first child tattled on his parent. “My dad, who’s picking me up today, drinks soda,” said the little boy. Slater-Price was reading “Potter the Otter: A Tale About Water” to a class of pre-K students at North County Serenity House to help First 5 San Diego kick off Family Literacy Month. Besides emphasizing family reading time, the book is a creative lesson to help children make healthier drink choices.

    “One of the most important things a parent can do for their child is read to them,” said Slater-Price. “Children then associate reading with learning and with comfort and love.”

    The 21 children all sat attentively in neat rows on the floor, eyes affixed as Slater-Price turned and showed the illustrations after she read each page. Colorful images leapt off the pages showing how Goose and Moose gave up their juice, how skunks in a bunch don’t drink punch or how Toada stopped wanting soda.

    First 5 San Diego Executive Director Barbara Jimenez then read the book to the group again in Spanish. When she finished, Slater-Price showed the children activities in the back of the book that they could do with their parents.

    Then it was quiz time - but no need for panic. These kids knew their stuff. Most hands flew up when the Slater-Price asked if they knew they shouldn’t go to bed without brushing their teeth. They even said they knew to brush their teeth after eating candy or drinking soda (the Supervisor told them it was okay to have some once in a while – just not very often and to make sure you get the sugar off your teeth right away).

    Slater-Price, who had been a teacher for 10 years, said she always loved reading time the most and encouraged parents and children to go together and explore the County’s libraries, (www.sdcl.org.)

    “It’s easy and it’s fun,” she said. “It’s just a fun time for both the parents and kids.”

    Each child received their own copy of “Potter the Otter” and several bookmarks. (http://www.countynewscenter.com/news/story-time-kicks-literacy-month)

  • B2BE Sport & Wellness in Eastlake

    Eastlake is home to an exclusive and state of the art boutique fitness center. A luxurious 32,000 square foot facility combining top-level personal service with high-tech equipment, b2be offers an all-encompassing wellness experience while highlighting the importance of overall physical fitness and long-term wellbeing.

    B2be is currently offering FREE 3 day passes and monthly memberships at $59.95...
    The main characteristics of b2be are:

    1. Excellent Service

    • Highly trained staff with the most advanced service culture.
    • Personal attention with no extra fees.
    • Wellness System: The only software of its kind to design and execute tailor made routines.
    • Extensive and varied training programs
    • Towels and amenities are included.
    • Shoe shine and laundry service
    • Private lockers


    2. Family Concept

    • Dedicated kids area includes their own lockers and locker rooms.
    • Sports programs and activities such as Tae Kwon Do, Ballet, Swim, Zumba, Yoga for all ages.
    • Enriching activities such as arts and crafts, homework, art, baby yoga etc.
    • Early stage development and kids corner for babies from 6 months of age and older.


    3. Luxury facilities:

    • The best workout equipment with the best ergonomic designs.
    • Marble finishes, fine woods and high quality finishes throughout the club.
    • Showers, steam, saunas and facilities are crafted with fine marble
    • Private lockers are crafted with fine walnut
    • TV lounge
    • Massage room
    • Indoor pool, racquetball, etc.


    b2be Sports and Wellness has arrived to revolutionize the fitness industry and with its philosophy and experience, our staff ensures that the level of service and satisfaction will deliver an unmatched experience.
  • 5TH ANNUAL TRICK OR TREAT ON MAGIC STREET!
    TODAY, OCTOBER 31ST | 5PM-9PM
    AT OTAY RANCH TOWN CENTER!

    EVENT SCHEDULE:
    5:00PM
    TRICK OR TREAT ON MAGIC STREET BEGINS!

    5:00PM – 6:30PM
    JAGGER & KRISTI’S HALLOWEEN PET COSTUME CONTEST
    (Main Stage in the food court)

    6:45PM – 7:00PM
    “THRILL THE WORLD” PERFORMANCE
    (Main Stage in the food court)

    7:30PM – 8:30PM
    COSTUME CONTEST PARADE
    (Main Street)

    8:45PM
    ANNOUNCE COSTUME CONTEST WINNERS
    (Main Stage in the food court)

    9:00PM
    EVENT ENDS!


    THIS IS SAN DIEGO COUNTY'S BIGGEST SAFE HALLOWEEN TRICK-OR-TREAT EVENT! WE'LL HAVE PUMPKINS AND POTIONS, SPIDERS AND SPIRITS, AND BEST OF ALL...FREE TREATS FOR EVERYONE!

    CHILDREN IN COSTUME CAN TRICK OR TREAT, PARTICIPATE IN ARTS AND CRAFTS AND ENJOY THE HALLOWEEN ATMOSPHERE ALONG MAIN STREET IN THE MALL. EVERYONE IS INVITED TO TRICK OR TREAT AT SPECIALLY MARKED STORES AND RECEIVE FREE CANDY (WHILE SUPPLIES LAST). PLUS, THERE WILL BE A PET COSTUME CONTEST HOSTED BY MAGIC 92.5'S VERY OWN JAGGER & KRISTI AND A HALLOWEEN COSTUME PARADE FOR KIDS OF ALL AGES!

    MAGIC 92.5'S TRICK OR TREAT ON MAGIC STREET, THE ONLY PLACE WHERE YOUR FAMILY CAN CELEBRATE HALLOWEEN!

    LOCATION: Otay Ranch Town Center

    TIME: 5-9PM