San Diego Real Estate News

Here's a quick market overview of how we're looking right now in San Diego County, overall. As always, please feel free to reach out anytime, with any real estate questions. Our team is always on standby, and awaiting your call!

1. Market Overview

  - Existing-home sales slipped 1.0% from last month but pending sales saw an 8.3% increase, the largest since June 2020.

  - Mortgage rates have significantly dropped, leading to a forecasted 13% increase in existing-home sales for this year compared to 2023.

2. Home Sales Breakdown

  - Closed sales decreased by 5.5% for detached homes but increased by 11.9% for attached homes.

  - Pending sales decreased by 2.0% for detached homes but increased by 13.9% for attached homes.

  - Inventory dropped by 18.5% for detached homes but increased by 5.2% for attached homes.

3. Pricing and Market Trends

  - Median sales price increased by 15.4% to $980,000 for detached homes and by 10.2% to $650,000 for attached homes.

  - Days on market decreased by 14.0% for detached homes and by 15.0% for attached homes.

  - Despite sales activity, the housing supply shortage has boosted home values, with the median existing-home price rising by 4.4% year-over-year to $382,600.

4.  Inventory and National Trends

  - Total unsold inventory is at 1 million units, representing an 11.5% decline from the previous month, with a 3.2 months’ supply at the current sales pace.

  - Nationally, listing activity is increasing, and with stable mortgage rates and rising housing completions, inventory is expected to improve in the coming months.

Beautiful 4 Bedroom, 4 Bathroom, 3,500+ Square Foot home in Carlsbad. Sitting on a huge lot high up on Highland, this home entertains a cool beach breeze and partial ocean views. Just a deck or even second story will add full ocean views from the entire floor! Don't miss out on this Coastal Carlsbad Gem! Questions? Call Jordan today at 858-999-7798

I'm definitely not the first to report on this one, but since opening late last year, this has become one of San Diego's hottest new spots. CH Projects, the hospitality group behind the popular Raised by Wolves bar, has opened its latest venture, Part Time Lover, in North Park. The new establishment, which replaces Bar Pink, is a combination of a record store and a bar designed to promote listening, discovering new music, and hanging out with friends.

According to co-founder Arsalun Tafazoli, Part Time Lover is just the first of several new ventures the group plans to open in the North Park area. The group's Raised by Wolves bar was recently named one of North America's 50 Best Bars for 2022 by 50 Best, a prominent list in the hospitality industry.

While the new venue still revolves around music, CH Projects has handed over creative control of the music component to Folk Arts Rare Records. The record store will curate the bar's daily soundtrack and offer a selection of vinyl records for sale in the retail shop located at the back of the venue.

The rest of the space is designed like a craftsman-esque living room to encourage patrons to relax and discover new music. The coffee station serves Heartwork Coffee, and a small pastry menu complements the bar's selection of natural wine, beer, and cocktails. The cocktail list, created by bartenders Ewan Bennie and Alicia Perry, includes a range of easy-sipping highballs and creative drinks like an Old Fashioned variation made with bourbon, Japanese whisky, barrel-aged maple, bitters, and koji, a Japanese ferment.

With Part Time Lover, CH Projects has once again demonstrated its commitment to creating unique and innovative hospitality concepts that cater to music lovers and cocktail enthusiasts alike. The new venue is a must-visit destination for anyone looking to discover new music, enjoy a relaxing evening out with friends, or sip on creative cocktails in a stylish and comfortable setting.

The Federal Reserve. Love it or hate it, it’s likely here to stay. The FOMC meets eight times a year. In 2022, they raised the federal funds rate 7 times. So far, with already one meeting down in 2023, there have been eight consecutive rate increases. Are there more to come this year? 

The Federal Open Market Committee (FOMC) Meeting Schedule 2023:

•        January 31-February 1
•        March 21-22
•        May 2-3
•        June 13-14
•        July 25-26
•        September 19-20
•        October 31-November 1
•        December 12-13

The Federal Reserve, also known as the Fed, is the central bank of the United States and is responsible for regulating the country's monetary policy. One of the key tools that the Fed uses to manage monetary policy is through setting interest rates, which can affect borrowing and lending rates for businesses and consumers.

The Federal Reserve typically holds eight regularly scheduled meetings each year to discuss and decide on monetary policy, including interest rate decisions. These meetings are usually held over two days, and include a press conference and a statement released to the public.

During these meetings, the Federal Reserve's policymaking committee, known as the Federal Open Market Committee (FOMC), reviews economic data and other factors that may affect the country's economic outlook. The committee examines a variety of indicators, including gross domestic product (GDP), inflation rates, employment data, and consumer spending, among others.

Based on this analysis, the FOMC makes decisions regarding monetary policy, including whether to raise or lower interest rates. Interest rates can affect the cost of borrowing and lending, which can have a significant impact on the economy and financial markets. Lower interest rates can stimulate economic growth by making it easier and cheaper for businesses and consumers to borrow money, while higher interest rates can help to control inflation and prevent an overheated economy.

In addition to interest rate decisions, the FOMC may also discuss other policy tools, such as quantitative easing, which involves purchasing government securities to inject money into the economy. This can help to increase the money supply and stimulate economic activity.

After each meeting, the Federal Reserve releases a statement summarizing the committee's discussions and decisions. The statement provides insights into the FOMC's thinking and can be used by investors and economists to make predictions about future monetary policy changes.

Overall, the Federal Reserve meetings play a crucial role in shaping the country's monetary policy and do have a significant impact on the economy and financial markets. As a result, investors and economists closely follow these meetings and announcements to stay informed about potential changes to interest rates and other policy decisions.

Let me know your thoughts on the Fed and if you think our country’s financial well being would be better off without them. 

People have been educating themselves a lot lately on how the banking system actually works. Once you understand, it’s hard to view the system in the same light, and trust it. This will explain in simple terms, generally what fractional reserve banking is, and how banks do it.  

Fractional reserve banking is a system in which banks are required to hold only a fraction of the total deposits made by their customers. The remaining funds can be lent out to other borrowers in the form of loans, thereby creating new money in the economy. This system has been in place for centuries and has played a crucial role in the growth and development of modern economies.

What is Fractional Reserve Banking?

Fractional reserve banking refers to the practice of banks holding only a fraction of the deposits they receive from their customers in reserve. This means that a bank can lend out the remaining funds to borrowers, thereby creating new money in the economy. The reserve fraction is typically set by the central bank or government, and it varies depending on the country and the specific regulations in place.

For example, if a bank has a reserve requirement of 10%, and a customer deposits $1000 into their account, the bank is required to hold $100 in reserve and can lend out the remaining $900 to other borrowers. The borrower who receives the loan can then deposit the funds into their own bank account, which allows the process to repeat itself.

How Does Fractional Reserve Banking Work?

Fractional reserve banking works by relying on the assumption that not all customers will withdraw their funds at the same time. Banks use the funds they have on reserve to meet the demands of customers who wish to withdraw their money, while using the remaining funds to generate income by lending them out to other borrowers.

This process creates new money in the economy, as the funds that are lent out become deposits for the borrowers' banks. This new money can then be lent out again, creating a multiplier effect on the original deposit.

For example, if a bank receives a deposit of $1000 and has a reserve requirement of 10%, it can lend out $900 to another borrower. That borrower deposits the $900 into their own account, which the bank can then use to lend out again, creating new deposits and new loans. This process can continue until the original $1000 deposit has been multiplied several times over.

History of Fractional Reserve Banking

The origins of fractional reserve banking can be traced back to the goldsmiths of medieval Europe. Goldsmiths would hold the gold and silver of their clients in secure vaults, and issue receipts that could be used to redeem the precious metals at a later date. These receipts were essentially the first banknotes, and they were widely used as a form of payment.

Over time, goldsmiths began to realize that not all clients would withdraw their gold at the same time, and they started to lend out some of the gold that they held in reserve. This practice eventually evolved into fractional reserve banking, which became a widespread practice in the modern era.

Today, fractional reserve banking is the dominant form of banking in most countries, and it plays a crucial role in the functioning of modern economies. While there are criticisms of the system, such as the potential for bank runs and the creation of debt-based money, fractional reserve banking has proven to be an effective way to stimulate economic growth and provide financial services to individuals and businesses around the world- Is this model sustainable? What if everyone tried to withdraw all their funds at about the same time? The next article will go into that, and explain the "bank run."

If you've been paying attention to the news, or follow any tech pages, you've definitely heard of ChatGPT by now. There is so much hype and talk about this, mainly because it is groundbreaking tech that is now available to the average person. This will very likely change how courses are taught in schools; from elementary to the college levels. Go ahead and read this article and let me know your thoughts on how you think it will affect us.

ChatGPT is a variant of the GPT (Generative Pre-trained Transformer) language model developed by OpenAI. It is designed specifically for chatbot applications, with a focus on generating human-like responses in real-time conversations.

One of the main features of ChatGPT is its ability to generate responses based on the context of a conversation. It does this by using a large dataset of human conversations as training data, which allows it to learn the patterns and structures of natural language conversations. This allows ChatGPT to generate responses that are relevant and coherent with the conversation, rather than simply repeating pre-defined responses or generating unrelated responses.

Another key feature of ChatGPT is its ability to handle a wide range of conversation styles and topics. It is trained on a diverse dataset of conversations, which allows it to handle various types of conversations, including casual chat, customer service inquiries, and technical discussions. This versatility makes ChatGPT well-suited for use in a wide range of chatbot applications.

The use of ChatGPT and other chatbot technologies is likely to have a significant impact on a number of industries and sectors. In customer service, for example, chatbots powered by ChatGPT and other language models could be used to handle routine inquiries and provide quick responses to customers, freeing up human customer service agents to handle more complex or nuanced inquiries. In education, chatbots could be used to provide personalized tutoring and feedback to students. In healthcare, chatbots could be used to provide information and support to patients, potentially improving access to care for underserved communities.

Overall, ChatGPT and other chatbot technologies have the potential to improve efficiency and convenience in a variety of settings. However, it is important to consider the ethical and social implications of these technologies as well. As with any technology, chatbots should be developed and used in a way that is transparent, respectful of users' privacy and autonomy, and mindful of the potential consequences of their use.

In addition to its capabilities as a chatbot, ChatGPT also has potential applications in other areas of natural language processing (NLP). For example, it could be used to generate text for social media posts, news articles, or other written content, potentially reducing the need for human writers in some cases. It could also be used to generate responses for virtual assistants or to assist in the translation of text from one language to another.

However, it is important to note that ChatGPT and other language models like it are not perfect and may produce errors or inappropriate responses at times. It is up to the developers and users of these technologies to carefully consider their limitations and ensure that they are being used appropriately.

As chatbot technologies continue to advance, it is likely that we will see a growing number of chatbots powered by ChatGPT and other language models being used in a wide range of settings. While these technologies have the potential to bring significant benefits, it will be important to carefully consider their impact on employment and other societal issues, and to ensure that they are developed and used in an ethical and responsible manner.

Overall, ChatGPT is a powerful and versatile language model that has the potential to revolutionize the way we interact with chatbots and other NLP applications. While there are certainly challenges and ethical considerations to be addressed, the development and use of ChatGPT and other similar technologies is likely to have a significant impact on a variety of industries and sectors in the coming years.

We at The Griffin Group wish you and yours a very happy New Year! As always, please contact us anytime for any of your real estate needs. Have a great week!

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• - Visit the San Diego Zoo: The San Diego Zoo is home to over 3,700 animals, including pandas, gorillas, and polar bears.

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• - Explore Balboa Park: Balboa Park is a 1,200-acre urban cultural park with over 15 museums, beautiful gardens, and performing arts venues.

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• - Take a stroll along the San Diego Bay: The San Diego Bay is a beautiful place to take a walk, bike ride, or kayak, and it offers stunning views of the city skyline.

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• - Visit the USS Midway Museum: The USS Midway Museum is a naval aviation museum located on an aircraft carrier that served the United States for over 47 years.

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• - Enjoy the beach: San Diego has some of the best beaches in California, and there are plenty of activities to enjoy, such as surfing, sunbathing, and beach volleyball.

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• - Check out the Gaslamp Quarter: The Gaslamp Quarter is a historic neighborhood in downtown San Diego that is known for its restaurants, bars, and nightlife.

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• - Go on a whale watching tour: San Diego is a great place to see whales and dolphins, and there are several companies that offer whale watching tours.

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• - Visit the San Diego Museum of Art: The San Diego Museum of Art is home to over 19,000 works of art from around the world, including paintings, sculptures, and textiles.

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• - Take a trip to Coronado Island: Coronado Island is a beautiful island community located just across the bay from San Diego. It is home to the Hotel del Coronado, a historic hotel that was built in 1888.

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• - Explore the San Diego Natural History Museum: The San Diego Natural History Museum is a great place to learn about the natural world, with exhibits on animals, plants, and the environment.