We have some bad news, and some good, to report this week regarding San Diego’s roiling market for residential real estate.
San Diego is one of five U.S. cities where the number of new home listings coming to market “fell most dramatically” year-over-year. This according to a just-released report from national broker Re/Max.
The report said that the number of new listings just topped 2,700 in May compared to 4,125 in the same month a year ago. This is a 34% drop, which is kind of amazing when you think about it! The shortage of new listings is likely because many homeowners are reluctant to sell their homes in the current market, Re/Max said.
San Diego suffered the fourth largest decline behind such cities as Phoenix and Las Vegas.
There was a silver lining in the report. Home sales in San Diego increased by 20% in May compared to April.
The report attributes the increase in sales to a seasonal increase in demand, as well as a slight increase in inventory. However, inventory is still below pre-pandemic levels, which is pushing prices beyond affordability for many.
“The sizeable jump in May home sales signals the start of the peak selling season, but lack of inventory remains the biggest challenge for home buyers,” said Nick Bailey company president & CEO.
“With the vast majority of homeowners having a mortgage rate under 5% — and a good chunk of those are under 3.5% – we’re not seeing as much move-up activity as usual,” he said. “That means fewer available listings for buyers to choose from — and most likely some continuing bumpiness in the market.”
* * *
The Jacobs Center for Neighborhood Innovation will host a health resource fair on June 24 near its headquarters in Southeastern San Diego, according to a news release.
The nonprofit community resource center says it will offer a variety of health resources for neighborhood residents, including blood pressure screenings, nutrition education, and mental health materials.
Representatives from various community and government organizations will aid with applying for or renewing food security and health insurance, such as Cal-Fresh, Medi-Cal, and Medicare.
* * *
San Diego nonprofit business incubator EvoNexus says it will stage its annual Demo Day on June 26 at Irwin M. Jacobs Hall on the Qualcomm campus. According to a news announcement, entrepreneurs will present their startups to investors and other participants in the audience.
The event will start with a reception from 3:30 p.m. to 5 p.m., at which time presentations will begin. Each startup will have 10 minutes to present their company to participants. Following the presentations, the audience will elect a winner.
The startups that will be presenting include: Advanced Image Robotics (AIR), MeCo Diagnostics, Brelyon, Oculi, CARI Health, RyboDyn, CRISPR QC, Sensoride, DeepWater Exploration, Tag-N-Trac, Falcamm, The Good Face Project, and Ixana.
EvoNexus, which is one of the largest nonprofit incubators in the state, provides early-stage technology startups with the resources and support needed to help them succeed.
The organization says it has helped more than 250 startups raise more than $3.5 billion in funding.
For more information about EvoNexus Demo Day, navigate over to evonexus.org.
* * *
San Diego’s beachfront Belmont Park is launching a rebrand with a new logo ahead of its 100th anniversary in 2025.
According to a spokesperson, the park partnered with BLVR, a local marketing consultant, to design the new logo and related creative materials. Visitors can see the logo displayed throughout the park, most notably at the main entrance near the Giant Dipper roller coaster.
As part of its celebratory marketing efforts the park expanded its arcade by 1,600 square feet, adding 14 games and doubling the size of its Prize Shack.
The rebranding and celebrations are part of Belmont Park’s efforts to attract new visitors and create a more festive atmosphere, a spokesperson said.
* * *
San Marcos-based TrueCare, which operates a number of health care clinics, has received a $2 million grant from the federal Health and Human Services Department to launch a new doula program for expectant mothers. Doulas support pregnant women and their families, and the new program will make doula care more accessible in San Diego and Riverside counties.
According to a news release, the U.S. has the worst maternal mortality rates in the industrialized world. And women of color are two to three times more likely to die of pregnancy-related causes.
The release said doula support increases maternal engagement during prenatal care, offers better preparation for labor and birth, reduces cesarean deliveries, and increases breastfeeding success.
“Not only have women of color endured generations of inequities in the health care system, but today they are dying at alarming rates during childbirth,” said TrueCare ‘s top executive Michelle D. Gonzalez. “This national crisis disproportionately impacts our communities.”
* * *
UC San Diego’s Center for Energy Research has signed an agreement with Xendee Corp., a microgrid EV infrastructure designer and software provider, to evaluate the company’s control platform.
According to a news release, the project “aims to integrate, validate, and evaluate new AI-enabled forecasting and control algorithms, as well as communication networks.”
According to the Xendee website, microgrids offer the potential to make EV fast-charging equipment and practices both profitable and sustainable.
* * *
Finally, this important item worth noting. San Diego medtech startup Limber Prosthetics & Orthotics says it has received $250,000 in seed funding from UC San Diego and $263,000 from San Diego Angel Conference, a University of San Diego School of Business program, last month for a total of $513,000. And the Investments for the startup could increase in coming weeks, with added funding from other angel investors, a spokeswoman said.
Limber develops prosthetic devices using a proprietary process. Scans are taken of an amputee’s residual limbs with smartphones, and then a digital model of the amputated limb and a compatible prosthesis is developed by limber. The prosthesis is lightweight, durable, comfortable, and can be produced in 12 hours, the company says.
The World Health Organization estimates there are 40 million amputees in developing countries, 90% of whom don’t use prosthetic limbs due to lack of resources. It is estimated that there are about 2.6 million amputees in the United States.
Tom York is a Carlsbad-based independent journalist who specializes in writing about business and the economy. If you have news tips you’d like to share, send them to firstname.lastname@example.org.