Posts from February 1st, 2023

Sunshine Properties Blog

Subscribe and receive email notifications of new blog posts.




rss logo RSS Feed
Uncategorized | 818 Posts
February
1

CALIFORNIA AVOCADO COMMISSION UNVEILS SEASON FORECAST AND MEDIA STRATEGY

The California Avocado Commission has forecast 257 million pounds of avocados for the 2022-23 harvest season, a slight decrease from last year's volume.
The California Avocado Commission has forecast 257 million pounds of avocados for the 2022-23 harvest season, a slight decrease from last year's volume.
(Photo courtesy California Avocado Commission)

The California Avocado Commission forecasts a 2022-23 harvest of about 257 million pounds of avocados for its California crop. The early season assessment is down from 276 million pounds in the 2021-22 season.

"The recent California rainfall has been welcomed by our growers throughout all districts," Jeff Oberman, president of CAC, said in a news release. "Growers have related increased sizing and crucial replenishing of water sources during my recent visits to all production regions. We do not yet know if there will be any change to the expected harvest timing, however, excitement is building from our retail partners for the kickoff of the California season."

The majority of California's avocado harvest — 243 million pounds — is expected to be the hass variety. The remaining forecast includes a harvest of 7 million pounds of lamb hass avocados, 6 million Gem avocados and about 1 million pounds from other commercially grown varieties in California.

Related news: Guacamole touchdown: Avocados poised to win over Super Bowl shoppers

Weather and market conditions are key factors that determine when California avocado growers will begin harvesting. Some growers may delay picking to allow the avocados more time to increase in size. Oberman said in the release that there will likely be some avocados harvested in time for the Super Bowl mid-February, with limited volume available for local promotions.

California avocado volume is expected to begin ramping up in March, with peak availability from April through July. Volume is expected to taper off through Labor Day, according to the release.

MEDIA PLAN FOR AVOCADO SEASON

"The Commission's media plan and new creative executions are in development with an expected launch in April," Oberman said in the release. "We are eagerly anticipating peak California avocado season in the spring and summer months with additional volume for promotions and customized marketing support."

This year CAC is continuing its advertising campaign, "the best avocados have California in them," but adding new creative executions to keep communications fresh, the commission said. Content will include California avocado tips, grower spotlights and new creative videos that demonstrate what's unique about California avocados.

Customized retail and foodservice promotions with targeted customers are key components of California avocado marketing support and will include recipe and video content on social media platforms.

During the avocado harvest season, the CAC geo-targets consumers near stores that offer California avocados to keep the fruit top of mind, according to the release.

Additionally, CAC's social media program runs year-round but ramps up leading into the season. According to the release, this year's CAC social media strategy includes:

  • In February, activity with targeted and promoted retailer content supports the early harvest.

  • In March, as California avocado supply continues to increase, social efforts will gain momentum with support across multiple channels.

  • Throughout the season, CAC will showcase California avocado recipes, tap into cultural moments and reinforce the California difference through education and entertainment.

 

February
1

Housing market: Will home prices drop in 2023 in California?

It will be fascinating to watch where housing values are in late January after a month of heavy rainfall in Northern California.

Update:
Goldman Sachs sees 2008-style drop in home prices for these four markets

In order to help people plan for the next year, the California Association of Realtors publishes the California Housing Market Forecast every December. According to the C.A.R., this year's housing market is weaker than usual because a combination of factors (including a slight recession and persistently high-interest rates) is reducing homebuyers' capacity to purchase new properties.

According to data released by C.A.R. in December, property prices in California decreased. But January's most recent numbers indicate prices are again finding support. We can only speculate that housing values would fall much lower given the high expenses of repairing and recovering from the effects of floods, coastal erosion, mudslides, tree falls, company closures, and other disasters.

This is still a problem with homes. Buyers can't afford California's high property prices despite pent-up solid demand. As a result, many people have departed for places where housing is far more affordable. Fewer purchasers are predicted over the next three to six months as unemployment rises and firm profits fall (the tech industry continues to take a blow).

Instability with the FED and inflation likely to affect housing prices

Greater consumer confidence is at odds with persistent price increases and the Federal Reserve's likely inability to reduce interest rates. But do you think it will put off Californian consumers? There is always a high demand for goods and services in California.

California's real estate agents and homebuyers may celebrate a 1.1% increase in sales from November to December. In addition, for the fourth month in a row, home prices have fallen, with December's decrease of 4 percent from November's median price of $774,580, marking yet another monthly low. The cost has dropped by 2.8% since December of last year.

Even though house prices have increased in many parts of California, home sales will continue to fall. Such as:

  • The median price of a property in Los Angeles County increased by 0.6% in October to $854,280, while sales fell by 39.8%.
  • In October 2022, the median price in San Bernardino County will be $465,000, up from the previous month's median price of $435,000.
  • The typical home price in San Diego County increased to $860,000 in October 2022, a 1.2% increase over the previous month.

In particular, bigger counties like San Diego County would feel the effects of increased mortgage rates and property prices more strongly than the statewide median price.

Even while the housing market is evolving and the Zillow house value index is altering in many locations, many other experts are advocating for a slower increase in property prices than we have seen since the COVID-19 pandemic.

Login to My Homefinder

Pixel