Central San Diego Housing Market Update-May 2013

 

Current housing market trends in San Diego continued as the month of May drew to a close. It is still a very strong seller’s market, while buyers (including cash investors) continued bidding wars on listed properties. I ran an analysis of home figures from the MLS for the central San Diego region. This includes communities such as Mission Valley, Serra Mesa, University Heights, Normal Heights, Hillcrest, Mission Hills,  Bay Park, and Clairemont. The numbers include both condo/townhomes as well as single-family homes.


Housing Figures-Central San Diego

Date Number of Sales Ave Sale Price Ave Price/Square Ft. Ave Days on Market
May 2013 186 $468K $349 31
April 2013 220 $462K $342 46
May 2012 265 $373K $288 67

These figures above speak for themselves. Prices continued to rise in San Diego(over 20% year-over-year), while inventory tightened. Properties hitting the market also continued to sell very rapidly.
san diego housing market updateAs the supply of homes shrinks,  there continues to be more situations where many buyers are making offers on the same home. Talking to anyone trying to buy a home right now, they will tell you that new homes hitting the market cause a frenzy of home buyer interest.  I have many buyers who have put in offers on a lot of  homes, but are getting frustrated because of the stiff competition. And if prices continue to rise at their current rate in San Diego, that could lead us back into a situation where we’re becoming overpriced quickly.

For more information on this topic:

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Ryan@RyanYourRealtor.com
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