Central San Diego Market Update-January 2014

The San Diego housing market has stabilized in many ways. We sales, days on market, and price per square foot level out compared to the month of December. However, sales took a large dip in the month of January, which is actually normal. Many potential homebuyers take a “break” from home shopping in the month of December because of the holidays. This means they aren’t closing the sale in January.

With this more “normal” pattern, interest rates have actually been taking a slow dip over the last few weeks. They are currently at 4.24%. Inventory levels (the number of homes on the market “actively” for sale) is continuing bounce around the 6000 level for San Diego county. Finally, prices are starting to take on a more seasonal pattern, with much more modest changes than the previous year.

To get the latest figures, I ran an analysis of home figures from the MLS for the central San Diego region (a 7 mile radius). 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 # of Sales Median Sale Price Med Price/Square Ft. Ave Days on Market    
January 2014 463 $450K $370 30
December 2013 589 $460K $369 32
January 2013 496 $394K $307 29

How's the market 2There are currently 6100 active listings in San Diego county, down from 5700 last month. That number should rise in the coming months as the spring selling season approaches and more people put their homes up for sale.

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