San Diego Housing Market Update-April 2017 Sales

San Diego Housing market update for home salesBelow is my monthly analysis of the San Diego housing market. It will show many different metrics to help us get an accurate “feel” for what is happening in our local real estate market!

The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-13.2%

+6.4%

-28.0%

Closed Sales decreased 13.4 percent for Detached homes and 13.0 percent for Attached homes. Pending Sales decreased 1.7 percent for Detached homes but increased 1.4 percent for Attached homes. Inventory decreased 26.0 percent for Detached homes and 33.1 percent for Attached homes.

The Median Sales Price was up 7.0 percent to $599,350 for Detached homes and 6.9 percent to $385,000 for Attached homes. Days on Market decreased 9.4 percent for Detached homes and 11.5 percent for Attached homes. Supply decreased 26.9 percent for Detached homes and 36.8 percent for Attached homes.

Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand.

According to Bankrate.com, interest rates have continued to stay near the 4% level, despite the Federal Reserve Bank finally raising the fed funds rate to .75%. They are currently at 4.09% for a 30-year fixed loan (they were at 3.98% at this time last month). This is well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment or see what you can afford, go HERE.

The San Diego Association of Realtors analyzes housing market data for San Diego county every month. Below is their monthly report for home prices. The figures represents ALL property types.

San Diego Housing Market Update for April 2017 Sales

CLICK TO ENLARGE

 

Ryan Blanco-Realtor-San Diego Real Estate BlogAbout Me: I am a full time agent and I dedicate 100% of myself and my time to my valued clients in addition to the San Diego communities that I serve. It is imperative that I continuously evolve with local and national trends in addition to always looking ahead of the industry. It is a must to always provide the best service to my clients, their families and friends.

619.384.2248
Ryan@RyanYourRealtor.com

 

 

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