San Diego Housing Market Update-August 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!

August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a
natural market cool down before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.

 
Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-8.0%

+9.4%

-26.4%

Closed Sales decreased 6.4 percent for Detached homes and 11.0 percent for Attached homes. Pending Sales increased 2.2 percent for Detached homes
but decreased 2.9 percent for Attached homes. Inventory decreased 27.9 percent for Detached homes and 22.1 percent for Attached homes.

The Median Sales Price was up 8.3 percent to $610,000 for Detached homes and 6.7 percent to $400,000 for Attached homes. Days on Market decreased 9.4 percent for Detached homes and 15.4 percent for Attached homes. Supply decreased 31.0 percent for Detached homes and 21.1 percent for Attached homes.

The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.

 

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.

August 2017 San Diego housing market stats and update

CLICK IMAGE TO ENLARGE

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 3.85% 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.

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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