San Diego Housing Market Update-February 2016 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 primary story, both nationally and in local submarkets, is a dwindling months’ supply of inventory. The cure, of course, is more inventory. But new construction has been lagging during this opportune moment, and sellers of existing homes are not yet hitting the market in droves. The heart of the selling season has yet to begin, so we’re still optimistically watching for an increase in activity in the coming months.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One year change in homes for sale

-8.7%

+5.9%

-18.8%

Closed Sales decreased 12.3 percent for Detached homes and 1.3 percent for Attached homes. Pending Sales increased 5.6 percent for Detached homes and 18.2 percent for Attached homes. Inventory decreased 16.2 percent for Detached homes and 25.1 percent for Attached homes. The Median Sales Price was up 7.1 percent to $530,000 for Detached homes and 5.8 percent to $354,450 for Attached homes. Days on Market decreased 13.7 percent for Detached homes and 31.4 percent for Attached homes. Supply decreased 21.4 percent for Detached homes and 33.3 percent for Attached homes.

According to Bankrate.com, interest rates have continued to stay under the 4% level, despite the Federal Reserve Bank finally raising rates .25%. They are currently at 3.84% for a 30-year fixed loan (they were 3.67% at this time last month). This is still 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 Statistics February 2016-page-0

CLICK FOR FULL SIZE IMAGE

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

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