San Diego Housing Market Update-January 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!

January brings out a rejuvenated crop of buyers with a renewed enthusiasm in a new calendar year. Sales totals may still inevitably start slow in the first half of the year due to ongoing inventory concerns. Continued declines in the number of homes available for sale may push out potential buyers who simply cannot compete for homes selling at higher price points in a low number of days, especially if mortgage rates continue to increase.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-1.8%

+7.4%

-26.8%

Closed Sales decreased 0.7 percent for Detached homes and 3.7 percent for Attached homes. Pending Sales increased 14.2 percent for Detached homes and 3.6 percent for Attached homes. Inventory decreased 24.3 percent for Detached homes and 33.2 percent for Attached homes.

The Median Sales Price was up 5.6 percent to $559,500 for Detached homes and 7.8 percent to $378,750 for Attached homes. Days on Market decreased 2.3 percent for Detached homes and 22.0 percent for Attached homes. Supply decreased 26.1 percent for Detached homes and 35.3 percent for Attached homes.

In case you missed it, we have a new U.S. president. In his first hour in office, the .25 percentage point rate cut for loans backed by the Federal Housing Administration (FHA) was removed, setting the table for what should be an interesting presidential term for real estate policy. FHA loans tend to be a favorable option for those with limited financial resources. On a brighter note, wages are on the uptick for many Americans, while unemployment rates have remained stable and relatively unchanged for several months. The system is ripe for more home purchasing if there are more homes available to sell.

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 4.02% for a 30-year fixed loan (they were also 4.02% 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 figures for January 2017

CLICK IMAGE TO ENLARGE

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

 

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