San Diego Housing Market Update-July 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!

How long can the residential real estate market go on like this? We are about two years into a national trend of dropping housing supply and increasing median sales prices. There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete. Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-8.8%

+9.8%

-26.7%

Closed Sales decreased 9.7 percent for Detached homes and 7.2 percent for Attached homes. Pending Sales increased 7.2 percent for Detached homes and 3.9 percent for Attached homes. Inventory decreased 26.0 percent for Detached homes and 28.7 percent for Attached homes.

The Median Sales Price was up 10.7 percent to $620,000 for Detached homes and 6.7 percent to $405,000 for Attached homes. Days on Market decreased 15.6 percent for Detached homes and 8.3 percent for Attached homes. Supply decreased 30.0 percent for Detached homes and 30.0 percent for Attached homes.

Although the unemployment rate remains unchanged at its favorable national 4.4 percent rate, wage growth has not been rising at the steady clip that would be expected in an improving economy. Sales activity manages to keep churning along despite looming shortages in new construction. Lower price ranges are starting to feel the effects of the supply and demand gap, as first time buyers scramble to get offers in at an increasing pace.

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 statistics for July 2017

CLICK 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 3.98% for a 30-year fixed loan (they were at 4.12% 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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