San Diego Housing Market Update-March 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! 

Negative housing headlines should be read with calm or skepticism, not alarm. National housing trends, like the steady Rise in home prices and decline in inventory, should certainly be observed with care, but tracking wider economic conditions is also necessary. Buyers want to get into the market, but unlike the rising-price sales environment of ten years ago, people are not diving headlong into risky mortgages or uncomfortable situations. This carefulness should be celebrated, not feared.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One year change in homes for sale

-4.7%

+6.0%

-18.3%

Closed Sales decreased 6.7 percent for Detached homes and 0.6 percent for attached homes. Pending Sales increased 3.1 percent for Detached homes and 9.9 percent for Attached homes. Inventory decreased 15.0 percent for detached homes and 25.8 percent for Attached homes.

The Median Sales Price was up 7.0 percent to $551,000 for Detached homes and 4.0 percent to $360,000 for Attached homes. Days on Market decreased 14.0 percent for Detached homes and 26.2 percent for Attached homes. Supply decreased 21.4 percent for Detached homes and 36.0 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 3.66% for a 30-year fixed loan (they were 3.84% 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.

CLICK TO ENLARGE

 

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

 

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