San Diego Housing Market Update-March 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!

We can comfortably consider the first quarter to have been a good start for
residential real estate in 2017. There was certainly plenty to worry over when
the year began. Aside from new national leadership in Washington, DC, and
the policy shifts that can occur during such transitions, there was also the
matter of continuous low housing supply, steadily rising mortgage rates and
ever-increasing home prices. Nevertheless, sales have held their own in year-
over-year comparisons and should improve during the busiest months of the
real estate sales cycle.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-2.7%

+8.1%

-30.0%

Closed Sales decreased 1.2 percent for Detached homes and 5.4 percent for Attached homes. Pending Sales increased 5.5 percent for Detached homes and 4.8 percent for Attached homes. Inventory decreased 28.7 percent for Detached homes and 33.4 percent for Attached homes. The Median Sales Price was up 5.0 percent to $575,030 for Detached homes and 8.5 percent to $390,500 for Attached homes. Days on Market decreased 13.5 percent for Detached homes and 16.7 percent for Attached homes. Supply decreased 32.0 percent for Detached homes and 33.3 percent for Attached homes.

The U.S. economy has improved for several quarters in a row, which has helped wage growth and retail consumption increase in year-over-year comparisons. Couple that with an unemployment rate that has been holding steady or dropping both nationally and in many localities, and consumer confidence is on the rise. As the economy improves, home sales tend to go up. It isn’t much more complex than that right now. Rising mortgage rates could slow growth eventually, but rate increases should be thought of as little more than a byproduct of a stronger economy and stronger demand.

 

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 4.11% 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 Update for March 2017 sales

CLICK TO ENLARGE

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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