San Diego Housing Market Update-May 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! 

We are in the thick of an exciting period of home buying and selling, often with quick multiple offers that are near, at or even above asking price, depending on the factors of the home and submarket in question. It was widely predicted that we would see healthy sales activity during the second quarter of 2016 after a mildly sluggish first quarter, and the market has not disappointed.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One year change in homes for sale

-1.7%

+7.6%

-19.7%

Closed Sales decreased 2.8 percent for Detached homes but increased 0.4 percent for Attached homes. Pending Sales increased 12.7 percent for Detached homes and 12.3 percent for Attached homes. Inventory decreased 14.5 percent for Detached homes and 31.8 percent for Attached homes.

The Median Sales Price was up 8.6 percent to $570,000 for Detached homes and 9.2 percent to $380,000 for Attached homes. Days on Market decreased 20.5 percent for Detached homes and 12.1 percent for Attached homes. Supply decreased 17.2 percent for Detached homes and 38.5 percent for Attached homes.

Although inventory is still being stretched thin in many areas, low mortgage rates coupled with higher wages have built a relatively sturdy housing marketplace. How long that can continue without fresh supply remains an important question, but conditions are seemingly good enough for serious buyers. With the current slow state of new construction for non-rental households, the road ahead could be tricky if demand remains high.

According to Bankrate.com, interest rates have continued to stay under the 4% level, despite the Federal Reserve Bank finally raising rates .25% late last year. They are currently at 3.61% for a 30-year fixed loan (they were 3.63% 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 market update for May 2016 sales

CLICK TO ENLARGE

For more information on this topic:

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Ryan@RyanYourRealtor.com
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