San Diego Housing Market Update-November 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!

The story has remained consistent as concerns residential real estate. In year- over-year comparisons, the number of homes for sale has been fewer in most communities. Meanwhile, homes are selling in fewer days and for higher prices. This hasn’t always been the case, but it has occurred with enough regularity and for enough time to make it a trend for the entirety of 2016.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

17.9%

+5.9%

-18.2%

Closed Sales increased 19.1 percent for Detached homes and 15.7 percent for Attached homes. Pending Sales increased 10.2 percent for Detached homes but decreased 5.1 percent for Attached homes. Inventory decreased 14.3 percent for Detached homes and 28.4 percent for Attached homes.

The Median Sales Price was up 5.6 percent to $561,250 for Detached homes and 8.8 percent to $370,000 for Attached homes. Days on Market decreased 10.0 percent for Detached homes and 26.3 percent for Attached homes. Supply decreased 12.0 percent for Detached homes and 31.6 percent for Attached homes.

Financial markets were volatile in the days surrounding the presidential election, but they self-corrected and reached new heights soon after. Longterm indicators of what it will be like to have a real estate developer for a president remain fuzzy, but the outcome is not likely to be dull. Prior to the election, trend shift was hard to come by, and unemployment rates have not budged since August 2015. Post-election, mortgage rates are up and so are opinions that a trend shift is likely in the near future.

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. Thanks in part to “Brexit,” rates have declined further. They are currently at 3.97% for a 30-year fixed loan (they were 3.95% 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 November 2016 sales

CLICK TO ENLARGE

 

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

 

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