San Diego Housing Market Update-September 2017 Sales

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Written on October 7th, 2017 by Ryan Blanco

Below 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!

Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings. And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.

Activity Snapshot:

One-year change in closed sales	One-year change in median sales price	One-year change in homes for sale
-14.1%	+10.0%	-24.8%

Closed Sales decreased 12.7 percent for Detached homes and 16.8 percent for Attached homes. Pending Sales decreased 3.2 percent for Detached homes and 2.1 percent for Attached homes. Inventory decreased 27.0 percent for Detached homes and 18.1 percent for Attached homes. The Median Sales Price was up 8.0 percent to $610,250 for Detached homes and 11.9 percent to $414,000 for Attached homes. Days on Market decreased 14.3 percent for Detached homes and 17.2 percent for Attached homes. Supply decreased 25.9 percent for Detached homes and 11.8 percent for Attached homes. Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.

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.

August 2017 San Diego housing market stats and update

CLICK IMAGE 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 3.99% for a 30-year fixed loan (they were at 3.85% 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.

About 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.