Central San Diego Housing Market Update-November 2013

With the holidays upon us, the housing market has cooled down. Homes are starting to sit on the market longer. The skyrocketing home prices seen for over a year, through the summer, are no more. While the number of homes sold is dropping, the average sale price of San Diego homes has stabilized.

There are a number of factors at work right now slowing the housing market down a bit. These include rising interest rates (from 3.5% earlier this year to a current rate of 4.43%), housing inventory levels catching up with demand, and prices simply peaking (they can only go so far before many potential buyers get priced out of the market). It’s also simply a slower time of year for real estate sales.

To get the latest figures, I ran an analysis of home figures from the MLS for the central San Diego region. This includes communities such as Mission Valley, Serra Mesa, University Heights, Normal Heights, Hillcrest, Mission Hills,  Bay Park, and Clairemont. The numbers include both condo/townhomes as well as single-family homes.

*Please note, I am now using MEDIAN figures instead of AVERAGE. I believe it will show a better representation of true housing trends.

 Housing Figures-Central San Diego

Date # of Sales Median Sale Price Med Price/Square Ft. Ave Days on Market    
November 2013 169 $407K $334 22
October 2013 212 $399K $344 17
November 2013 206 $372K $297 28

There are currently 6500 active listings in San Diego county, down from 6600 last month.

san diego housing market update

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