Central San Diego Housing Market Update-October 2013

With fall setting in  and the air getting cooler, the housing market prices have also cooled down. The skyrocketing home prices seen for over a year, through the summer, are no more. While the number of homes sold is staying stable, the average sale price of San Diego homes is dropping month-over-month.

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 4.25%), 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).

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.


Housing Figures-Central San Diego

Date # of Sales Ave Sale Price Ave Price/Square Ft. Ave Days on Market    
October 2013 212 $426K $352 33
September 2013 208 $480K $356 30
October 2012 231 $399K $308 48

san diego housing market updateThere are currently 6600 active listings in San Diego county, down from 7100 last month. Properties newly for sale also continued to sell very rapidly, with a mere 33 days on market.

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