Central San Diego Housing Update-December 2013

With the year drawing to a close, the San Diego housing market finished with a slight “jolt.” We saw increases in both prices and sales compared to the month of November. However, homes are starting to sit on the market a bit longer, since the bidding wars from desperate home buyers has settled down. The skyrocketing home prices seen for over a year have finally stabilized a bit into a more “normal” pattern.

With this more “normal” pattern, interest rates have held pretty steady over the past few months. They have been hovering close to the 4.5% level for some time now. Inventory levels (the number of homes on the market “actively” for sale) is continuing to stay around the 6000 level for San Diego county. Finally, prices are starting to take on a more seasonal pattern, with much more modest changes than the previous year.

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 Median Sale Price Med Price/Square Ft. Ave Days on Market    
December 2013 194 $433K $340 25
November 2013 169 $407K $334 22
December 2012 229 $390K $303 30

How's the market 2There are currently 5700 active listings in San Diego county, down from 6500 last month. That number should rise in the coming months as the spring buying season approaches and more people put their homes up for sale.

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