Market Update | Still a Sellers’ Market

posted on June 23rd, 2016 | filed under: Buying Strategies, Market Update, NoCo SD Market Conditions, Uncategorized

Trends At A Glance - June 2016Still a Sellers’ Market

The median price for single-family, re-sale homes in San Diego County continued rising in May. It has been higher than the year before for the past forty-eight months in a row.

After nineteen months of double-digit gains from mid-2012 to the first quarter of 2014, the gains have “only” been by single-digits.

The rise in prices is due to strong demand and weak supply. Inventory has been lower than the year before every month since August 2014.

Although, after two years of declining home sales, they are up 0.8% year-to-date.

MAY SALES STATISTICS

SINGLE-FAMILY HOMES

Year-Over-Year

  • Median home prices increased by 6.8% year-over-year to $550,000 from $515,000.
  • The average home sales price rose by 5.1% year-over-year to $707,942 from $673,679.
  • Home sales rose by 6.1% year-over-year to 2,418 from 2,279.
  • Total inventory* fell 4.2% year-over-year to 8,839 from 9,228.
  • Sales price vs. list price ratio rose by 0.3% year-over-year to 98.4% from 98.1%.
  • The average days on market fell by 14.2% year-over-year to 36 from 42.

Month-Over-Month

  • Median home prices improved by 0.9% to $550,000 from $545,000.
  • The average home sales price rose by 1.9% to $707,942 from $695,016.
  • Home sales up by 4.9% to 2,418 from 2,306.
  • Total inventory* increased 2.3% to 8,839 from 8,640.
  • Sales price vs. list price ratio dropped by 0.0% to 98.4% from 98.4%.
  • The average days on market dropped by 2% to 36 from 37.

CONDOMINIUMS

Year-Over-Year

  • Median condo prices increased by 5.0% year-over-year to $380,000 from $362,000.
  • The average condo sales price rose by 7.2% year-over-year to $455,142 from $424,618.
  • Condo sales rose by 1.6% year-over-year to 951 from 936.
  • Total inventory* fell 11.4% year-over-year to 2,980 from 3,365.
  • Sales price vs. list price ratio rose by 0.2% year-over-year to 98.6% from 98.3%.
  • The average days on market fell by 11% year-over-year to 33 from 37.

Month-Over-Month

  • Median condo prices improved by 1.3% to $380,000 from $375,000.
  • The average condo sales price rose by 4.5% to $455,142 from $435,598.
  • Condo sales down by 1.5% to 951 from 965.
  • Total inventory* increased 0.5% to 2,980 from 2,964.
  • Sales price vs. list price ratio dropped by 0.1% to

98.6% from 98.7%.

  • The average days on market increased by 10.2% to 33 from 30.

* Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.

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posted by Jeff DeChamplain

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Jeff DeChamplain