Your Market Update | Median Home Price Nearing Record High

posted on May 18th, 2017 | filed under: Uncategorized

The median price for single-family, re-sale homes in San Diego County approached the record high of $585,000 set in November 2005 in April. The median price is now only 3% from setting a new record.

The median price for condominiums set a new record high in March.

Home and condo sales were both lower in April compared to the year before.

Properties are being sold quickly. Average Days on Market, which calculates the time from when a property first goes on the market to when it enters escrow, effectively taking it off the market, was thirty-three days for homes compared to an average of fifty-seven days since January 2001.

Days of Inventory is just under two months at fifty-eight days. The average is one-hundred and forty-two. NUGGETS Below are links to some real estate articles we thought might be useful, or at least informative for you.

A BUYERS’ AND SELLERS’ GUIDE TO MULTIPLE OFFER NEGOTIATIONS: FROM THE NATIONAL ASSOCIATION OF REALTORS®

This white paper from the NAR’s includes tips for both buyers and sellers.

THE ADVANTAGES OF OWNING REAL ESTATE IN A SINGLE-MEMBER LLC: FROM MARKETWATCH Tax simplicity + liability protection

Single-member limited liability companies (SMLLCs) are limited liability companies (LLCs) with only one member (owner). As with a corporation, operating a business or investment activity as an LLC generally protects your personal assets from exposure to liabilities related to the activity — under applicable state law. However, SMLLCs offer some unique tax attributes that make them ideal real estate ownership vehicles. Here’s the story on their advantages.

3 MORTGAGE TRICKS EVERY HOMEOWNER SHOULD KNOW: FROM THE MOTLEY FOOL Saving money on your mortgage payments

  1. Accelerate your 30-year loan
  2. Pay every two weeks rather than monthly
  3. Refinance to a shorter term

APRIL SALES STATISTICS SINGLE-FAMILY HOMES

Year-Over-Year

Median home prices increased by 5.5% to $575,000 from $545,000.

The average home sales price rose by 8.3% to $752,524 from $695,016.

Home sales fell by 10% to 2,076 from 2,306.

Active listings fell 16.2% to 7,240 from 8,640.

Sales price vs. list price ratio rose by 0.3% to 98.7% from 98.4%.

The average days on market fell by 10.9% to 33 from 37.

Month-Over-Month

Median home prices improved by 2.9% to $575,000 from $559,000.

The average home sales price rose by 10.8% to $752,524 from $679,314.

Home sales up by 0.2% to 2,076 from 2,071.

Active listings increased 9.8% to 7,240 from 6,592.

Sales price vs. list price ratio increased by 0.1% to 98.7% from 98.6%.

The average days on market dropped by 12.9% to 33 from 37.

CONDOMINIUMS

Year-Over-Year

Median condo prices increased by 6.2% to $398,200 from $375,000.

The average condo sales price rose by 5.9% to $461,512 from $435,598.

Condo sales fell by 16.4% to 807 from 965.

Active listings fell 26.2% to 2,187 from 2,964.

Sales price vs. list price ratio rose by 0.7% to 99.4% from 98.7%.

The average days on market fell by 11% to 27 from 30.

Month-Over-Month

Median condo prices slipped by 0.9% to $398,200 from $402,000.

The average condo sales price fell by 2.3% to $461,512 from $472,150.

Condo sales down by 1% to 807 from 815.

Active listings increased 3.7% to 2,187 from 2,109.

Sales price vs. list price ratio increased by 0.3% to 99.4% from 99.1%.

The average days on market dropped by 1.9% to 27 from 27.

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

posted by Jeff DeChamplain

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Jeff DeChamplain