Market Update | Prices Slip, Still Up Year-Over-Year

posted on September 13th, 2017 | filed under: Buying Strategies, Market Update, NoCo SD Market Conditions, Uncategorized

After reaching an all-time record high in July at $610,000, the median price for single-family, resale homes in San Diego County drifted downwards in August.

Nevertheless, the median price was up 9% year-over-year. That’s sixty-three months in a row the median price has been higher than the year before.

The median price for condominiums also slipped the past two months after reaching a new all-time high in June. And, as with single-family, homes, the median price was up 6.7% year-over-year, again, that’s sixty-three months it has been higher than the year before.

Home sales, meanwhile, were down 4.5% from last August. Year-to-date, home sales are off 4.3%. Condo sales were down 9.3% but are up 5.2% year-to-date.

Homes are selling quickly, taking only thirty-five days from coming onto the market to when they go under contract. The average since January 2001 is fifty-seven days. Condos are selling in twenty-five days, whereas the average is fifty-five days.

The sales price to listing price ratio continues to tease the 100% level: 98.5%. The ratio for condos is 99.1%.

Inventory continues to be abysmal. It is less than a quarter the average since 2001. As of the 5th of August, there were 3,831 homes for sale. We average 17,211!

This is reflected in our Days of Inventory statistic which is fifty-one. The average is one-hundred and forty-two.

If you would like to know what’s going on in your neighborhood, visit my on-line report and click on Recent Sales & Listings. That will tell you what is for sale, what has sold and what is pending in a radius around your home.


posted by Jeff DeChamplain

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Jeff DeChamplain