How did San Diego Home Prices do in January?
Did San Diego Home prices go up or down in January 2017? Did we have more or less sales?
We’re going to check out the numbers in this San Diego Real Estate Market Update Special.
The Mortgage Minute is weekly informational series presented by Laura Borja, Your San Diego home loan expert.
All of the figures in this blog are from the reports published by the San Diego Association of Realtors.
We are going to be go over what I consider to be top 5 categories of the data published by SDAR.
Prefer video to reading? Then check out this video on the San Diego Real Estate Market
The number of homes sold in San Diego in January 2017 is a also a bit lower compared to last year.
The drop looks a little scary compared to last month, but don’t worry, this is a seasonal adjustment.
January tends to be the low point on closings and that is because typically December is the low point for new listings.
MEDIAN SALES PRICE
There was a bit of a dip in the median price of single family homes in January as compared to December but overall San Diego Home Prices continue to trend upwards with detached properties at median price of $559,500 and attached properties at $378,750.
The next three categories are going to give us an indication of whether we are in a seller’s market or a buyer’s market.
Sellers saw a small increase in the percent of the original listing price that they received for properties sold in Jan. The increase is not huge but it is trending back towards where we were mid year in 2016.
DAYS ON MARKET
Days on market is how many days the home was listed before a contract was accepted.
This category is one where red is good, it means that it is taking less days to sell a home. Condos continue to sell quicker than single family homes with a huge drop compared to this time last year.
In January, the number of homes listed for sale and available for you to purchase continued to decrease.
The biggest drop comes with we compare the inventory to a year ago. There were almost a quarter less detached properties and a third less attached properties available for sale compared to January of 2016.
The San Diego Real Estate Market is definitely still a seller’s market. San Diego Home Prices continue to increase, though at a slower pace. Homes are selling much quicker and the inventory continues to decrease.
It’s a great time if you are a seller!
If you are a buyer however, don’t get discouraged. The inventory is declining however there are still a ton of homes available out there. In January there were more than 4700 properties listed for sale and more than 3600 of those were brand new listings.
The key is to have the Right Team.
You need a Realtor who is going to be proactive and aggressive in presenting your offer. Let me know if you need a referral to one.
And you need a lender who is going to properly prepare you for the loan approval process so that you are ready to go whenever the perfect property comes your way. And of course, I am nominating myself for that job.
There you have it! A look at the San Diego Real Estate Market in January.
If you have any questions about real estate, mortgage, if you are ready to get yourself ready to become a homeowner, if you need a referral to a Realtor, please reach out to me.
You can send me an email, give me a call, shoot me a text, connect with me on social media.
Thanks so much for checking out this week’s The Mortgage Minute with special Real Estate Market Update report.
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I’ll see you next week.