It’s 3 down and 1 to go – a recap of the San Diego Real Estate 2017 YTD
With 3 quarters of the year now behind is (can you believe it?) now is a good time to look back at what the San Diego Real Estate Market has done so far.
The Mortgage Minute is weekly informational series presented by Laura Borja, Your San Diego Home Loan Expert.
The data used to compile the information below comes from reports published by the San Diego Association of Realtors. The reports can be found here: http://www.sdar.com/index.php/fast-stats
To get a copy of the September report: click this link OR text SDREPORT to 44222
We will start the recap with the indicator for overall activity.
Detached properties started the year slightly ahead of last but are now below the Sept 2016 numbers.
Attached properties also started the year with more units than Jan 2016 but just like with detached properties, the 2017 numbers are below last year’s.
Median Sales Prices
I don’t think it is a surprise that 2017 is a stronger year compared to last year
As you can see, both detached and attached properties are showing higher median prices this year. Notice that the current spread is larger for condos with the September median price being over 11% higher than last year
Percent of Original Listing Price
Sellers of single family homes started the year with the exact same percentage as Jan 2016 but picked up some ground as the year went along
Dates on Market
And how long did it take for those sellers to find buyers?
Detached properties started year the same as they did in 2016 but have reduced the days on market at a faster pace than last year
Both property types have reflected the drop in inventory which we all have heard about. The inventory this year, just like last year began to dip as we finished the 3rd quarter. Remember, this is part of the cycle trends that we talked about last month. Check out that video if you want more info on that.
I think that looking at those numbers along with the fact that interest rates do continue to rise makes it more obvious that now is the time to pull the trigger if you want to buy a home.
If you’re ready to move forward, reach out to me.
I can help you out with a pre-approval
I can connect you to a great realtor in your area.