Anything new in the San Diego Real Estate Market for May 2017? Or was it like the weather in San Diego? Always pretty much the same.
Nevertheless, I welcome you to this month’s edition of the San Diego real estate market update, a special edition of the Mortgage Minute.
The Mortgage Minute is weekly informational series presented by Laura Borja, Your San Diego Home Loan Expert.
Let’s get right to it just go through the standard categories very quickly then we’ll look at something a little bit different to keep this a little more interesting.
Remember that all of the information are from the reports that the San Diego Association of Realtors publishes. The Reports can be found here: http://www.sdar.com/index.php/fast-stats
We had an increase in the number of closed sales for both single family homes as well as condos. The numbers are still a little bit lower than they were last year but we are not as far off as we were earlier in 2017.
I’m sure it’s no surprise that the median price continues to climb up with single family homes breaking the $600,000 mark for the first time since August 2007. Condos had a modest bump up to $394,000
Sellers continued to do pretty well in the San Diego Real Estate Market for May 2017. The percent of the original listing price that they are getting keeps going up. Condos had a tiny bit of a dip but not much to speak of.
We continue to lose, or gain, days on market depending on which side of the transaction you are on. Notice that condos are now selling in less than 19 days. Don’t blink or you might miss it!
Lasting where you get inventory of homes for sale. We did lose some inventory compared to last month but the losses were small. Compared to last year, the inventory continues to be up about 25% lower.
What’s going to be the new and fun thing we’re going to look at this month?
We’re going to dive in a little bit deeper into the San Diego Real Estate Market for May 2017 and look at the type of properties that are for sale based on the inventory numbers that are being reported.
Single-family homes by price point
As I’m sure we all expected, the segment with the least inventory was homes priced under $250,000. There were only 54 of them available for sale this May. The segment with the most inventory was homes over $1.25 Million with over 1300 properties available.
When we compare the numbers to last year, homes priced between $250 and $500K took the biggest hit at 41% less inventory than a year ago. Detached properties priced between $1M and 1.25 Million had the smallest drop with just 27 less properties.
Condos by price point
The bulk of the inventory was prices between $250K and $500K with almost 600 properties available. Believe it or not, yes we did have Condos for sale at over $1.25 million. 174 of them in May 2017 to be exact
Comparing numbers to last year, Condos priced below $250,000 saw the biggest decrease, 58%, followed by almost 30% drop for properties between $250K and $500K
Now let’s check out what inventory looks like based on square footage.
Properties under 1500 sq. ft. have the most the inventory at just over 1700 properties. That is also the segment that has the most condos available. If you are looking for a single-family home, then you will find more of them in the over 3000 Sq. ft. segment.
The figures for 2016 pretty much mirror those of 2017 except with much more inventory.
What do you think?
Pretty exciting way to look at the San Diego Real Estate Market for May 2017, right? OK, well maybe not but at least not boring, right?
As I remind you every single month if you want to be a competitive buyer in today’s real estate market you need to make sure that you’re prepared.
That means being pre-approved before you go out shopping for a home. Ready to take care of that? Click Get Started TODAY- ->> to get started.
It also means having the right Realtor by your side. You need someone who really knows the area that you are shopping in and who is going to hustle as they’re putting in all those offers on your behalf.
Let me know if you’d like a referral to a great realtor in your area. You can just text NEEDAGENT to 44222
If you have any questions on this topic or any other mortgage-related topic, by all means reach out to me.
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I’ll see you next week.