San Diego Real Estate Market In March: More, higher, faster, shrinking?
Yes, more, higher, faster and shrinking are words that can be used to describe the San Diego Real estate market in March.
The Mortgage Minute is weekly informational series presented by Laura Borja, Your San Diego Home Loan Expert.
As a reminder, the information being shared with you today is taken from reports published by the San Diego Association of Realtors and you can find the report here: SDAR Stats
Closings – More
There were MORE closing of attached and detached properties in March compared to last month.
The percentages look pretty expensive but in reality they are following the seasonal trends. It will be interesting to see if we come close to the highs that were set in May of 2013 and June of 2015
Prefer video to reading? Then check this one out
Median Price- Higher
The median price of homes increased once again, though as you can see, the increases are smaller, no double digit increases as compared to last month or last year. But…. Condos and townhomes are at a peak with their median price of $390,500.
Percent of Original Price – Higher
Sellers of single family homes continued to gain ground as they are not getting 97.7% of the original listing price. Condos and townhomes remained the same compared to last month.
I do have to wonder though, are sellers getting closer to the original listing price because buyers are negotiating less or is it because homes are being listed are a more reasonable price so negotiations are less necessary? What do you think?
Days on Market – Faster
Faster is an understatement for the San Diego Real Estate Market in March. Look at these numbers!
If you want to get a home in this market, its obvious that being ready to move quickly is a must!!
So get yourself prepared before you start shopping – get preapproved, set your correct budget and be ready to submit an offer as soon as a home you like becomes available.
The inventory of homes available is still shrinking thought they are shrinking a bit slower. No big dip as we saw during the fourth quarter of 2016 and into January of this year.
OK, so what does this San Diego Real Estate Market info all mean to me?
It means that if you are a seller, listing your home now might not be a bad idea. Let me know if you would like a referral to a realtor in your area.
If you are a buyer, then you have to be committed and ready to move forward if you plan on being competitive is today’s real estate market.
Contact me for a FREE Consultation where I can let you know if you are ready to start shopping for a new home, or if you are not quite where you need to be, I can outline a game plan to get you ready.
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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