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What did February bring to the San Diego Real Estate Market?

San Diego Real Home Prices

What did February bring to the San Diego Real Estate Market?San Diego Real Home Prices

Did San Diego Real estate do better in February than January?
How about compared to last year?
Let’s find out in this San Diego Real Estate Market Update Special Edition of The Mortgage Minute

The Mortgage Minute is a weekly series presented by Laura Borja, Your San Diego Home Loan Expert

February was a stronger month than January for San Diego Real Estate in almost every category.

And to remind you, all the stats we are going to go over are from reports published by the San Diego Association of Realtors

CLOSED SALESSan Diego Real Estate Closings Feb 2017

As expected, the number of closings increased in February as compared to January. This was expected since as I mentioned last month, January is historically the low point for properties sold.

MEDIAN PRICE

San Diego Median Price Feb 2017Median prices for both types of properties saw a small increase in February. Single family homes are inching closer to the 2016 highs while condos and townhomes have surpassed the Oct 2016 figures.

PERCENT OF ORIGINAL PRICESan Diego Percent of original price Feb 2017

When it comes to percent of original listing price received by sellers, condos continue to outperform single family homes. Condos sold in February received on average 98.5% of the original listing price.

 

DAYS ON MARKET

San Diego Days on Market Feb 2017Properties sold a little quicker in February than in January. 5 days faster for detached properties and 3 days quicker for condos who are now under the 30 day mark.

 

 

INVENTORYSan Diego Real Estate Inventory Feb 2017

The number of single family homes for sale in February shrunk once again dipping below the 3500 mark. We saw a few more condos on the market however.
Overall there were about 4638 properties for sale in February. This number is an all time based on the reports SDAR offers which go as far back as March 2012.

So what is buyer to do when the inventory is this low?

Get yourself the right team and make your move now.
Work with a Realtor that is going to make sure that you get notified of new listings as soon as they hit the market. Setting up your own alerts online on the popular real estate sites is not enough. Make sure that your realtor is proactive and aggressive in presenting your offers while staying within the budget that you and your lender have set up.
Which brings me to the second part of what makes up the right team.
Get yourself preapproved upfront. Not just prequalified, but preapproved. Keep your lender up to date on any changes you make to your employment or assets and check with her before making any purchases. Your preapproval should be kept current so that you can offer a quick closing as part of your offer.

And that is a wrap for a look at the San Diego Real Estate Market in February.
Please be sure to hit the like button and share this article  with your friends.

If you have any questions on this or any other Real Estate or mortgage related topic, please reach out to me.
You can reach me via email
phone or text. 619-992-4061
And of course, on social media.


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