Poway Real Estate Market Update – November 2018
In the Poway real estate market, last month found an increase in median sales price, and a decrease in pending and closed sales for single-family homes, according to the latest information from the San Diego Association of Realtors.
New listings and closed sales
The 62 new single family home listings in October 2018 represented a 37.8% percent decrease over October 2017. Inventory of homes for sale increased 39.5% percent to 113 over the same period. Pending sales decreased, with the 40 pending listings in October 2018 indicating a 27.3% percent decrease over October 2017. Closed sales also decreased over the same period. The San Diego Association of Realtors reports that in October of 2018, a total of 40 single homes were sold in Poway. This represents a 4.8% decrease over sales compared to the previous year.
Prices in the Poway real estate market continued to climb during that year-long period. The median price of a single-family home in Poway increased 7.6% between October 2017 and October 2018, to $842,500.
Homes that sold last month in Poway spend an average of 36 days on the market. This represents a 24.1% increase from October of 2017. At this rate of sale, the current number of homes on the market represent 2.7 months worth of inventory, a 50% increase from October of 2017.
What does this mean for the Poway real estate market?
If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last months of the year. A trend of market balance is emerging as we approach the end of 2018. Prices are rising at a less rapid rate, as inventory and market times increase.
Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.
Eric and Deva Edelman of Century 21 Award provide expert real estate services to residential buyers and sellers in Poway and surrounding communities. Contact us today for more information on Poway real estate and how the changing market affects your real estate plans. For a free market analysis of your home, click here: http://edelmanhomes.myagent.site/home-value-report/
Current as of November 5, 2018. All data from Sandicor, Inc.