San Diego Real Estate Market Update – December 2018
In the San Diego real estate market, last month found an increase in the number of new listings, and a decrease in pending and closed sales for single-family homes, according to information from the San Diego Association of Realtors.
New listings and closed sales
The 3,374 new listings in November 2018 represented an 8.9% percent increase over November 2017. Active listings increased 36.5% percent to 7,234 over the same period. Pending sales decreased, with the 2,199 pending listings in November 2018 indicating a 12.8% percent decrease over November 2017. Closed sales also decreased over the same period. The San Diego Association of Realtors reports that in November of 2018, a total of 2,179 homes were sold in San Diego County. This represents a 19.7% decrease over sales compared to the previous year.
The median price of a single-family home in the San Diego area increased 1.6% between November 2017 and November 2018, to $635,000. The median price of an attached home (condo or townhome) in the San Diego area decreased 2.0% during the same period, to $397,000.
Volume and market times
In total, $1,566M worth of homes were sold in November 2018. The dollar volume of home sales between November 2017 and November 2018 decreased 13.9%. Homes that sold last month in San Diego spend an average of 34 days on the market. This represents a 13.3% increase from November of 2017.
What does this mean for the San Diego real estate market?
The booming U.S. economy continues to prop up home sales and new listings in much of the nation, although housing affordability remains a concern. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown in home price growth in some markets, while price reductions are becoming more common.
The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent. Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single family home construction projects in the face of rising mortgage rates and fewer showings.
Eric and Deva Edelman of Century 21 Award provide expert real estate services to residential buyers and sellers in San Diego and surrounding communities. Contact us today for more information on San Diego 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 December 5, 2018. All data from Sandicor, Inc.