San Diego Real Estate Market Update – November 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 4,328 new listings in October 2018 represented a 15.8% percent increase over October 2017. Active listings increased 31.4% percent to 7,597 over the same period. Pending sales decreased, with the 2,660 pending listings in October 2018 indicating a 5.3% 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 2,536 homes were sold in San Diego County. This represents a 16.3% decrease over sales compared to the previous year.
Prices in the San Diego real estate market continued to climb during that year-long period. The median price of a single-family home in the San Diego area increased 6.3% between October 2017 and October 2018, to $645,000. The median price of an attached home (condo or townhome) in the San Diego area increased 4.5% during the same period, to $418,000.
Volume and market times
In total, $1,865M worth of homes were sold in October 2018. The dollar volume of detached home sales during the year decreased 6.0%, while the dollar volume of attached home sales decreased 13.2%. Homes that sold last month in San Diego spend an average of 33 days on the market. This represents a 10% increase from October of 2017.
What does this mean for the San Diego 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 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 November 5, 2018. All data from Sandicor, Inc.