San Diego Real Estate Market Update – October 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 4,224 new listings in September 2018 represented an 11.3% percent increase over September 2017. Active listings increased 26.3% percent to 7,640 over the same period. Pending sales decreased, with the 2,640 pending listings in September 2018 indicating an 8.4% percent decrease over September 2017. Closed sales also decreased over the same period. The San Diego Association of Realtors reports that in September of 2018, a total of 2,328 single homes were sold in San Diego County. This represents a 21.9% 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 6.6% between September 2018 and September 2017, to $650,000. The median price of an attached home (condo or townhome) in the San Diego area increased 6.8% during the same period, to $432,500. The dollar volume of detached home sales during the year decreased 14.4%, while the dollar volume of attached home sales decreased 14.7%
Volume and market times
In total, $1,713M worth of single-family homes were sold in September 2018. Homes that sold last month in San Diego spend an average of 30 days on the market. This represents a 7.1% increase from September of 2017.
What does this mean for the San Diego real estate market?
Some economy observers are pointing to 2018 as the end of several years of high buyer demand and sales excitement for the housing industry. Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates and a general trend toward home purchase delay could create an environment of declining sales. Tracking reputable news sources for housing market predictions makes good sense, as does observing trends based on meaningful statistics. By the numbers, we continue to see pockets of unprecedented price heights combined with low days on market, and an economic backdrop conducive to consistent demand.
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 October 5, 2018. All data from Sandicor, Inc.