April Market Update
Welcome to Spring! Of course, living in San Diego feels like Spring almost year round, but this is still a marker of another season and there is no place better to enjoy it than here in our beautiful city!
Now that the 1st quarter of 2018 has ended, here is a snapshot of the real estate market for you to consider. Even though inventory rose by about 7% from February to March, the available inventory is still relatively low. Another indicator of the market is days on market for sale properties. In February 2017 detached homes spent an average of 38 days on market. In February 2018 the days on market averaged 31 days or an 18% decrease. Attached homes in February 2017 spent 32 days on market versus 29 days in February 2018 or 10% decrease. Last, but not least, median sales prices are still on the rise! Detached median sales price of $610,499 in February 2018 were up 8% from February 2017. Attached homes median sale price of $426,000 represents an almost 10% increase year over year.
All in all, the news is good and our market is one of the strongest in the country. However, we are watching the rise in interest rates with caution and urging buyers to be proactive and get active. Sellers will also need to take heed of rates since it could decrease their pool of buyers. Also, as we head into Spring and get past tax season, inventory will rise and prices will be tempered by competition.
Please feel free to contact us for more information and details on this data. Our goal is to provide the most up to date and relevant information you need to make a decision to buy or sell.