San Diego Market Update!

San Diego Market Update!

The median list price for detached homes in San Diego this week is $350,000. There have been 2902 properties on the market for an average of 140 days. Days-on-market for inventory is increasing. As far as supply and demand goes the market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Despite recently falling prices, the price per square foot has stayed reasonably flat. This implies that there’s a portion of the market being priced at a premium. Half of the listings have come newly on the market in the past 92 or so days. It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.
The San Diego market is currently quite strongly in the Buyer’s Advantage zone. With several months of inventory available at the current sales rate and demand for homes, buyers should find ample choice. Often one end of the market ( the low end) will improve and signal a strengthening market before the whole group changes.

The median list price for condos an town homes this week is $275,000. 730 properties have been on the market for an average of 137 days. Inventory has been shrinking lately. Though days-on-market is increasing, these are mildly positive indications for the market. Supply and Demand for the condos and town homes in the last few weeks has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone. If the market heats up, prices are likely to resume an upward climb. Despite this week’s down tic, the market seems to have paused around this plateau. The price per square foot and median list price have both been reasonably stagnant. Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. With rates still being low it is a good time to take the opportunity to buy a home either for a first time home buyer or a move up buyer.