Market Activity Snapshot
- – 20.3% – One-Year Change in Closed Sales
- + 13.9% – One-Year Change in Median Sales Price
- – 12.2% – One-Year Change in Homes for Sale
During this year’s spring refresh, seller activity is the first item on the watch list. Low inventory has been a national headline grabber, and many are eager to see if this is the year that brings a bevy of new properties to market for ready-to-buyers. Investor activity and cash purchases should be monitored, as well, along with any increases in new construction.
And although interest rates are up from their all-time lows, borrowing costs are still remarkably affordable. It’s cheaper to own than to rent in most of the country.
- + 31.7% – Price Range With Strongest Pending Sales: $1,000,001 to $1,250,000
- – 0.2% – Home Size With Strongest Pending Sales: 1,500 Sq Ft and Below
- + 3.3% – Property Type With Strongest Pending Sales: Condos – Townhomes
Market-wide numbers are well and good, but they don’t always tell the full story. Breaking down the data to show activity by price range, property type or construction status can often lead to more meaningful insights.
For the 12-month period spanning April 2013 through March 2014, Pending Sales in San Diego County were down 3.2 percent overall. The price range with the largest gain in sales was the $1,000,001 to $1,250,000 range, where they increased 31.7 percent. The overall Median Sales Price was up 18.2 percent to $410,000. The property type with the largest price gain was the Condos – Townhomes segment, where prices increased 25.0 percent to $300,000. The price range that tended to sell the quickest was the $500,001 to $750,000 range at 39 days; the price range that tended to sell the slowest was the $250,000 or less range at 77 days.
New Listings in San Diego increased 2.6 percent to 4,476. Market-wide, inventory levels were down 12.2 percent to 7,753 units. The property type that lost the least inventory was the Condos – Townhomes segment, where it decreased 11.9 percent. That amounts to 2.7 months supply for Single-Family Homes and 2.3 months supply for Condos – Townhomes.
Days on Market was down 16.7 percent to 50 days. Absorption rates improved as Months Supply of Inventory was down 10.7 percent to 2.5 months.
Consumers are in better shape for the current financial landscape, just in time for the primary home-buying season. Along with an uptick in consumer confidence, GDP growth was revised up to 2.6 percent by the Commerce Department. Consumer spending has risen and claims for unemployment benefits have decreased. Economic health fuels housing market growth. Employed, confident people with rising incomes tend to purchase real property.
Residential real estate activity in San Diego County, comprised of single family properties, townhomes and condominiums. Percent changes are calculated using rounded figures.
Source: San Diego Association of REALTORS® – All data from Sandicor, Inc.