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Is this Price Climb Over Yet??

For the last two years, we have watched the steady climb of home prices happen across the nation. For us here in San Diego, we have actually been experiencing this rise for almost 7 years now… and shows no sign of slowing down! 

Just this summer, prices have already made a 6% average increase across the county…that happened in just 2 months?? So after 7 years, you can imagine how significant an impact this has been on some homes!

The climb is a direct result of the current market’s lack of inventory. We currently hold 26.7% less inventory today than we did a year ago. That means that active home sales today become hosts to lots of multiple offer situations, lots of appraisal issues and LOTS of happy sellers! 

But we have to wonder, when is this going to slow down??

My short answer is yes, maybe and no. Summer is coming to an end, and we can expect to see a slight decline in buyer activity during this time..however with this consistent inventory shortage plaguing our current housing market, we can’t be certain whether or not this brief lull in activity will have a leveling impact on the market.  What we need to have happen is for our inventory to increase up to a 3-month supply. This would allow for the market to finally regain balance and prices to level out to a more stable 3% rise per year. While the solution really is that simple in theory, the real world here continues to show no indication of this happening any time soon, therefore our prices will continue to climb with no signs of slowing down.

Here are some stats to back that up…

The Median Sales Price is up to 10.7% to $620,000 for Detached homes, and 6.7% to $405,000 for Attached homes. Closed Sales decreased to 8.6%, Pending Sales increased 5.55%, however the largest and most jarring market change is the decrease in inventory down 26.7% from last year – this caused the Days on Market time to decrease down to 12.6%.

All in all, these indicators point to a strong, healthy market that is not showing signs of slowing down any time soon.

 

  1. 3 beds, 2 baths
    Home size: 1,656 sq ft
  2. 2 beds, 2 baths
    Home size: 1,244 sq ft
    Lot size: 1.93 ac
  3. 3 beds, 2 baths
    Home size: 1,125 sq ft
  4. 4 beds, 3 baths
    Home size: 2,379 sq ft
    Lot size: 4,791 sqft
  5. 3 beds, 3 baths
    Home size: 1,636 sq ft
  6. 4 beds, 3 baths
    Home size: 1,795 sq ft
  7. 2 beds, 2 baths
    Home size: 982 sq ft
    Lot size: 26,136 sqft

See all City of San Diego Real Estate.
(all data current as of 10/19/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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