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December San Diego Real Estate Update 2016

MARKET BEHAVES AS PREDICTED AS WE ENTER THE FINAL MONTH OF 2016!!!

As we head into the final month to wrap up 2016, not mOct snapshotuch has changed since the year began:

Low interest rates and a small increase in prices month over month.

 

Market predictions have been spot on! The market has kept a comfortable growing pace thanks to continuing high job growth and low mortgage rates.

The one big drag on the market has been low inventory levels, unfortunately there is little to indicate that the low inventory situation will resolve anytime soon; some might say this is a good thing because it will keep us in this same pattern, however,

I think with more inventory, we could see prices flatten out and finally see a flat consistent market.

Here are some stats for what we saw last month: Pending Sales increased 9.6% for Detached homes and 8.0% for Attached homes. Inventory decreased 12.7% for Detached homes and 29.7% for Attached homes. The Median Sales Price was up 11.5% to $580,000 for Detached homes and 8.7% to $380,500 for Attached homes. Days on Market decreased 14.6% for Detached homes and 13.9%for Attached homes.

With all these positive stats, builder confidence is higher than it has been a long time, yet new development is low because of the cost to build in San Diego is so high. I believe in 2017 we will see a lot more new construction hit the market which will help us get to more sustainable inventory level. However we will have to wait and see what 2017 brings us! Stay tuned next month for our 2017 predictions.

BUYERS ADVICE

Continue to look through the Holidays! A lot of buyers step away from looking during this time of the year, however we some of our investor clients find the best deals right around now. Less people looking means less competition so stay active! Click Here

SELLERS ADVICE

We have stopped listing homes for the remainder of the year and will not list until Jan 10th, this is because we know how important the first 2 weeks on market are and we want to make sure we have the biggest audience possible. So, enjoy the Holidays and use the time off to take care of all those little repairs that need to be done, then come January you can have your property ready for market!

Want to know how much your home is worth? Click Here

 

  1. 3 beds, 3 baths
    Home size: 2,175 sq ft
    Lot size: 6,098 sqft
  2. 3 beds, 3 baths
    Home size: 1,686 sq ft
  3. 3 beds, 3 baths
    Home size: 1,686 sq ft
  4. 3 beds, 3 baths
    Home size: 1,368 sq ft
  5. 2 beds, 3 baths
    Home size: 1,108 sq ft
    Lot size: 1.31 ac
  6. 2 beds, 2 baths
    Home size: 1,477 sq ft
  7. 2 beds, 2 baths
    Home size: 997 sq ft

See all City of San Diego Real Estate.
(all data current as of 12/17/2017)

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

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