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January San Diego Real Estate Update 2017

What’s in store for the 2017 Real Estate Market???

First we need to look back at what happened in 2016. 2016’s story was a story of consistent growth. We saw month over month increase in prices for 11 out of 12 months, and nationwide we saw this trend for 10 out of 12 months. The year-over-year comparison shows that the number of homes for sale has been fewer in most communities throughout San Diego, and the average Days on Market has decreased over 18%.

What does this tell us about the upcoming 2017 year?

It tells us that we are going to see a strong, stable, and constantly growing market.

We will continue to see a trend of low inventory which in turn will continue to drive prices up. We will continue to see buyers enter the market due to high rental prices and still historically low interest rates. Also, we will continue to see consumer confidence in our market here in San Diego due to population and job growth, simply because San Diego is awesome!

To back all this up here are the stats: 
In December Sales increased 19.1% YoY, Inventory decreased 14.3% YoY, and the Median Sales Price was up 5.6% to $561,250 for Detached homes and 8.8 percent to $370,000 for Attached homes. This all shows us that we are heading into 2017 with a strong market behind us!

BUYERS ADVICE

We have extremely low inventory right now, but this is largely due to the lack of sellers willing to list their homes during the Holidays. We tend to see inventory pick up come late January early February. I am advising all my clients to get their ducks in row now (Or 5 months before they plan to buy) that way when inventory picks up they will be ready.

Start your search here

SELLERS ADVICE

As long as inventory stays low you will be in the driver’s seat. Think about it this way, if you need to rent the home back from the buyers, or make your sale contingent on you finding suitable housing, that is more likely to be acceptable now due to low inventory. That’s of course as long as your home is marketed properly, shows well, and is priced right!

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

 

  1. 4 beds, 2 full, 1 half baths
    Home size: 2,116 sq ft
    Lot size: 8,712 sqft
  2. 4 beds, 2 full, 1 half baths
    Home size: 1,868 sq ft
    Lot size: 6,534 sqft
  3. 5 beds, 3 full baths
    Home size: 2,349 sq ft
    Lot size: 10,889 sqft
  4. 3 beds, 2 full baths
    Home size: 1,783 sq ft
    Lot size: 5,227 sqft
  5. 6 beds, 4 full baths
    Home size: 2,026 sq ft
    Lot size: 7,405 sqft
  6. 4 beds, 2 full, 1 half baths
    Home size: 2,291 sq ft
    Lot size: 4,791 sqft
  7. 3 beds, 2 full, 1 half baths
    Home size: 1,802 sq ft
    Lot size: 3,999 sqft

See all City of San Diego Real Estate.
(all data current as of 4/25/2017)

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

 

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