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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. 2 beds, 3 baths
    Home size: 1,116 sq ft
    Lot size: 2.00 ac
  2. 4 beds, 2 baths
    Home size: 1,683 sq ft
    Lot size: 8,399 sqft
  3. 4 beds, 2 baths
    Home size: 1,418 sq ft
    Lot size: 5,700 sqft
  4. 6 beds, 3 baths
    Lot size: 7,405 sqft
  5. 3 beds, 2 baths
    Home size: 1,077 sq ft
    Lot size: 9,583 sqft
  6. 4 beds, 3 baths
    Home size: 2,294 sq ft
    Lot size: 16,552 sqft
  7. 2 beds, 2 baths
    Home size: 1,138 sq ft

See all City of San Diego Real Estate.
(all data current as of 5/26/2018)

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

 

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