San Diego Home Prices Are Increasing Fast
As April winds down, and we take a look at the real estate market trends for the month, it is evident that San Diego continues to rally more robustly than other areas of the state. Per capita income and jobs -- both markers that must be in place before housing numbers strengthen -- show sustained growth in the area. This, in turn, indicates a steady uptick in the market during the foreseeable future.
The active real estate listings for both attached and detached homes took a sharp jump upward between March and April with 5518 and 6213 properties listed respectively -- an increase of nearly 700. As might be expected, more detached homes (4513) were listed than those that are attached (1700). Nearly 2950 homes were sold in the San Diego area -- the highest figure of 2016. Of those homes sold, 1933 were detached and 1014 were attached.
Homes are spending less time on the market as well. In March, detached homes spent an average of 39 days on the market -- a figure that marks a six-month low. Attached homes stayed on the market for only 31 days. This is the shortest amount of time that an attached home has spent on the San Diego market in more than 18 months.
Median sale prices for both attached and detached homes continue to rise as well. Detached homes saw their prices rise from $529,000 to $550,000 while attached homes home prices rose from $353,000 to $365,000. In more good news for the San Diego real estate market, interest rates fell from 3.71 percent to 3.62 percent from March 2016 to April 2016.
San Diego Real Estate Market Statistics for April 2016