(SanDiegoRealEstateBuzz) – Are you thinking about buying or selling in the San Diego real estate market right now? Many people are making their move now because there are so many opportunities present for both buyers and sellers. Here, you''ll be able to see the changes occurring in April of 2017. Market conditions are hot and that means a great deal of action.
April Homes for Sale
April tends to be a month when we see a pickup in the market for home listings as people ready for that early summer move. In April this year, we are seeing fewer homes listed than in April of 2016. However, sales are happening quickly and growing year-over-year. This indicates a more limited inventory of homes for sale and just as much demand in some areas.
In April of 2017, there are 4502 homes for sale. In April of 2016, the San Diego real estate market had a whopping 6213. That’s a significant contraction of inventory and it means this is very much a seller’s market.
March Home Sales
Another important real estate market indicator is the number of sales taking place. The most recent data from March indicates 3026 homes sold in the San Diego area in 2017. In March of 2016, 2947 homes were sold. Again, there's demand here. Still low interest rates and the threat that rates are on the rise is encouraging many to make their move. The economy is improving and overall consumer optimism is up, all factors driving sales in homes.
It's easy to see that demand by looking at the average days on market. In March of 2016, it took about 34 days to sell a home. In April of 2016, that number was 39 days. That five-day period is a significant shift.
How Much Are San Diego Homes Selling For?
Perhaps what many people want to know is about home prices. When we look at San Diego homes for sale and home prices related to them, we see increased value across the board. The median sale price for a home in San Diego in 2017 was $575,030. At the same time in March of 2016, the median sale price of a home stood at $550,000. That’s a pretty hefty hike.
This is due to the same determining factors mentioned before. Sellers can increase their home listing price. In some areas, we are even seeing competitive offers and multiple offers on properties.
A key driving force in the San Diego housing market right now is interest rates. The Fed’s announcement that it is raising rates means now is the time to act to ensure the lowest possible rate is achieved. In April of 2017, rates have risen to 3.95 percent up from 3.62% in April of 2016.
What does all of this mean to you? If you are a home buyer, expect to pay more for the home and in interest. As a seller, you can expect to list at a higher rate in this competitive market space.
San Diego Real Estate Market Statistics for April 2017