(SanDiegoRealEstateBuzz) – Spring has officially sprung! As you enjoying the warming temperatures, you'll note that the real estate market has started to warm up just in time for summer sales season, too. Each year, the market tends to heat up in early summer, when kids go on school break and sellers get ready to make the move.
San Diego Real Estate Market Statistics, April 2018
Inventory: Homes for Sale in San Diego
In April, 2018, there were 4,933 homes for sale In San Diego. This represents a 9 percent increase from last month's inventory, which peaked at 4,457. Breaking these numbers down, there were 1,239 attached homes for sale last month as compared to 1,403 this month, an increase of 11 percent. As for detached homes, this month's inventory of 3,530 available homes represents an increase of almost 9 percent over last month's inventory of 3,218 homes.
In April of 2017, 4,502 San Diego homes were for sale, representing 8.7 percent more inventory than last year. While buyers still have choices, it's still a seller's market.
San Diego Homes Sold in March
In March, a total of 2,664 homes sold in San Diego, an increase of 19 percent over the previous month's total sales of 2,153 homes. March's total sales include 1,744 detached homes — almost 20 percent more than February's 1,399 detached homes sold — and 920 attached homes sold, or an 18 percent increase over the 754 attached homes sold in February.
One year ago, a total of 3,026 homes were sold in March. This stat represents a 13.5 percent decrease over the number of homes sold in March, 2018.
As for days spent on the market, homes are selling faster this month. Detached homes sold in 9 percent less time than last month, spending an average of 32 days on the market in February as compared to 29 days in March. Attached homes spent 29 days on the market in February and 24 days in March, a drop of almost 21 percent.
Homes are selling faster year-over-year, as well. In March 2017, detached homes took an average of 34 days to sell (15 percent longer), while attached homes took 26 days to sell (about 8 percent longer).
Home Prices in San Diego: Mixed Numbers
The median sales price of a detached home in San Diego increased by 4 percent from February to March, rising from $610,000 in February to $635,750 in March. As for attached homes, the median price decreased by just under 4 percent month-over-month, falling from $426,000 in February to $410,000 in March.
When we look back to median sales prices in March 2017, we see that detached homes came in at $575,000, or a difference of more than 10 percent. Attached homes had a median sales price of $390,000 one year ago, or a difference of 5 percent.
Interest Rates: Slight Fluctuations
Last month, interest rates clocked in at 4.34 percent, continuing a slow, steady rise we'd seen since January. This month, however, interest rates dropped slightly to 4.28 percent. Last April, the interest rate was 3.95 percent. While these numbers do support a gradual upward trend, home buyers still have plenty of opportunity to secure loans at a reasonable rate — but the time to act is now, to lock in lower rates before they climb further.
To summarize, home buyers should expect to pay a bit more for a home and should act soon to lock in lower interest rates. Home sellers should be able to list at a competitive price in what's still a seller's market.