San Diego Real Estate Market Statistics for December 2017
The holiday season is upon us! As we enter the final stretch of 2017, the San Diego real estate market remains strong, with slight changes that reflect historical annual trends. Though late fall and winter months generally herald a slow-down, home sales and prices remain relatively steady. In a change of trend from recent months, interest rates actually fell a bit in December, which is good news for sellers and buyers alike. Read on for an in-depth look into real estate market trends in San Diego for November, 2017.
Homes Sold in November
Historically, the San Diego real estate market slows during late fall and winter, and November, 2017 was no exception to this rule. In good news, though, the slow-down was minimal. Overall, 2,596 homes were sold in November as opposed to 2,885 in October, a 10 percent drop. In November 2016, 2,597 homes were sold, representing a decrease of less than 1 percent year-over-year. Breaking these numbers down, we see that sales of detached homes decreased by 5 percent from October to November, while attached home sales decreased by a more significant 11 percent month-to-month.
Inventory: Mixed Monthly Numbers
Overall, 4,496 homes are available for sale in December, a whopping 11% decrease drom the 5,050 homes available in November. When we examine detached vs. attached homes, we see that the number of detached homes on the market decreased by just under 10% percent month-to-month, from 3,600 in November to 3,245 in December. Attached homes also decreased by 13.7% over the same period, from 1,450 sales in November to 1,251 sales in December. Year-over-year, the overall home inventory dropped by 3.4 percent.
Average Days on the Market: Minimal Movement
Looking back to last year, in November 2016, detached homes spent an average of 37 days on the market, while attached homes spent 29 days for sale. A year later, those figures haven't moved much, with detached homes spending an average of 34 days on the market and attached homes spending 26 days for sale. These numbers moved even less from month to month, with detached homes spending 33 days on the market in October 2017, as compared to 26 days on the market for attached homes.
San Diego Home Prices: On the Rise
In good news for home sellers, home prices were on the rise from October to November. The median sales prices of a detached San Diego home was $625,000 in November, a 2.5 percent increase from October's median sales price of $610,000. In November 2016, median price for a detached home was $562,750, an 11 percent increase year-over year. As for attached homes, the median sales price remained the same from October to November 2017, holding steady at $407,000. In comparison, the median sales price of an attached home in November 2016 was $374,000, almost 9 percent less year-over-year.
Interest Rates: A Slight Drop
Interest rates dipped by the slightest margin from November to December 2017, moving from 4.10 percent to 4.09 percent. In contrast, interest rates in October 2016 came in at 3.85 percent.
November 2017 didn't bring any big surprises for home buyers and sellers. The market remains steady, offering opportunity for those wishing to sell or buy property in the San Diego area.