According to figures obtained for February 2015 through February 2016, the San Diego real estate market was a tight one with demand high and inventory low. This scenario, of course, results in a rise in prices for both detached and attached homes. It is expected that this trend will continue unabated for 2016 and beyond.
While nearly all data gathered showed increases during the summer months as people sought to purchase their new home and move while the kids were on summer break, it is during the preceding time frame -- starting in January 2015 -- that the inventory began to tumble and -- as of February 2016 -- has still not recovered.
Active listings rose in the spring of 2015 and peaked in August while sold listings stayed steady except during January 2015 and January 2016 when they experienced significant drops. Another statistic that showed nearly steady numbers was the number of days that a house remained on the market. While this number was highest in January and February 2015, on average, a home remained on the market for less than two months.
An interesting statistic lies in the median prices that homes fetched between January 2015 and January 2016. While detached homes naturally saw higher median prices -- in the neighborhood of $500,000 -- even attached homes -- with their median prices hovering around the $350,000 range -- saw little change in those prices in spite of other factors such as interest rates, average days on the market and active listings.
The takeaway from this information is this: median prices will tend to stay higher throughout 2016, but you will continue to face stiff competition from other buyers as well for highly-desirable homes and properties.
San Diego Real Estate Market Statistics for February 2016