March 2016 San Diego Real Estate Market Trends
March 2016 trends in San Diego real estate indicate that the area will continue to see a steady increase in property listings. With total listings projected to top out at over 5,500 -- with nearly 4,500 of those in a pending status by month's end -- it appears that San Diego is bouncing back from the slump seen at the beginning of the year. When compared to statistics released for February, March projections show growth in every aspect of the real estate market, including active listings for attached and detached homes.
Since February of 2015, the median home price for San Diego has remained fairly stable, though it shows signs of increasing as the year unfolds. That being noted, even though February interest rates dropped to their lowest point in at least a year, they are expected to rise to an average of 3.71 percent for March. While still low, this rise parallels with expectations within the industry that the era of rock-bottom mortgage interest rates is at its end.
Looking at figures from February 2015, there has been a noticeable decrease in the number of days that a property has stayed on the market. In February 2015, both attached and detached properties averaged 52 days on the market. Fast forward to February 2016, and that figure drops to 36 days for attached properties and 45 for detached ones. These figures also mirror a trend that has generally been falling.
The above statistics below that the San Diego real estate market will continue to see an increase in demand, even as interest rates and home prices continue to creep slowly upward.
San Diego Real Estate Market Statistics for March 2016