San Diego Real Estate Market Is Red Hot
As we start the month of May and we take a look at the real estate market trends for the month, it remains evident that San Diego continues to rally more robustly than other areas of the state. Per capita income and jobs -- both markers that must be in place before housing numbers strengthen -- still show sustained growth in the area. This, in turn, indicates a steady uptick in the market during the foreseeable future.
We saw a dip in the number of active listings from April to May for both detached and attached homes, with 4283 and 1571 properties listed respectively - a decrease of nearly 360, but the numbers hold stronger than in March (about 330 more) indicating steady increase of about 345 homes month over month for past two months. April 2016 closed with 3,199 homes sales in San Diego, just 27 less than last year at this time. Of those homes sold, 2116 were detached and 1083 were attached.
Homes seem to be "flying off the shelf". In April, we saw detached homes spend an average of 33 days on the market, we haven't seen that short of days on market since way before 2012! Attached homes were at a measly 27 days on the market, again we haven't seen that since well before 2012. One year ago in April, average days on market was 42 for detached and 40 for attached.
Median sales prices for both attached and detached homes are still on the rise: Detached median prices rose from $550,000 in March to $567,000 in April, and attached median home prices stayed constant at $365,000. Fun fact: Median homes prices about four years ago was $392,500, which should make you homeowners smile because your equity has been on the rise.
In more good news for the San Diego real estate market, interest rates fell from 3.62 percent to 3.60 percent from April 2016 to May 2016.
San Diego Real Estate Market Statistics for May 2016