(SanDiegoRealEstateBuzz) – Could the real estate market in San Diego be cooling? Home buyers and sellers are watching and wondering what the area’s home sales trends will be, many anticipating another big month. In May home sales tend to begin to lessen after the larger sales trends of spring begin to taper off. The good news is that the market is still doing well and continues to offer both home buyer and seller opportunities.
Homes Under Contract and for Sale
In May, we begin to see a bit of cooling in the number of sales on the market. For example, the number of homes under contract rose over April. It also remains a bit lower than the same time in 2016. The number of pending homes for sale was about level with the previous month.
In May 4982 homes were listed for sale and on the market. This is up from 4502. The increase in inventory is helping to give home buyers what they need and want. Still, this is significantly lower than the same time in May of 2016. At that time, 5854 homes were on the market for sale. It was also the start of a peak that carried over through the summer months. Will this happen this year? Home sales typically can grow during the summer as people move while the kids aren’t in school, but inventory is likely to be lower than last year.
Home Sales in April
The San Diego real estate market saw 2974 homes sell during the month of April – the most recent information available for sales. That’s lower than the number of homes sold in March, which was 3130. It is also lower than the 3199 homes sold in April of 2016. That’s important because it helps to signal a bit of cooling in the market. Inventory remains flush with plenty of homes listed for sale here.
It took, on average 30 days to sell a detached single family home in April of 2017. That’s down from the 33 days last year and the 34 days it took in March. Selling faster means there are plenty of buyers in the market.
How About Home Sale Prices?
For the month of April, median home sale prices remained pretty competitive. In fact, they rose to $599,700 over $575,900 in March of 2017. For year-over-year comparison, the median home sales price in April of 2016 for a detached home was $567,000. That’s a significant increase in home sales in a given year.
Also notable is that interest rates remained highly competitive. In May, we are seeing interest rates around 3.93 percent. That’s slightly lower than in April when they were 3.95 percent. And, it is an increase from last May when interest rates stood at 3.6 percent.
Wrapping Up the San Diego Real Estate Market Trends
Real estate in San Diego continues to grow in terms of value. With higher inventory than previous months and steady sales, the market remains strong for buyers and sellers.
San Diego Real Estate Market Statistics for May 2017