As the weather cools, historical trends tell us to expect the San Diego real estate market to cool as well. Though sales and home prices did dip just a bit from September to October, downward movement was insignificant, leaving sales and prices strong overall. Interest rates rose slightly this month as well. Home buyers and sellers alike will find positives in last month's numbers. Let's take a closer look at the trends for the San Diego real estate market:
San Diego Real Estate Market Statistics for November 2017
As is typical for this time of year, the number of San Diego homes sold, for sale and under contract decreased from September to October. However, these drops were minimal, reflecting the market's overall strength. In September, 2,901 properties, both attached and detached, were sold. In October, the total properties sold dropped to 2,885, a decrease of just .5 percent. Breaking those numbers down, we see that detached home sales dropped more sharply than attached home sales, falling by just over 1 percent. Attached homes sales fell by just .2 percent, a negligible difference. Year-over-year, overall home sales decreased by 2.6%.
Average Days on the Market: A Slight Increase
In line with other market trends this month, the average number of days on the market remained steady. Overall, detached San Diego homes spent 33 days on the market in October, an increase of just two days, or about 6 percent, over the 31-day average we saw in September. As for attached homes, the average days spent on the market rose by 8 percent, from 25 to 27 days. In October 2016, detached homes were on the market for an average of 37 days, while attached homes spent an average of 32 days. Year-over-year, this translates into a 16 percent decrease for detached homes and a 15.5 percent decrease for attached homes.
The number of available properties in San Diego dropped from month to month. Overall, there were 5,166 San Diego homes for sale in October, a decrease of 2.7 percent over September's home inventory. For comparison, detached home inventory dropped by just less than 3 percent, from 3,878 available homes in September to 3,762 in October. Attached home inventory decreased from 1,431 to 1,404, a drop of almost 2 percent. Year-over-year, inventory of both attached and detached San Diego homes decreased by 15 percent.
San Diego Home Prices: Holding Steady
October brought some slight ups and downs in home prices, but continued to reflect a strong market. The average sales price of a detached home dropped by just under half a percent, from September's $779,291 to October's $775,640. The average price of an attached home increased by 1 percent over the same time period, rising from $475,985 in September to $480,990 in October.
Median sales prices also remained steady this month; the median price of detached homes remained at $610,000. As for attached homes, median sales prices dropped slightly from $409,000 to $407,000, a .5 percent decrease. For comparison, the October 2016 median sales price of a detached San Diego home was $580,000, representing a 5 percent increase year-over-year. As for attached homes, last year's median price in October was $385,000, a 5.7 percent difference.
Interest Rates: A Slight Change
Interest rates rose slightly this month, from 3.76 percent to 3.82 percent. We expect this upward trend to continue into the fall and winter. For comparison, October 2016 interest rates came in at 3.47 percent.
Overall, we didn't see any dramatic changes this month. The San Diego real estate market remains strong and stable, offering opportunity for buyers and sellers alike.