(SanDiegoRealEstateBuzz) – Fall is almost in the air! As the dog days of summer wind down and thoughts turn to back to school and cooler temperatures, get the most out of the last bit of summer. This is also an ideal time to take a look at last month's San Diego real estate market trends, including San Diego homes for sale, prices and values. In good news for both those looking to buy San Diego homes for sale and those who want to sell their San Diego home, the market remains strong, providing opportunities for both sellers and buyers alike.
August also marks the traditional end of the strong spring and summer selling season. However, all signs indicate that we're on board to experience a stronger fall season, as well! Read on to take a deeper dive into the San Diego real estate market conditions and trends for August, 2017.
San Diego Real Estate Market Statistics for September 2017
In August 2017, the number of properties sold overall increased, rising from 3,070 in July to 3,257 in August. This represents an increase of 6.9 percent month over month. If we dive a bit deeper into these numbers, we see that the number of detached properties sold increased by 5 percent, from 2,066 sold in July to 2,172 detached homes sold in August. As for attached homes, the number sold in August decreased slightly, from 1,096 properties sold in July to 1,085 properties sold in August, a difference of just 1 percent.
As for year over year differences, in August 2016, 3,379 homes were sold, a slightly higher number than 2017.
Now let's take a look at homes for sale. At the end of August, 2017, there were 5,430 homes for sale in San Diego, a negligible decrease from 5,433 homes at the end of July. Detached homes for sale decreased by just .3 percent, from 4,040 in July to 4,026 in August. In contrast, the number of attached homes for sale in San Diego saw an increase month over month, rising from 1,393 in July to 1,404 in August, or an increase of almost .8 percent. These numbers underscore the market's stability over the last month, providing plenty of opportunity for those seeking to buy a home for sale in San Diego.
Average Days on the Market: Holding Steady
In a continuation of the flat trend we've seen since April 2017, average days spent on the San Diego real estate market barely moved from month to month. In August, detached homes spent an average of 30 days on the market. In July, detached homes spent an average of 28 days, or a difference of just 7 percent. During the same time period, attached homes spent 4 percent less time on the market, dropping from an average of 23 days in July to 22 days in August. Looking at year over year numbers, we see that not much has changed since 2016, when detached homes spent an average of 33 days on the market as compared to 28 days on the market for attached homes.
San Diego Home Prices: On the Rise
In August 2017, the average sale price for detached San Diego homes came in at $778,464, which represents a slight increase over July's average sale price of $772,605, or a difference of .75 percent. The average sale price of a detached San Diego home in August was $473,335, a 6 percent drop over July's average detached home sale price of $503,116.
Median sale prices of San Diego homes in August 2017 also remained relatively stable. Detached homes had a median sales price of $614,810 in August, reflecting a slight .5 percent drop from July's median sales price of $$617,750. Attached homes had a similar price differential; in August, the median sales price was $400,000, a slight decrease from July, when the median sales price clocked in at $405,000, or a 1.25% difference.
In contrast, in August 2016, the median sale price of a detached home was $565,000 (8.8 percent less than 2017) and the median sale price of an attached home was $377,000, 6 percent less than 2017.
Interest Rates: Good News
In good news for home buyers, interest rates dropped from July to August 2017, from 3.8 percent to 3.76 percent. Year by year, interest rates are slightly higher; in August 2016, the interest rate was 3.56 percent. While the difference isn't significant, it does illustrate how low rates continue to offer opportunity for both buyers and sellers.
To summarize, August 2017 didn't deviate from the trends we've seen over the spring and summer, namely rising home prices and low interest rates. These market conditions continue to be good news for sellers and buyers in San Diego.