• California's Boutique Real Estate Company

San Diego Real Estate Market Report for Feb 2018

San Diego Real Estate Market Report for Feb 2018

Download the San Diego Market Report for February, 2018

The three most prominent national market trends for residential real estate are the ongoing lack of abundant inventory, the steadily upward movement of home prices and year-over-year declines in home sales. Sales declines are a natural result of there being fewer homes for sale, but higher prices often indicate higher demand leading to competitive bidding. Markets are poised for increased supply, so there is hope that more sellers will take advantage of what appears to be a ready and willing buyer base.

Closed Sales decreased 12.0 percent for Detached homes and 4.7 percent for Attached homes. Pending Sales decreased 7.0 percent for Detached homes but increased 2.7 percent for Attached homes. Inventory decreased 12.5 percent for Detached homes and 4.8 percent for Attached homes.

The Median Sales Price was up 9.6 percent to $614,000 for Detached homes and 11.7 percent to $426,000 for Attached homes. Days on Market decreased 21.1 percent for Detached homes and 3.4 percent for Attached homes. Supply decreased 10.5 percent for Detached homes but remained flat for Attached homes.

In February, prevailing mortgage rates continued to rise. This has a notable impact on housing affordability and can leave consumers choosing between higher payments or lower-priced homes. According to the Mortgage Bankers Association, the average rate for 30-year fixed-rate mortgages with a 20 percent down payment that qualify for backing by Fannie Mae and Freddie Mac rose to its highest level since January 2014. A 4.5 or 4.6 percent rate might not seem high to those with extensive real estate experience, but it is newly high for many potential first-time home buyers. Upward rate pressure is likely to continue as long as the economy fares well.

img

The Local Realty

The Local Realty is the leading International Lifestyle Real Estate Brokerage specializing in Local Real Estate Services. All of our Real Estate Associates specialize in a specific Community or Property type in order to provide the highest level of service and Local Real Estate Market expertise to our clientele.

Related posts

California’s Latest Market Trends

As seen below California’s median house price for 2015 is projected at $471,000. Sales are up...

Continue reading
by Faisal

April 2014 San Diego Real Estate Market Recap

The San Diego Real Estate Market In April 2014 Active listings were down and median list price is...

Continue reading
by The Local Realty

Dec 2013 Sales Up From Dec 2012

Sales of new single-family houses in December 2013 were at a seasonally adjusted annual rate of...

Continue reading
by The Local Realty