Although North County saw a drop in the median sales price compared to January, and San Diego County as a whole was mostly flat, the San Diego County real estate market continued moving upward with healthy year-over price increases.
Real Estate Report
As is typical this time of year, there were more new listings on the market in February, but the number of homes going under contract, or pending, also increased. This is keeping the inventory hovering at a painfully low two months’ supply. Most experts expect to see six months’ supply in a healthy market.
The continuing low interest rates, low resale inventory, and lack of new homes being built in San Diego County has created a housing shortage. This lack of available housing is keeping upward pressure on home prices and rents. We’ve seen an increase in the number of homes being built in the county, 25 new projects this year according to the Union-Tribune. It’s still not enough to meet demand, and many of those homes are in a price range that most buyers can’t afford.
See below for today’s interest rates. Click on the links to read the full housing statistics reports.
- NORTH COUNTY MONTHLY INDICATORS
- METRO SAN DIEGO COUNTY MARKET UPDATE
- EAST SAN DIEGO COUNTY MARKET UPDATE
- SOUTH SAN DIEGO COUNTY MARKET UPDATE
- SAN DIEGO COUNTY MONTHLY INDICATORS
North County Summary
• The median price for all North County home sales, all property types, increased to $516,000 in February 2016, compared to $482,850 reported in February 2015.
• The median price for detached homes in North County was $579,000 in February 2016, up 4.3 percent from $555,000 in February 2015.
• The number of sold units in North San Diego County for February 2016 decreased 13.9 percent compared to the previous year, but pending sales rose and inventory decreased.
• The median days on market for North San Diego County properties decreased 17.3 percent compared to the previous February, and was slightly lower than in January.
• The supply of inventory for all properties in North San Diego County remained low with 2.1 months’ supply.
Full County Summary
• The median price for all San Diego County home sales increased to $468,000 in February 2016, compared to $441,750 in February 2015.
• The median price for detached homes in San Diego County was $530,000 in February 2016, the same as in January, and up 7 percent from February 2015.
• The median price for attached homes in San Diego County was $354,450 in February 2016, a 5.8 percent increase over February 2015.
• The supply of inventory countywide dropped to two months’ supply in February 2016 compared to 2.7 months’ a year earlier.