The May 2018 North County and San Diego Real Estate Market Report brings us a month of firsts. The median home price countywide hit its highest point ever at $575,000. That’s $15,000 higher than in March and 8.7 percent more compared to the previous year. North County also saw a new high with its median price increasing 7.4 percent over the previous year, hitting $644,500.
April’s other first was a year-over increase in new listings in both North County and San Diego County as a whole. We haven’t seen this happen since August 2016. This increase in new listings combined with fewer sales kept inventory levels from decreasing. They are still quite low at 2.1 months in North County and 1.9 months in San Diego County, but this is the first time inventory has not seen a year-over drop since 2015.
Real Estate Report
Are home sellers finally ready to start putting their homes up for sale? One month does not make a trend, but if this does continue, we may finally see an increase in options for home buyers. Price increases and rising interest rates have made the San Diego-Carlsbad market one of the least affordable in the country according to the National Association of Realtors. But a shortage of new and resale homes has kept pressure on the market. If these trends persist, the very strong sellers’ market we are seeing right now may soften.
See below for this month’s statistics and daily interest rate updates.
Interest Rates
Market Updates
Click on the links below 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 increased 7.4 percent in April 2018 compared to April 2017.
• Detached homes saw a median price increase of 9.4 percent in North County, moving from $667,500 in April 2017 to $730,000 in April 2018.
• The number of sold units in North San Diego County decreased 14.3 percent compared to the previous April. Pending sales decreased 4.0 percent in the same period.
• Median days on market for North San Diego County properties was 24. This is a 17.2 percent decrease compared to the previous April.
• Inventory supply in North San Diego County equaled that in April 2017 at 2.1 months.
Full County Summary
• The median price for all San Diego County home sales in April 2018 was $575,000. This is a 8.7 percent increase compared to April 2017.
• Detached homes saw a median price increase of 8.3 percent in San Diego County, moving from $591,000 in April 2017 to $640,000 in April 2018.
• Attached homes in San Diego County had a 10.4 percent median price increase compared to the previous year. They moved up to $425,000 in April 2018.
• Inventory supply countywide in April 2018 was the same as a year earlier at 1.9 months.