The June 2018 North County and San Diego Real Estate Market Report continues to show a slight turnaround in the years-long trend of tightening inventory. As I noted last month, the number of homes for sale in San Diego and North County has been shrinking since 2015. Last month, year-over inventory in both markets finally increased. This month, we saw it continue to grow in North County and level-off countywide. This will be something to watch as the year progresses.
Statewide, we also saw a rise in inventory, but not across the nation as a whole. Experts are predicting home prices will continue to grow at double the pace of wages.
We have not seen enough of a shift to make any kind of major change in our market, but the lack of inventory is what has kept pressure on housing prices. If inventory continues to rise, this will bring more choices for home buyers and weaken home appreciation. Rising interest rates will also put pressure on home values.
Real Estate Report
Although we have seen an upturn in active listings, it is still a strong sellers’ market, especially in lower price ranges. North County saw a year-over increase in the median sales price of 5.2 percent and the county as a whole gained 6.5 percent. Interest rates slightly improved this week, but are expected to continue to move higher.
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 5.2 percent in May 2018 compared to May 2017.
• Detached homes saw a median price increase of 4.0 percent in North County, moving from $700,000 in May 2017 to $728,000 in May 2018.
• The number of sold units in North San Diego County decreased 18.1 percent compared to the previous May. Pending sales decreased 5.2 percent in the same period.
• Median days on market for North San Diego County properties was 24. This is a 7.7 percent decrease compared to the previous May.
• Inventory supply in North San Diego County grew from 2.1 months in May 2017 to 2.3 months.
Full County Summary
• The median price for all San Diego County home sales in May 2018 was $575,000. This is a 6.5 percent increase compared to May 2017.
• Detached homes saw a median price increase of 6.4 percent in San Diego County, moving from $610,750 in May 2017 to $650,000 in May 2018.
• Attached homes in San Diego County had a 7.3 percent median price increase compared to the previous year. They moved up to $421,000 in May 2018.
• Inventory supply countywide in May 2018 was the same as a year earlier at 2.0 months.