The August 2018 North County and San Diego Real Estate Market Report indicates a continuation of a market shift that started four months ago. Inventory is growing. Sales are slowing down, and homes are starting to stay on the market longer. CNBC reports that San Diego saw the largest increase in inventory in the second quarter compared to other high priced communities.
This is great news if you have been thinking of buying. The market is still tight and homes are still selling quickly, but you will have more choices. It’s cautionary news if you are planning on selling. Even though inventory is growing, it is still well below norms. But now home sellers have more competition and should price their homes to be the best option in their marketplace.
Real Estate Report
Even with the market shifting, we are still seeing strong price increases. North County’s median, year-over price grew by 9.9 percent. San Diego County as a whole saw a 7.5 percent jump. But both markets saw a year-over drop in pending and closed sales and an increase in the number of days homes took to sell.
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 9.9 percent in July 2018 compared to July 2017.
• Detached homes saw a median price increase of 8.6 percent in North County, moving from $695,000 in July 2017 to $755,000 in July 2018.
• The number of sold units in North San Diego County decreased 9.4 percent compared to the previous July. Pending sales decreased 2.2 percent in the same period.
• Median days on market for North San Diego County properties was 29. This is a 3.6 percent increase compared to the previous July.
• Inventory supply in North San Diego County grew from 2.2 months in July 2017 to 2.7 months.
Full County Summary
• The median price for all San Diego County home sales in July 2018 was $586,000. This is a 7.5 percent increase compared to July 2017.
• Detached homes saw a median price increase of 6.8 percent in San Diego County, moving from $615,000 in July 2017 to $657,000 in July 2018.
• Attached homes in San Diego County had a 6.7 percent median price increase compared to the previous year. They moved up to $432,000 in July 2018.
• Inventory supply countywide in July 2018 increased from 2.1 months a year earlier to 2.4 months.