The September 2018 North County and San Diego Real Estate Market Report continues a pattern that started five months ago. Although we are still seeing strong price increases, the number of homes available for sale has been growing while the number of homes selling continues to drop. Along with these changes, homes are staying on the market longer, and sellers are not receiving as much of their asking price when their homes sell.
Real Estate Report
While all of these numbers tell us that the strong sellers’ market we have been experiencing in San Diego and North County is weakening, it’s not time for panic or worry about a real estate bubble. The market is slowing down because home prices and interest rates are causing affordability problems for buyers. Additionally, we’ve seen an increase in sellers who have cut their asking prices. But even with these price cuts, August still brought us strong, year over appreciation of 9.3 percent in North County and 8.3 percent countywide.
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 9.3 percent in August 2018 compared to August 2017.
• Detached homes saw a median price increase of 9.4 percent in North County, moving from $690,000 in August 2017 to $755,000 in August 2018.
• The number of sold units in North San Diego County decreased 15.3 percent compared to the previous August. Pending sales decreased 9.7 percent in the same period.
• Median days on market for North San Diego County properties was 32. This is a 14.3 percent increase compared to the previous August.
• Inventory supply in North San Diego County grew from 2.1 months in August 2017 to 2.8 months.
Full County Summary
• The median price for all San Diego County home sales in August 2018 was $590,000. This is a 8.3 percent increase compared to August 2017.
• Detached homes saw a median price increase of 9.8 percent in San Diego County, moving from $610,000 in August 2017 to $670,000 in August 2018.
• Attached homes in San Diego County had a 6.3 percent median price increase compared to the previous year. They moved up to $425,000 in August 2018.
• Inventory supply countywide in August 2018 increased from 2.1 months a year earlier to 2.6 months.