The North County and San Diego Real Estate Market Report has been talking about market changes since spring. Now the numbers are finally coming in, and major sources are reporting a shift in the real estate market. This is what the California Association of Realtors® said, “Home sales in California have been lackluster in recent months and prices began to show signs of softening. We cannot deny that a market shift is underway anymore.”
Realtor.com® agrees and says the market is shifting from a seller’s to a buyer’s market with “California experiencing the nation’s biggest increase in the number of homes seeing list price reductions.”
Real Estate Report
What does this all mean? Is this the next bubble? I don’t think so, but if you are looking to buy, you will have more choices and less competition for that home you love. If you are selling, you need to make sure your home is the best option for buyers compared to the competition.
The statistics still show strong year-over price increases at 10.1 percent for North County and 6.4 percent for San Diego County. But closed sales have dropped more than 20 percent compared to last year. Homes are taking longer to sell, and sellers are walking away with less of their asking price.
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 10.1 percent in September 2018 compared to September 2017.
• Detached homes saw a median price increase of 10.4 percent in North County, moving from $675,000 in September 2017 to $745,000 in September 2018.
• The number of sold units in North San Diego County decreased 23.3 percent compared to the previous September. Pending sales decreased 9.7 percent in the same period.
• Median days on market for North San Diego County properties was 33. This is a 10.0 percent increase compared to the previous September.
• Inventory supply in North San Diego County grew from 2.0 months in September 2017 to 2.9 months.
Full County Summary
• The median price for all San Diego County home sales in September 2018 was $580,000. This is a 6.4 percent increase compared to September 2017.
• Detached homes saw a median price increase of 6.6 percent in San Diego County, moving from $610,000 in September 2017 to $650,000 in September 2018.
• Attached homes in San Diego County had a 6.8 percent median price increase compared to the previous year. They moved up to $432,500 in September 2018.
• Inventory supply countywide in September 2018 increased from 2.0 months a year earlier to 2.7 months.