The North County and San Diego Real Estate Market Report for December 2018 brings more evidence of a shift from a sellers’ to a buyers’ market. Although unemployment is the lowest it’s been in more than 40 years and wages have grown, they still have not kept up with home prices. This coupled with rising interest rates has made affordability very difficult, especially in more expensive markets like ours.
What should we expect in 2019? Most experts predict that interest rates will continue to increase in 2019. They expect minimal price increases and a slowdown in home sales. Although buyers are nervous about this market, it’s a good time to lock in interest rates and find better deals on homes.
Real Estate Report
The median, year-over sales price in North County increased 3.2 percent and San Diego County as a whole saw a 1.1 percent rise, but both pending and closed sales have continued to drop, market times are increasing and the supply of inventory is growing.
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 3.2 percent in November 2018 compared to November 2017.
• Detached homes saw a median price increase of 3.6 percent in North County, moving from $700,000 in November 2017 to $725,000 in November 2018.
• The number of sold units in North San Diego County decreased 18.8 percent compared to the previous November. Pending sales decreased 16.2 percent in the same period.
• Median days on market for North San Diego County properties was 38. This is a 22.6 percent increase compared to the previous November.
• Inventory supply in North San Diego County grew from 1.8 months in November 2017 to 2.7 months.
Full County Summary
• The median price for all San Diego County home sales in November 2018 was $556,250. This is a 1.1 percent increase compared to November 2017.
• Detached homes saw a median price increase of 1.6 percent in San Diego County, moving from $625,000 in November 2017 to $635,000 in November 2018.
• Attached homes in San Diego County had a 2.0 percent median price decrease compared to the previous year. They moved down to $397,000 in November 2018.
• Inventory supply countywide in November 2018 increased from 1.8 months a year earlier to 2.6 months.