North San Diego County Real Estate Housing Snapshot | Through June 2016
- Median Sales Price of Detached Homes – $650,000
- Median Sales Price of Attached Homes – $412,500
- Median Sales Price of All Homes – $556,000
Halfway through 2016, residential real estate markets are performing as predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months' supply of inventory have been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.
-Closed Sales decreased 13.3 percent for Detached homes and 8.1 percent for Attached homes.
-Pending Sales decreased 1.9 percent for Detached homes and 0.4 percent for Attached homes.
-The Median Sales Price was up 7.2 percent to $650,000 for Detached homes and 7.3 percent to $412,500 for Attached homes.
-Days on Market decreased 11.4 percent for Detached homes and 20.7 percent for Attached homes.
-Supply decreased 9.1 percent for Detached homes and 34.8 percent for Attached homes.
-The national unemployment rate recently dropped 0.3 percent to 4.7 percent, but some states felt more of a pinch in their own figures.
Similarly, the low inventory situation is showing signs of strain in markets where there are few homes for purchase. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade.
Information provided by: North San Diego County Association of Realtors®
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