North SD County Market Snapshot Through July 2016

North San Diego County Real Estate Housing Snapshot Through July 2016

Current as of August 4, 2016. All data from Sandicor®, Inc. Report © 2016 ShowingTime

  Monthly Indicators

  • Median Sales Price of Detached Homes – $636,000
  • Median Sales Price of Attached Homes – $410,000
  • Median Sales Price of All Homes – $555,000

Even as prices rise in many communities, homes are selling faster now than they have in the past several years. This creates a situation where buyers need to move fast in order to secure homes, and they may have to pay more for them. While increasing prices generally coax more selling activity, there has been some hesitancy among potential sellers who worry that they will not be able to buy a desirable and reasonably priced home once they sell.

 

-Closed Sales decreased 19.4 percent for Detached homes and 23.6 percent for Attached homes.

-Pending Sales increased 6.6 percent for Detached homes and 3.8 percent for Attached homes. 

-The Median Sales Price was up 2.7 percent to $636,750 for Detached homes and 9.3 percent to $410,000 for Attached homes.

-Days on Market decreased 13.2 percent for Detached homes and 33.3 percent for Attached homes.

-Supply decreased 8.8 percent for Detached homes and 30.4 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.

Low housing supply has already prevented an outright national boon in sales activity, despite a continuation of near record-low mortgage rates and an unemployment rate under 5.0 percent deep into 2016. The issue is not purchasing power. Many areas are falling behind last year's closed sales totals simply because of lack of available inventory. As this continues, higher prices may put a deeper squeeze on the current buyer pool.

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*  FOR A DETAILED REPORT FOR YOUR SPECIFIC NEIGHBORHOOD OR ZIP CODE CONTACT ME: kara@bremproperties.com

Current as of August 4, 2016. All data from Sandicor®, Inc. Report © 2016 ShowingTime

Posted on August 25, 2016 at 5:04 pm
Kara Brem | Category: Uncategorized

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