North San Diego County Real Estate Housing Snapshot | Through September 2016
- Median Sales Price of Detached Homes – $635,000
- Median Sales Price of Attached Homes – $395,000
- Median Sales Price of All Homes – $558,000
As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed.
-Closed Sales decreased 1.9 percent for Detached homes and 20.4 percent for Attached homes
-Pending Sales increased 26.0 percent for Detached homes and 5.8 percent for Attached homes.
-The Median Sales Price was up 7.6 percent to $635,000 for Detached homes and 10.5 percent to $395,000 for Attached homes
-Days on Market decreased 5.1 percent for Detached homes and 20.6 percent for Attached homes.
-Supply decreased 12.5 percent for Detached homes and 26.3 percent for Attached homes.
In general, today’s demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.
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Current as of October 4, 2016. All data from Sandicor®, Inc. Report © 2016 ShowingTime