North San Diego County Real Estate Housing Snapshot | Through January 2017
- Median Sales Price of Detached Homes – $649,000
- Median Sales Price of Attached Homes – $420,000
- Median Sales Price of All Homes – $525,000
January brings out a rejuvenated crop of buyers with a renewed enthusiasm in a new calendar year. Sales totals may still inevitably start slow in the first half of the year due to ongoing inventory concerns. Continued declines in the number of homes available for sale may push out potential buyers who simply cannot compete for homes selling at higher price points in a low number of days, especially if mortgage rates continue to increase.
-Closed Sales increased 6.3 percent for Detached homes but decreased 7.0 percent for Attached homes
-Pending Sales increased 18.8 percent for Detached homes and 0.7 percent for Attached homes.
-The Median Sales Price was up 7.4 percent to $649,888 for Detached homes and 13.5 percent to $420,000 for Attached homes.
-Days on Market decreased 4.2 percent for Detached homes and 30.8 percent for Attached homes.
-Supply decreased 25.0 percent for Detached homes and 35.7 percent for Attached homes.
In case you missed it, we have a new U.S. president. In his first hour in office, the .25 percentage point rate cut on mortgage insurance premiums for loans backed by the Federal Housing Administration (FHA) was removed, setting the table for what should be an interesting presidential term for real estate policy. FHA loans tend to be a favorable option for those with limited financial resources. On a brighter note, wages are on the uptick for many Americans, while unemployment rates have remained stable and relatively unchanged for several months. The system is ripe for more home purchasing if there are more homes available to sell.
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Current as of February 4, 2016. All data from Sandicor®, Inc. Report © 2016 ShowingTime