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April 2017 Market Update

Posted by Bob Flynn on April 27, 2017
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In March 2017, 2,945 homes were sold in San Diego County vs. 2,044 in February and 1,936 in January.  This increase in the volume of home sales is consistent with the type of seasonality we expect and it bodes well for a strong spring selling season both in terms of the number of units that will be sold but also rising home prices.

Inventory of homes (the number of active listings divided by the number of sales in the month of March), fell from ~2.1 months to ~1.6 months supply.  Even more shocking it is down 26% year over year.  We have not seen inventory this tight since June of 2015 when it reached ~1.4 months supply.

April 2017 Market Update pic 1

The median detached sale price of a home through the month of March was $575,000 up from $565,000 in February and up from $550,000 in March 2016.

April 2017 Market Update pic 2

Days on market (how many days it takes for a home to be on the market before it goes under contract) for detached homes fell from 17 in February to 12 days in March.

April 2017 Market Update pic 3

If you are thinking about buying or selling a home do these explanations make sense to you?  We have written them in the language of our business.  Every business has its own language, whether you are a mechanic or an orthodontist you are going to have a language that you use to describes the tools of your trade.  It takes a conversation between my mechanic and I for me to understand the role the rotors play in my car.  If you have any questions, don’t be shy please call us in order to discuss it further at 858-252-6500.

 

Bob Flynn, April 2017

 

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