This article covers the San Diego Real Estate Market Report and Update for the month of July 2014. Market Report for the San Diego county real estate region.
Market Report and San Diego Real Estate Market Update for July 2014
Housing seemed to have a slow start to the spring selling season, but appearances deceive. Dig into that spring soil and you begin to unearth differences in individual areas and market segments. Inventory is slowly rising in some areas. Activity is picking up in the upper price tiers. Rents continue to climb in most metros. And interest rates are generally lower than a year ago, to the surprise of some and the delight of others.
We expect the San Diego to be constrained by low inventory levels but it appears we are trending to a more stable market. As June 2014 closes, the available homes for sale listed as “Active” has increased to 3.1 months.
Many zip codes in San Diego have increased their inventories to more robust levels and buyers are being able to find a more diverse selection of available housing. The following chart is a summary of the overall
San Diego Real Estate Market Report and Update for June 2014*:
New Listings increased 1.2 percent to 4,733. Pending Sales were down 5.2 percent to 3,149. Inventory levels shrank 1.0 percent to 8,953 units. Prices forged onward. The Median Sales Price increased 10.7 percent to $465,000. Days on Market was down 9.3 percent to 39 days.
Absorption rates slowed as Months Supply of Inventory was up 6.9 percent to 3.1 months. Housing is one part of a broader ecosystem that thrives on a strong economy that churns out good jobs. First-quarter employment figures were adequate but not thrilling, but second-quarter numbers figure to be more positive. Access to mortgage capital remains an ongoing concern. As cash and investor deals fade, first-time buyers typically step to the forefront, but tight credit can and has been a real hurdle.
The average sales price was $ $600,098 and DOM of 39 days was an increase of 11.3% to the data posted in June 2013 on the Average Sales Price and a reduction of 9.3% on the DOM. The June 2013 data for the corresponding metrics at $538,982 and DOM of 43 days. For the complete report visit June 2014 Real Estate market Report The number of new properties for sale listed in June 2014 was 4733 units.
The number of new listings in June 2013 was 4678. The higher number of new listings and a lower number of closed transactions in the month of June 2014 should be a healthy sign as more properties are available for buyers. We will have to keep a close watch to this as it could be an indicator towards a weaker Seller’s market.
For the complete report visit July 2014 San Diego Market Report
* Market data compiled from Sandicor – Data as of July 7, 2014
Kouren Jouldjian, CDPE REALTOR® / Broker Associate
CalBRE License 01487596
San Diego Homes For Sale and Real Estate Information
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