Real Estate Report presented by Patty Moore-Davidson

February 2018 Report

Single Family Homes in San Diego, All Cities, All Neighborhoods Change >


Median Price
$582,500
-2.9%
Average Price
$741,927
-4.3%
No. Sold
1,338
-20.5%
Pending Properties
2,232
+15.4%
Active
2,829
+13.7%
Sale/List Price Ratio
98.0%
-0.1%
Days on Market
41
+5.0%
Days of Inventory
63
+43.0%

Market Barometer

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Market Commentary

Prices Up, Sales Down to Begin the Year

Although the median price for single-family, re-sale homes in San Diego County continues to slip from the record high set in November, it was up 5.9% year-over-year in January.

That’s sixty-eight months in a row the median price has been higher than the year before.

The median price for condominiums was up 8.7% year-over-year, again, that’s also sixty-eight months in a row it has been higher than the year before.

Home sales, meanwhile, were down 8.7% from last January. Condo sales were up 0.4%, year-over-year.

Homes continue to sell quickly, taking only forty-one days from coming onto the market to when they go under contract. The average since January 2001 is fifty-seven days. Condos are selling in thirty-three days, whereas the average is fifty-five days.

The sales price to listing price ratio continues to tease the 100% level: 98.0%. The ratio for condos is 99.0%.

Inventory continues to be abysmal. It is less than one-third the average since 2001. As of the 10th of January, there were 2,828 homes for sale. We average 8,515!

Condo inventory is at 1,111 units for sale. The average is 9,603.

This is reflected in our Days of Inventory statistic which is sixty-three for homes. The average is one-hundred and forty-four.

There are forty-eight Days of Inventory for condos. The average is one-hundred and thirty-two.

If you would like to know what’s going on in your neighborhood, click on Recent Sales & Listings. That will tell you what is for sale and what has sold.

Getting Your Home Ready to Sell

I know, I know. You’re thinking, “In this market, with low inventory where homes are selling in about a month! Why bother fixing anything?”

Well, not quite. Well-kept homes properly priced ARE selling quickly, many with multiple offers. Yet, there are still homes that have been on the market for over thirty days. P.S. Days on Market has been averaging in the mid-thirties days in San Diego County.

Homes that have been on the market over thirty days are either over-priced and/or not spiffed up.

Well-maintained homes priced properly will receive multiple offers in this market. Also, a clean, well-kept home will sell for more money than one that is run down.

If you are ready to sell your home, we have some tips for you.

First, make sure people will be enticed into your home when they first look at it from their car. This is called curb appeal. The next time you drive up to your home, look at it as if you were thinking of buying it. What could you do to make it more appealing from the curb? Is the yard neat? The grass green? The bushes trimmed? The kid’s toys put away? Is the front door clean? The garage door? A little paint and elbow grease here ensures more people will visit your home.

Next, you know all those little niggling things you’ve been meaning to fix? The squeaky door. The door knob that doesn’t work properly. The closet door that slides roughly. Fix them!

Go for the spacious look. You are going to be moving, that’s why the house is on the market. Start packing. Pack everything but the essentials, then put them in storage. This goes for the kitchen as well. Take all those appliances and containers off the counter tops and pack them away.

Spruce up your back yard. The back yard has evolved into one of the most important rooms of the house. Buyers will be attracted to back areas that have a nice deck or patio area with plenty of space for dining, grilling, and entertaining. And if you have a section of your yard that is child-friendly -- perhaps with a swing set, sandbox or play area -- play it up as much as possible.

Make your windows sparkle. Make sure your windows are nice and clean.

Keep your walls light. If you're thinking about touching up the paint on your walls before you put your home on the market, keep the colors neutral and light. A light yellow or beige will make the room feel cooler than darker hues, like brick red or dark taupe.

Let the light in. Open blinds and curtains so plenty of light illuminates the home's interior.

Keep the pool clean. If you have a pool or spa, make sure it's clean. If you have a fence, make sure locks and latches are working properly.

All this may seem like a lot of work, and it is, but it means a quicker sale with less hassle and more money in your pocket. Not to mention the pleasure you and your family will receive from living in a well-kept home.

To set the proper price, a seller must be aware of current market conditions, including what has sold recently in your neighborhood, and what is your competition.

Your local REALTOR®, that’s me, can assist you with this. Call me.

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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