Real Estate Report presented by Ruth Mills

September 2018 Report

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


Median Price
$679,288
+2.1%
Average Price
$910,102
-2.3%
No. Sold
413
-7.0%
Pending Properties
521
-3.5%
Active
995
+5.4%
Sale/List Price Ratio
98.2%
-0.5%
Days on Market
26
-11.7%
Days of Inventory
72
+13.3%

Market Barometer

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Market Commentary

HARP® Ending This Year

HARP® will end December 31, 2018.

Introduced in March 2009, HARP enables borrowers with little or no equity to refinance into more affordable mortgages without new or additional mortgage insurance. HARP targets borrowers with loan-to-value (LTV) ratios equal to or greater than 80 percent and who have limited delinquencies over the 12 months prior to refinancing.

To see if you are eligible, go here:
https://www.harp.gov/

MARKET STATISTICS

Sales price for single-family, re-sale homes in San Diego County set new highs again in August. The median price was up 8.3% year-over-year, while the average sales price gained 6.3%.

The median sales price for re-sale condominiums dipped from the record high set in July. It was up 6.3% year-over-year, while the average price gained 9.4%.

That’s seventy-five months in a row the median price for both homes and condos has been higher than the year before.

Home sales, meanwhile, were down 11.6% from last August. Condo sales were down 6.2%.

Year-to-date, home sales are off –10.2%, and condos are down –7.5%.

Homes continue to sell quickly, taking only thirty-four 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 twenty-seven days, the average is fifty-five days.

The sales price to listing price ratio continues to tease the 100% level: 98.4%. The ratio for condos is 99%.

Inventory continues to be abysmal. It is just over one-half the average since 2001. As of the 10th of September, there were 4,6343 homes for sale. We average 8,515!

Condo inventory is at 1,921 units for sale. The average is 9,603.

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

There are fifty-seven 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.

 

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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