San Diego Houses
The San Diego real estate market continued on an upward price trend in April 2015. The average price of houses rose six percent from a year earlier, to $659,477 for the average San Diego house. Median prices run lower, as more lower-priced homes tend to sell in any given month. San Diego homes sales continue at a steady pace. The median price of houses in San Diego was also up just over six percent, to $520,000.
The high demand for San Diego real estate in 2015 is also strongly reflected by the rise in the number of pending sales contrasted by the drop of inventory of homes for sale. There were 2,579 pending house sales at the end of April (an increase of 14.5% from a year earlier), but the inventory of houses for sale dropped 12% to 5,055 houses for sale. At that rate, there is only 2.6 months supply of houses for sale in San Diego County. Sale prices are averaging 97.1% of the list price, so home buyers are negotiating less than 3% below the prices that Sellers are asking for their houses.
San Diego Condos
The situation with condos and townhomes in San Diego County is similar. Condos had a sharp rebound in values in 2015, and are still appreciating, but not as quickly as last year. The average sale price of attached homes stood at $402,269 which is down 1.6% from a year earlier. Median priced San Diego condos rose 4.3% to $344,250 in the same period.
The inventory of condos and town homes in San Diego has also dropped to near record lows. At the end of April 2015 there were only 2,147 condos on the market, which is over fourteen percent fewer than the number of condos for sale a year earlier. But there were 1,271 condos and townhomes in escrow at month end, which was a whopping 22.3 percent lower than the pending sales a year earlier. So what we’re seeing is a low inventory and high demand, which is resulting in an upward price trend.
April, May, and June is historically the time of year when the greatest number of houses come up for sale in San Diego. It’s looking like that will be the case in 2015 also. Sellers are realizing that there is demand for their properties, and more are getting ready to sell. In April there were 3,202 houses listed for sale in San Diego County. This is almost exactly the same number that were listed last year. More condos and townhouse listings came on the market, a total of 1,515 or five percent more than the 1,444 condos that were listed in April a year earlier.
It’s grown more competitive to buy a home in San Diego over the past year. Well-priced homes are selling quickly, often with multiple bids. However, this San Diego Realtor is also seeing a fair number of houses that are not selling. With demand as strong as it is right now, there is really only one explanation if a house doesn’t sell… the price is too high. But it’s getting more difficult for buyers to differentiate the good prices from the bad. After being outbid on prior offers, many home buyers going big with offers just to get a home into escrow. It’s more important than ever for buyers to have an experience Realtor on their side to help assess property values.
From a seller’s perspective, now is a good time to sell a house in San Diego. But as in any market, quality sells. And in San Diego quality homes are selling for top dollar. But it’s important to have the house in good condition for showings when it is listed for sale. Contact an experienced San Diego Realtor to help you get your house ready to sell for top dollar. Contact Geoff Schiering at 619-200-7612.