San Diego County Market Glance – April 2019

May 24, 2019

With drops in activity, relatively flat prices and climbing inventory levels, San Diego County is pacing back toward a buyers’ market. However, the market is showing some reluctance to this change, unlike what we are seeing in Orange County and the San Gabriel Valley. That being said, there are signs that the market is due to swing back toward favorable buyer conditions, including a slowing sales pace and relatively significant discounts on the list price of homes. As inventory levels go up, we expect to see more potential homebuyers continue to practice patience as they wait for home prices to meet their valuation of the market. With the summer sales season coming, usually peak season for most of our Southern California coastal markets, it will be interesting to see how rising inventory and consumer impressions of home valuations affect home prices and buyer demand.

San Diego County saw 2,987 homes change hands in April, a 4.8% drop from the same period last year. Those transactions accounted for a decrease of 3.0% to the total sales volume, which finished at $2,114,337,000 for the month. The average price for a closed home came in at $707,800 which is a slight (1.9%) bump from the same period last year. However, the average price per square foot saw a 1.1% drop, finishing at $388.70 per square foot countywide. The market finished with 6,424 homes on the market, a 14.4% increase from the same period year-over-year. The sales pace (average days on market) was 31 days, a 24.0% increase from 2018. Additionally, the listing discount (sold versus list price) finished at 97.7%, a 0.5% drop compared to last year. Overall, the county sits with an inventory of 2.2 months, a 22.2% increase from 2018.

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