San Diego’s Fourth Quarter 2018 Market Report

December 20, 2018

In San Diego County, closed sales came in at 2,281 units – down 18.6% compared to the same time last year. The sales volume for the market was down 13% from 2017, tallying $1,588,992,000 for the month.

Despite these drops, the average closed sales price finished at $696,600 – a 6.9% increase from 2017. The price per square foot was up by 7.7% as well, finishing at $389.80.

Additionally, inventory nearly doubled to 7,285 available units, a 52.8% increase compared to last year. The average days on the market slowed to 33 days compared to 30 in 2017.

Listing discounts dipped slightly to 97.3%, compared to 97.9% in 2017. The months of inventory jumped to 3.2, an 88.2% increase over 2017.

Overall, the massive jumps in inventory levels, longer days on market and drops in listing discounts indicate that buyers still think the market is overvalued. As a result, we should soon see some price correction and more aggressively priced homes as sellers realize that they need to be realistic with valuing their homes in this market.

 

Leave a Comment

Previous post:

Next post: