San Diego’s Second Quarter 2019 Market Report

July 25, 2019

The San Diego market surprised us with a very strong rebound in the second quarter. Home prices went up despite rising inventory levels and, in even better news, this rebound should be sustainable given the listing discount remains at a healthy level, the sales pace is picking up and peak sales season is upon us. Accounting for all of these factors, San Diego County could be poised for another strong summer market.

There were 9,469 homes that changed hands last quarter, a 6.2% decline compared to last year but a 41.5% increase over last quarter. These sales accounted for over $6.7 billion in sales volume, a 4.7% drop from the same period last year but a 49.1% increase quarter-over-quarter. The average closed sale price finished 1.7% higher than last year and 5.4% higher than last quarter, finishing at $711,600. The average price per square foot saw a slight drop year-over-year (0.9%) and increased by 2.8% quarter-over-quarter, ending at $392.00 per square foot. The market finished with 7,014 homes for sale, a 7.4% increase year-over-year and 14.8% increase from last quarter. The sales pace (average days on market) was up (slower) by 25% over last year and down (faster) 18.9% compared to last quarter, finishing with an average of 30 days for a home to sell. The listing discount (sold price versus list price) finished at 97.89%, a 0.2% drop from last year and a 0.4% increase over last quarter. Overall, there is a 2.2-month supply of homes, a 15.8% increase from last year and an 18.5% decline from last quarter.

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