San Diego’s Third Quarter 2018 Market Report

November 5, 2018

 

We’re checking in on the San Diego real estate market after three quarters, and the trends are consistent with many of the other markets in Southern California.

Closed unit sales came in at 8,894 – down by 10.8% year-over-year and down 11.9% compared with Q2 of this year. Those unit sales accounted for over $6.2 billion, a 4.3% dip from the same time last year and an 11% drop from the previous quarter. Interestingly, though, the average closed price of a home in San Diego County came in at $706,900, a 7.4% jump from the same time last year and a 1% uptick from Q2.

Inventory also jumped considerably with 7,682 units available – a 40.2% increase from last year and a 17.6% jump from last quarter. The pace of sales went up as well, with the average days on market for a listing clocking in at 28 days, up from 26 in 2017 and 24 in Q2 2018.

Listing discount (sold price versus list price) was 97.9%, the same as last year and down slightly from the previous quarter. With a slower sales pace and increased inventory, the months of inventory on the market rose to 2.6, up considerably from the 1.6 months from the same period last year and 1.9 from just a quarter ago.

Factoring in all of the trends (rising prices, rising inventory, and rising days on market), San Diego is very much a market in transition. The big question becomes how much the rising inventory will affect home prices, and whether those who were waiting out the market decide if now is the time to make their move.

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