San Diego real estate sales are generally strong year round, but if we had to choose a best season for buyers, it would likely be during the fall months.
And this year is no different for San Diego real estate sales.
The San Diego Union Tribune reported this morning that the median home price in San Diego dipped to $495,000 in September (for single family homes) from a median price of $498,000 in August. This median price for San Diego real estate sales hit a decade-high, but is still below the all time high of $517,500 that was hit in 2006. Total sales of 3,786 were the lowest since last March (another slow month), but are still higher than normal for this time of year in San Diego. Additionally, sales of new homes in San Diego remain strong with a median price of $687,500
September, though, is typically a slow month for real estate sales throughout the country as folks are preoccupied with sending kids back to school and preparing for the holidays ahead. Many put plans for buying a home on the back burner, which usually results in a slowdown of sales and a softening of home prices. It’s a time of year when we advise our buyers to get into an athletic position, get pre-qualified and perhaps get a relatively good buy (with less competition) on the home they have wanted. It is also interesting to note that distressed sales (short sales and foreclosures) have also declined to more historic norms, representing just a little over 4 percent of all sales.
What we at San Diego Previews are also hoping for is a return to a more balanced market, without the huge jump in prices we saw through 2013 and most of 2015. It was great for sellers, but unsettling for buyers who feared another 2006 real estate bubble. It is good to see strong new home sales, because that means the release of more resale homes–which will help ease the inventory shortage we have struggled with the past few years. The increase in San Diego resale inventory may result in a softening in prices, but should also increase buyer activity with a more competitive market.
As a result of these expected stats, we are advising buyers that now may be a good time to buy in San Diego–and that home sellers may enjoy a little less competition!
To discuss your no-obligation home buying or home selling options, feel free to give Scott or Roberta Murphy a call at either 760-613-6190 or 760-942-9100. We love to discuss market conditions, creative solutions and ways we can best match eager buyers and sellers of San Diego real estate.
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