The following graphs show the current and historic market stats for San Diego County and will provide you with a quick look at some key indicators of the status of the housing market.
Median Sales Price
The median sales price of homes in San Diego has been climbing for the past 10 years following the crash of 2008. Typically home prices peak each year in the summer months when demand is the highest and then start to cool off a bit over the winter months.
PAST 3 YEARS
Months of Housing Supply
Months of housing supply, also known as the absorption rate, shows the number of months it would take to sell all the current inventory of homes on the market if no new homes became available. For the past few years, we have been averaging about 1-2 months of supply, which indicates a strong and continued seller's market.
To put this number into perspective, if a market exhibits a 6 month supply, that is considered a balanced market. If the number is less than 6 months, like San Diego is, that indicates a sellers market. And conversely, if the months of supply are greater than 6 months, that indicates a buyers market.
Average Marketing Time
For the past 5-6 years, the average time a home stays on the market has been declining. Meaning that homes in San Diego sell fast and the market has only gotten faster.
The marketing time of a home is cyclical each year with homes selling the fastest in the summer months and taking the longest in the winter months.
When you start your new home search as a buyer, it is imperative that you get pre-approved with a lender as soon as possible with your letter in hand putting you in a position to make an offer on a home you like immediately. Because if you wait, there is a good chance the home will be under contract and off the market before you can get back to it.
Median Percent of Original Aksing Vs. Sold Price
Most homes listed for sale in San Diego County will sell very close to full asking price and over the past few years we are averaging a sold price that's 98% of the original asking price.