Before you sell your home, it’s important to understand trends in the real estate industry and how they may impact your home sale. To get a good baseline, take a look at national trends – then, take a look at local trends and see how they compare. This post, based on data gathered by Realtor.com in May, compares 2016 home sale stats in San Diego to data from the US real estate market.
Number of Real Estate Listings
Total Number of Listings – United States: 1.7 million
Total Number of Listings – San Diego: 6,893
San Diego listings represent roughly 0.4% of the nation’s total real estate market. Trend-wise, while the overall number of listings throughout the United States is down by 4.2% compared to a year ago, listings in San Diego are down nearly 8%. This indicates that San Diego has half the number of listings as compared to the average US city.
While the annual shift seems dramatic, when you look to changes month over month, the shift in San Diego almost perfectly mirrors the national shift. Throughout the US, listings increased by 3.6% from April to May 2016. In San Diego, listings increased by 3.8% in the same time period. These numbers are in line with the seasonal expectations of this time of year. Traditionally, the number of listings increase as spring shifts to summer, with the highest number of listings appearing in mid-summer during a typical year.
Median Real Estate Prices
Median Real Estate Price – United States: $250,000
Median Real Estate Price – San Diego: $648,000
The national median price increased 1.1% over the prior month, a shift that reflects expected seasonal trends. Typically, prices go up in the summer as real estate activity peaks. In the past year, the median list price increase 8.7% in America’s Finest City, which reflects the ongoing “sellers market” that’s been dominate in US real estate markets.
Since San Diego is in a more competitive market because of its location, its median price is well over double the national median. Between April and May, the average home price in San Diego went up 6.5%. Once again, seasonality is at play – as is supply and demand. There are far more home shoppers than there are listings, which is a big part of why the annual median home price has gone up 12.7% in the past year.
Days on Market
Median Days on Market – United States: 65
Median Days on Market – San Diego: 38
Homes are selling faster than they were in prior months in most states across the country. In the United States, the length of time on the market is 3% lower than it was the month prior and 1.5% lower than it was in 2015.
In San Diego, the changes are even more marked, with the median number of days on the market coming in at 5% lower than the previous month and a whopping 9.5% lower than the previous year. This just goes to show that high prices certainly don’t stymie demand in San Diego, and as a result, the local market moves much faster than the national market.
The biggest takeaway here is, if you are selling a home in San Diego, you can look forward to selling faster and for a higher price than many sellers throughout the country. If you’re on the fence, it may be time to strike while the iron is hot!