The trend for August 2018 for the housing market in San Diego is showing the begining of a change in the housing cycle as per the California Association of Realtors Research and Economicis housing Update. The market is still showing a slight appreciation in value for the homes sold last month with a median sales price of $660,000 for single family detached homes in San Diego. That is a 9.1% appreciation year to year, and 1.5% increase just in the month to month comparison.
However, home sales for single family detached homes has declined 1.1% in the month to month comparison for August and 10.4% decline in a year to year analysis.
The median time on the market for single family detached homes is 18 days which is a 28.6% increase in the year to year comparison.
This data tells us that although homes are still selling and still appreciating in value, they are selling at a slower rate which hints the begining of a new trend. Buyers are more cautious and patient when it comes to purchasing which will contribute to less demand.
Homes under $600,000 are still selling fairly quickly and at asking price while homes priced at $750,000 and above are staying on the market longer.
Every neighborhood is different due to the many factors that make a neighborhood more or less atractive to buyers. Some of those factors are the crime rate, the school ratings, community events and accessibility as well as location. If you need advice on a specific neighborhood don't hesitate to call me.