2018 Market Review
In San Diego County, we started 2018 with 5,055 listings for sale and ended the year with 6,298 listings for sale. This is very low availability of homes for our area. A normal market typically has 8,000 homes for sale, which is what we were seeing in the 3rd quarter. It seemed that the election did cause a Q3 hesitancy in buyers, which resulted in a slower quarter.
We ended the year with an average home price of $555,000, which is up 3.5% year over year. We did not see double digit gains as we have the prior years. Also, the average price per square foot was up to $388, which is up from 351/SF in 2017.
It is taking homes a little bit longer to sell in this market. In January of 2018, it was taking 39 days on average for homes to sell in San Diego County. We ended the year at 43 days on market. It is still a quick turnaround if you list your home for sale, but expect it to take an extra week.
We ended the year with 2.2 months of supply! That is extremely low. This means that if no one listed their homes moving forward, we would be out of homes to sell in 2.2 months!
Overall, the San Diego market is still in growth, although the growth is leveling off. If you have had thoughts of selling or moving up, 2019 may be your best year to do so this cycle. Interest rates are still historically low, so it’s a perfect time to consider entering the market to escape San Diego’s high rents or move up into your dream home.