Real Estate @ A Glance: November 2016 Edition

Here is the most recent information on the San Diego housing market. For specific information on your neighborhood or a market analysis on your home, please send me an email or call me at 619-888-2117.

Reportable Period :: OCTOBER 2016:: SAN DIEGO ASSOCIATION OF REALTORS®

As we enter the final quarter of 2016, not much has changed since the year began. Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.

Builder confidence is as high as it has been in more than a decade, yet the pace of economic growth has been slow enough to cause pause. A low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects. As older Americans retire and downsize, single-family listings are expected to rise. The waiting is the hardest part.

Median Sales Price: $518,000
Days on the Market Until Sale: 34
Housing Affordability Index: 2016-Q2: 26%
Months Supply: 2.1

As we just completed the 2016 election season, I thought I would add one additional graphic to show real estate trends during election years. I’ve had clients contact me inquiring how the market has responded in the past, and what may occur in the near future. We can’t know for sure, but here are some interesting statistics.