For your latest North San Diego County market update, let’s look at the key statistics from last May and how they compare to the previous month:
- The median price increased $35,000 to $730,000. This means more homes are selling at a higher price and the median value of homes is trending upward.
- The average days on market dropped from 37 days to 31 days. This means, in addition to selling at a higher price, homes are also selling quicker.
- The housing supply increased 0.1 months to three months—in other words, if no new homes came on the market, it would take three months to sell all available inventory.
- The total number of home sales dropped from 1,010 to 910.
- The average interest rate for a conventional 30-year fixed rate dropped 0.02% to 3.82%. This is a big reason why homes values are going up and the average days on market is going down.
These statistics are for detached homes only, but in general, more buyers are entering the market, values are being driven up, and more homes are selling and selling quicker. It’s a great time to be a seller, but because interest rates are so low, it’s also a great time to be a buyer.
Each person’s situation is different, though, so if you’re thinking of buying or selling, don’t hesitate to reach out to me so we can talk more about your best course of action.
If you have any more questions about our North San Diego County market, feel free to call or email me as well. I’d love to hear from you.