San Diego Home Prices
San Diego home prices fluctuate on a daily basis. If you want to get and estimate on your San Diego home price, just know that Real Estate Portals are not accurate and are therefore not reliable. Research shows that it is impossible for technology to produce an accurate Home Value Report, but rather a mathematical guesstimate and subsequently unsolicited phone calls. “Home sellers should be wary of inaccurate information, and the likelihood that their personal data will likely be sold to multiple third parties. The consequences are unsolicited, multiple calls, texts, and e-mails from different entities.
When a San Diego resident considers selling their home, the first question that comes to mind is, “How much is my home worth?” With the power of the Internet, the consumer is lulled into a false sense of control regarding their home’s value.
According to Keller Williams’ Research, Real Estate Portal estimates will only be accurate up to 81%. For example, if the real value of a home is $600K, then an online home estimate will be guesstimated somewhere in the range of $540k – $660k.
Unfortunately, homeowners can potentially leave money on the table, or even worse, try and sell their home for an unrealistic price. Either way, in San Diego's fast-moving market, setting the right price for a home will ultimately net the owner more money.
The problem with Real Estate Portals is that they remove the human element from the equation, and miss the physical aspects of the real worth of a home. Since every home has its own unique set of circumstances, the physical aspects must be taken into consideration. For instance, if a home needs a new roof or has faulty wiring, it will be worth less than a similar home in pristine condition. Conversely, many positive factors can increase the value of a home, such as an upgraded kitchen, a professionally landscaped yard, or a view lot.
San Diego home prices are moving quickly these days, and you need an accurate Home Value Estimate that you can rely on. We produce an accurate Home Value Estimate by combining current market data and a physical inspection of your home. We also factor in the current market conditions for a specific neighborhood. The home value report is meticulously prepared by a trained, professional Keller Williams Real Estate Agent.
San Diego Home Values at Keller Williams Realty values your privacy will never share or sell their information to third parties.
San Diego Home Prices Continue To Rise
Updated November 21, 2018
If the past few months are a sign of what is happening in housing markets across the country, you can expect a relative calm during the last three months of the year.
The trend of balanced market is emerging as we approach the end of 2018. While home prices are still rising in most areas of San Diego, the number of homes for sale is still low. There is a overall shrinking of the year-over-year percentage change gaps in sales, inventory and prices.
Closed Sales were down 16.8 percent for Detached homes and 15.3 percent for Attached homes. Pending Sales were also lower at 4.7 percent for Detached homes and 6.5 percent for Attached homes.
San Diego Home Inventory improved 28.8 percent for Detached homes and 38.0 percent for Attached homes. The Median Sales Price was up 6.3 percent to $645,000 for Detached homes and 4.5 percent to $418,000 for Attached homes. Days on Market increased 9.4 percent for Detached homes and 11.5 percent for Attached homes.
Supply increased 38.1 percent for Detached homes and 43.8 percent for Attached homes. Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months.
This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.CLICK HERE TO BUY OR SELL A HOME
San Diego Home Prices
Updated August 2018
San Diego home prices continued to rise, higher interest rates and increased building material costs have pressured San Diego housing affordability to a ten-year low, according to the National Association of Home Builders.
National market experts have been watching this situation take shape for some time. Nationally, median household income has risen 2.6% in the last 12 months, while home prices are up 6.0%. That kind of gap will eventually create fewer sales due to affordability concerns, which is happening in several markets, especially in the middle to high-middle price ranges.
In San Diego county closed sales decreased 18.2 percent for Detached homes and 17.3 percent for Attached homes. Pending Sales decreased 6.3 percent for Detached homes and 5.8 percent for Attached homes. Inventory increased 15.4 percent for Detached homes and 31.5 percent for Attached homes.
The Median San Diego home price was up 9.8 percent to $670,000 for Detached homes and 6.3 percent to $425,000 for Attached homes. Days on Market remained flat for Detached homes but increased 9.1 percent for Attached homes. Supply increased 21.7 percent for Detached homes and 43.8 percent for Attached homes.
While some are experts are starting to look for recessionary signs like fewer sales, dropping prices and even foreclosures, others are taking a more cautious and research-based approached to their predictions.
The fact remains that the trends do not yet support a dramatic shift away from what has been experienced over the last several years. Housing starts are performing admirably if not excitingly, prices are still inching upward, supply remains low and consumers are optimistic. The U.S. economy is under scrutiny but certainly not deteriorating.
San Diego home prices will start to level out, but no one knows exactly when that will be. What we do know is that the market is hot right now, and prices are still rising, so now is a great time to put your home on the market!
One Year Change in Median Sales Price Detached & Attached +8.7%
Updated for April 2018
Many sellers and builders are in a good position for financial gains, as the economy continues to favor putting existing homes on the market and building new homes for sale. We are finally beginning to see some upward movement in new listings after at least two years of a positive outlook. There may not be massive increases in inventory from week to week, but a longer-term trend toward more new listings would be a good sign. Low inventory should continue to create a competitive situation for buyers, causing price increases over the next several months.
Closed Sales decreased 7.8 percent for Detached homes and 7.1 percent for Attached homes. Pending Sales increased 1.6 percent for Detached homes but decreased 3.0 percent for Attached homes. Inventory decreased 5.4 percent for Detached homes but increased 8.0 percent for Attached homes.
The Median Sales Price was up 8.3 percent to $640,000 for Detached homes and 10.4 percent to $425,000 for Attached homes. Days on Market decreased 10.3 percent for Detached homes and 4.3 percent for Attached homes. Supply remained flat for Detached homes but increased 14.3 percent for Attached homes.
This winter and spring exhibited unseasonal weather patterns in much of the country. As the seasons change to something more palatable, wages and consumer spending are both up, on average, which should translate positively for the housing market. Being quick with an offer is still the rule of the day as the number of days a home stays on the market drops lower. If that wasn't enough for buyers to mull over with each potential offer, being aware of pending mortgage rate increases is once again in fashion.