February 7, 2017
The San Diego Market Index Report for February 2017 was just released this morning. Overall since 12 months ago, North County's median sales price increased 8.8%. In Encinitas alone the average sales price is now $712,017, up 9.9% from this time last year.
One thing that's slowing the buyer activity is the "months supply of inventory." If all buyers were to buy continuously we would run out of inventory in 1.6 months. A balanced market is 6 months supply. So the sellers are having a good time but where are they all? One set of speculation is that except for those that have to move, many don't want to move for fear of not having somewhere else to move to. I've been working with a handful of buyers in the $700 to $1.0m range and we're finding things that are suitable and obtainable.
Listings in North County are receiving 97.5% of their adjusted asking price which might indicate there are a few overpriced listings that the buyers aren't willing to pay full price for. Average days on market is 36 which is a bit surprising from my view here on "the street." Anything that's in decent condition and priced right has been moving within 5 to 10 days and usually with multiple offers. Interest rates are holding fairly steady around 4% but are certainly expected to rise throughout the year.
For more information about the market or options for selling or buying a home, contact me with no obligation. Mickey@MickeySellsHomes.com or 760.505.5554 text or phone.
If you want to download the North County Market Index Report click the link below: