If you sold a home in San Diego County last year, there’s a high statistical probability it sold for under asking price.
In 2019, 22.6 percent of homes sold for more than sellers were asking — a smaller amount than the hot post-recession San Diego market is used to.
In 2018, 25.1 percent sold above asking; 29.8 percent in 2017; 26.8 percent in 2016.
Zillow economist Jeff Tucker said the numbers are a reflection of a sluggish housing market in the start of 2019. He said there were still comparably higher mortgage interest rates at the start of the year and buyers were less likely to make a sale happen.
Breaking down the Zillow data further, San Diego County had 7.5 percent of homes in 2019 sell for asking price, and 68.9 percent sell for under.
Lower-cost markets were most likely to experience bidding wars. Spring Valley had the most homes to sell above list price at 35.1 percent. It was followed by 33.2 percent in Chula Vista and National City at 33 percent.
Carlsbad was least likely to face intense competition with 15.8 percent selling above asking.
Nationally, the best place to see home prices go above asking was San Francisco where 48.6 percent exceeded listing prices. It was followed by San Jose at 38.8 percent and Boston at 34.7 percent.
read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-02-07/fewer-san-diego-homes-sold-for-above-asking-price-in-19
Dwindling home inventory and low mortgage interest rates have led to large price increases across Southern California
San Diego County’s median home price hit an all-time high of $594,455, pushed up by declining inventory and dropping interest rates.
Like much of Southern California, the county has seen sales increase as mortgage interest rates started dropping in the spring and competition heated up. The previous high in the county was $590,000 in June, according to CoreLogic data provided by DQNews.
The median home price has increased 5.2 percent in a year, a turnaround from a few months ago when prices were down year-over-year by 1 percent. With 3,180 closed transactions in November, sales were up 8.6 percent from the same time last year when interest rates were much higher.
read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2019-12-19/san-diego-median-home-price-hits-all-time-high-of-594k
Home sales in San Diego County jumped 14.7 percent in September from the same time last year, which analysts largely attribute to a drop in mortgage rates.
There were 3,393 sales in September, said CoreLogic data provided by DQNews, up from 2,959 in September 2018.
At the same time, home prices dipped slightly. The median home price was $570,000 in September, down from $575,000 at the same time last year. It marks the second consecutive month of declining prices.
The median home price includes several home types. Here is how they fared in September:
- Resale single-family: Median of $615,000, down from the peak of $649,500 reached in June. There were 2,216 sales, up 16.4 percent from the same time last year.
- Resale condo: Median of $423,000, down from a peak of $440,000 in August. There were 991 sales, up 12.7 percent from September 2018.
- Newly built: Median of $622,750, down from a median of $812,500 in October 2018. There were 290 sales, up 9 percent from the same time last year.
read more: https://www.sandiegouniontribune.com/business/real-estate/story/2019-10-30/san-diego-county-median-home-price