MARKET BEHAVES AS PREDICTED AS WE ENTER THE FINAL MONTH OF 2016!!!
As we head into the final month to wrap up 2016, not much has changed since the year began: Low interest rates and a small increase in prices month over month.
Market predictions have been spot on! The market has kept a comfortable growing pace thanks to continuing high job growth and low mortgage rates.
The one big drag on the market has been low inventory levels, unfortunately there is little to indicate that the low inventory situation will resolve anytime soon; some might say this is a good thing because it will keep us in this same pattern, however, I think with more inventory, we could see prices flatten out and finally see a flat consistent market.
Here are some stats for what we saw last month:
Pending Sales increased 9.6% for Detached homes and 8.0% for Attached homes. Inventory decreased 12.7% for Detached homes and 29.7% for Attached homes. The Median Sales Price was up 11.5% to $580,000 for Detached homes and 8.7% to $380,500 for Attached homes. Days on Market decreased 14.6% for Detached homes and 13.9%for Attached homes.
With all these positive stats, builder confidence is higher than it has been a long time, yet new development is low because of the cost to build in San Diego is so high. I believe in 2017 we will see a lot more new construction hit the market which will help us get to more sustainable inventory level. However we will have to wait and see what 2017 brings us! Stay tuned next month for our 2017 predictions.
Having been raised in San Diego, Joseph has a great wealth of knowledge of each community San Diego has to offer. Combined with being extremely hard working, having a great attention to detail, and having the ability to listen Josephs clients receive an elite level of service.
Who Said the Market Slows Down During the Holidays???With the holidays
"I can't fit all I have to say about our experience working with Joseph on here, so I'll keep it short and simple. My Girlfriend and I had been wanting to buy a home for a while and we finally had that opportunity this month. He was absolutely the coolest and most professional agent I have ever talked to. He was patient, kind, understanding and made us feel comfortable throughout our whole adventure. Because of this, my girlfriend and I closed on our very first home on February 8th 2016. I highly recommend his services to you, your friends and your family members. I will from this point forward continue to use him for future real estate transactions. Thank you from the bottom of our hearts for everything you did for us.