What's in store for the 2017 Real Estate Market???
First we need to look back at what happened in 2016. 2016’s story was a story of consistent growth. We saw month over month increase in prices for 11 out of 12 months, and nationwide we saw this trend for 10 out of 12 months. The year-over-year comparison shows that the number of homes for sale has been fewer in most communities throughout San Diego, and the average Days on Market has decreased over 18%.
What does this tell us about the upcoming 2017 year?
It tells us that we are going to see a strong, stable, and constantly growing market.
We will continue to see a trend of low inventory which in turn will continue to drive prices up. We will continue to see buyers enter the market due to high rental prices and still historically low interest rates. Also, we will continue to see consumer confidence in our market here in San Diego due to population and job growth, simply because San Diego is awesome!
To back all this up here are the stats:
In December Sales increased 19.1% YoY, Inventory decreased 14.3% YoY, and the Median Sales Price was up 5.6% to $561,250 for Detached homes and 8.8 percent to $370,000 for Attached homes. This all shows us that we are heading into 2017 with a strong market behind us!
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