27 Apr Report: San Diego homes for sale rank #4 for fastest sales pace in the U.S.
Homes for sale in San Diego are among the fastest selling in the nation.
That’s according to the results of a recent Trulia study, which found only one-third of homes for sale in San Diego listed during the month of February remained on the market in April — the fourth-fastest home selling pace in the nation. The sales activity is so intense that San Diego is among the hottest sellers’ markets in the country — and is showing no signs of slowing down anytime soon.
The pace of home sales in San Diego has increased from the same time one year ago, when 44 percent of the homes listed remained on the market and San Diego real estate analysts predict a busier spring and summer.
Trulia reported slightly higher median asking prices on homes in the county. It found the median asking price in April for San Diego homes for sale was $549,990, up 7 percent from one year ago. Trulia’s figures do not account for the number of days a property is on the market. CoreLogic Real Estate Tracker found the county’s median sales price increased 6.8 percent from $440,000 to $456,000 in March, the latest month figures were available.
Those figures set a two-year record, with sales rising 35 percent in March, CoreLogic found.
Real estate experts point to the area’s growth of high paying tech jobs as part of the reason why San Diego real estate is in such a selling frenzy. A large portion of the sales activity is occurring in the low-to-mid price ranges, capping out at $675,000. Despite that, San Diego’s housing inventory remains high. The supply of real estate in San Diego is around two to three months, which is about half of what analysts consider a healthy real estate market.
That may change soon, though, with more homes on the market due to homeowners having more equity and less restrictive credit requirements, which could allow more people to buy homes than in the past. San Francisco, San Jose and Oakland, respectively, rounded out the top three fastest-selling areas in the country. Nationally, 60 percent of homes listed for sale in February remained on the market in April.