In recent weeks, a wealth of local and national real estate market performance data has been released. The data shows some interesting findings and also highlights a number of noteworthy sales in the Del Mar and La Jolla real estate markets.
Home sales have increased this year
The number of home sales last month in San Diego County totaled 2,370, which was higher than January of last year, according to an article by Mirna Alfonso. The Times of San Diego reported that the most expensive listing to sell in San Diego County was a 1,660 square foot coastal home in the Del Mar real estate market, which was purchased for $13 million. Another significant finding was reported by The San Diego Union-Tribune, which found that the five highest priced homes sold in the county last year all belonged to the La Jolla real estate market.
KPBS reported that San Diego County saw lower sales in January than December, but this is being attributed to a sharp uptick in sales at the end of last year. Single-family home sales were 8 percent higher this January than they were last and the condo market also saw a 9 percent sales increase.
Single-family home prices and values increased
In 2015, home prices across America increased by an average of 5.4 percent. The Times of San Diego reported that home prices in San Diego rose 7.2 percent, which was nearly two percentage points higher than the national average. CoreLogic data shows that median home prices in San Diego County increased from $433,000 in January of 2015 to $462,750 in January of 2016. According to The San Diego Union-Tribune, home prices in every market except for Washington D.C. are rising faster than the core rate of inflation.
Property values are also climbing. In San Diego County, property values rose by $23 billion last year. Per The San Diego Union-Tribune, this marks the fifth year in a row that this figure increased.
Real estate inventory decreased
Real estate inventory is also making headlines. The San Diego Union-Tribune reported that last year San Diego County saw the biggest drop in homes listed for sale in the nation. From January of 2015 to January of 2016, the county experienced a 30.2 percent decline in housing inventory for existing single-family homes, new construction and condos, which reduced available inventory from 8,051 to 5,617 listings. A study of 34 metro areas across the nation found that the San Diego real estate market ranks sixth on the list of markets with the least available inventory.