Real Estate Report presented by Neal Hribar

November 2017 Report

Single Family Homes in Central San Diego, All Cities, All Neighborhoods Change >


Median Price
$681,000
+4.8%
Average Price
$1,005,680
+5.0%
No. Sold
411
-3.7%
Pending Properties
561
-5.2%
Active
813
-6.4%
Sale/List Price Ratio
98.2%
-0.1%
Days on Market
37
+11.5%
Days of Inventory
59
+0.5%

Market Barometer

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Market Commentary

Prices Stabilize

HINT:

Click or tap on the tables above to get year-over-year statistics.

Sales Statistics

After reaching an all-time record high in July at $610,000, the median price for single-family, re-sale homes in San Diego County drifted down to $600,000 in September, then stayed there in October.

Nevertheless, the median price was up 5.4% year-over-year. That’s sixty-five months in a row the median price has been higher than the year before.

The median price for condominiums dipped 0.2% in October from the month before. The median price was up 6.0% year-over-year, again, that’s sixty-five months in a row it has been higher than the year before.

Home sales, meanwhile, were down 6.5% from last October. Year-to-date, home sales are off 5.2%. Condo sales were down 6.2% but are up 1.8% year-to-date.

Homes are selling quickly, taking only thirty-seven days from coming onto the market to when they go under contract. The average since January 2001 is fifty-seven days. Condos are selling in thirty days, whereas the average is fifty-five days.

The sales price to listing price ratio continues to tease the 100% level: 98.2%. The ratio for condos is 99.0%.

Inventory continues to be abysmal. It is less than a quarter the average since 2001. As of the 10th of October, there were 3,464 homes for sale. We average 8,515!

This is reflected in our Days of Inventory statistic which is fifty-three. The average is one-hundred and forty-four.

If you would like to know what’s going on in your neighborhood, click on Recent Sales & Listings.

Scam Alert!

How home buyers are getting robbed of their down payments

A hot new scam targets home buyers: down payment wire fraud.

Hackers send bogus emails, telling buyers where to wire the down payment money. The stolen money disappears. The home buyer ends up with an empty bank account and a broken heart.

Hundreds of millions of dollars have been stolen this way. But you can avoid that fate by making one phone call. It’s that simple.

How the scam happens

Stacy Hennessey, a real-estate agent in Falls Church, Virginia, was targeted with this scam, but she didn’t fall for it. If you follow her example, you won’t get defrauded, either.

Hennessey was buying a house in Maryland. About a week before the scheduled closing, she received an email that appeared to be from her real-estate agent. The email told her that the instructions for wiring the down payment had changed, and it gave her an account number to which she should send $30,000.

Hennessey was suspicious for three reasons:

“They were asking me to wire an incorrect down payment amount, lower than it should have been,” she says. “Why would I wire a partial deposit?”

“And why would I be doing it now, several days before closing?” Usually, the down payment money is wired the day before closing.

The sender’s email address was almost, but not quite, her agent’s email address.

How to stop the scammers

Hennessey prevented crooks from stealing her $30,000 by making one call to her real-estate agent.

“I said, ‘Hey, did you send me this telling me to wire money?’ And they said, ‘No.’ And I said, ‘Your computer’s been hacked because they know that I’m a buyer, closing soon.’”

Had Hennessey followed the scammer’s instructions, she almost certainly would have lost the money. At the time, she didn’t even know whom she should have called if she had fallen for the scam.

To read the full story, go to this link: http://tinyurl.com/yc78fys8

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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