San Diego Market Shows Signs of Recovery, According to Carrington Real Estate Services May Housing Report
Carrington Real Estate Services, LLC, a national residential real estate brokerage with offices in San Diego, today announced May market trends for the city, analyzing key metrics including median home price, total inventory and average days on market for single family residences.
According to San Diego housing market data prepared for Carrington by Altos Research, some trends hinted at recovery within the city’s real estate market. Median home prices remained well above what was reported for the same time last year and days on the market continued to decrease. The number of homes for sale – though up from earlier this year – remained significantly below the level of inventory reported for this time last year.
As of May 17, the median price for a home in San Diego was $617,108, down 2 percent from the median price of $627,254 recorded 90 days earlier, but up 68 percent from the median price of $367,119 recorded one year prior.
Total inventory for sale in San Diego was 964 homes, up 29 percent from the 746 homes recorded 90 days earlier, though 63 percent below the 2,636 homes recorded one year prior.
The average number of days on the market in San Diego was 89, down 27 percent from an average 122 days as recorded 90 days before and 30 percent below the 128-day average from one year ago.
“Though home prices in some areas of San Diego have dipped slightly since the beginning of this year, the median price remains much higher than it was one year ago,” noted Carrington Real Estate Services Local Office Leader Jason Lopez. “Homes in this area are selling much faster than they were earlier this year and inventory has dropped significantly from one year ago. For homeowners who have been waiting to sell, these are indicators that it might be a good time to consider testing the market.”
Providing Local Knowledge on a National Scale
Carrington Real Estate Services has a presence in many of the nation’s key markets and currently has 35 offices across the U.S. The company is licensed to operate in 26 states and plans to continue its expansion in a controlled, strategic manner, remaining focused on providing superior client service to a diverse customer base – from institutional investors and financial institutions to individuals looking to buy their first home – through agents who are highly attuned to local market dynamics.
About Carrington Real Estate Services
Carrington Real Estate Services, LLC is a full service real estate brokerage that uses its network of licensed real estate agents to manage the sale or purchase of residential properties. Carrington Real Estate Services works with sellers and buyers of both traditional and distressed residential properties to manage the contract negotiation, sale and escrow processes.