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Demeber 2018 San Diego Real Estate Market Update
December 9, 2018 | Bobby Martins
"Hello, everyone. Bobby Martins of Martins Realty Group, Brokered by EXP Realty here in San Diego, California. I've been selling real estate since 2002 and I'm in the top 1% of agents in the country. I'm super excited to give you a quick market update on what's happening in the real estate market. It's a little confusing out there, because people see, "Hey, the sale's figures are down," which they are. But what people don't understand is we don't have very much inventory, so people aren't selling their homes like they used to because their rate is so low. A lot of people when they're moving, they're keeping their property instead of selling it. We're not seeing quite as much inventory, but what we are seeing are some good deals out there, because people are not buying like they were. They kind of stalled a little bit.
But I will show you here in this chart that that's what people have been doing at the end of the last year for the last few years. Look at this chart here. In June, it was at 475. This is the median price. Then it started to kind of go down October, November, December, and then the spring took off. Look, the sales went nuts. Then, oh, October hits, goes down, okay? Then back up again. All right. Then again. Look at this, we got July. This year, actually last year, excuse me, the summer months were pretty slow and then everything kind of took off again in the spring, okay? Look at all these numbers here. I mean, these charts don't lie. They're very good to look at and this is ... Look at the average. The average price has gone up 32%, which is pretty crazy. That means that a lot of higher priced homes sold last month and so that's bringing up the numbers. That's not a very accurate thing to look at.
But nevertheless, the market is still in good shape. I want to show you this little thing real quick here. Basically, these are active and pendings. This is detached, attached, row homes, townhomes, and twin homes. There's 10,337 homes on the market right now and you'll be surprised to know that 3,040 are pending. What that means is we have a little bit over a three month supply of homes on the market. That is definitely still a seller's market, but as a seller, if you're thinking about selling you got to make sure you're pricing your property competitively compared to others like it in the marketplace. If you price it too high, it will sit and it will not get offers and/or showings. You got to be really, really careful on the price and make sure you have a professional real estate agent helping you with pricing it and then obviously with the marketing of it as well.
That'll go a long way to making sure the property sells. Now, one thing I wanted to show you guys was this here as well. What's interesting is what type of homes are selling. This is pending sales by price range and red is 2017. In blue, it is 2018. If you notice here, and hopefully you can see it on your screen, this is 250,000 and below. We're down 36% for sales. 250 to 500,000, we're down 18%, okay? Do you think that there's a lack of buyers out there under 500,000, or a lack of listings under 500,000? I can tell you for certain, there's not a lack of under $500,000 out there. There's a million of them and they would love to buy, but there's no inventory in that price range. Hence, why we are having a down year for sales figures, which do nothing for clients. It all has to do with realtors. Realtors want high volume of sales figures out there so that way we can sell more homes.
We're the ones kind of suffering right now. Prices are still going up, but it is still considered a hot market if we only have a three month supply of homes on the market. Here we got closed sales. Now, what's interesting. Look at this, a million 250, up 10%. That's crazy. That's awesome. I like to see that. Million to a million 250, up 3%, 3.7. 750 to a million up 4.5, but again, we're down because we just don't have the inventory in the lower price points. That's what we're really hurting on with that. Now as far as the median sales price, here we got ... This is for a breakdown by square footage. If you notice, everything is positive, okay? The market ... Prices are still going up, but the sales figures are down, okay? Then this is percent of original list price received. By the way, if anybody wants a copy of this, you can go to Martins Realty Group on Facebook and we will post it to our wall there so that way you guys can take a look at this and see it in detail.
But I mean, you look at this. I mean, things are still fairly selling close to list price. I mean, this isn't bad, 97, 98, 98, 98. When you get to a million 250 and above, that's when it starts getting a little lower. That's something to look at. Days on market until a sale, again, I mean this is not bad. 28 days on the market for an average is definitely not bad, okay? Inventory of homes for sale, we are seeing more inventories on the market, but we ... Which is desperately needed. I mean, we had only 4,000 homes on the market in the spring of 2018, comparatively speaking to 2010, we had about 20,000 homes on the market in the spring. Definitely a big difference. I expect there to be probably anywhere from six to 8,000 homes on the market this coming spring. I expect sales to be up this spring. Month of supply. Look at this, 2.7. I mean, that's really not bad. It is up 42% from 1.9, but 1.9 was just ridiculous.
I mean, homes were selling so fast and so now it's more of a level playing field. Contingent offers are being accepted. It's more of a normal market, but it's still a hot market. If you're considering buying or selling, it's definitely still a good time to do it. Rates actually have recently gone down this last week, so it's a good time to get out there and start looking. That is it for today. If you need any personalized service, we would love to help you. My number's 858-204-7259. That's my direct cell. Again, 858-204-7259. We'd love to offer you a planning session. For sellers, we always sit down with you and help you price the property, show you our marketing strategy.
For our buyers, we do a planning session with you that will basically walk you through everything that we do and we'll show you how we're going to find you the great properties out there that are off market, on the market. When we find it, we're going to show you how we get it. We have a 90% success ratio on getting our offers accepted. We have a special technique that we use on all of our offers that really separate you from the rest. If you'd like to hear more about that, please reach out, 858-204-7259. Make it an awesome November, or excuse me, December. These stats are all for October and the reason for that is it's always a month lag time, so next month I will have November stats. Alrighty, thanks guys. Have a great day. Bye-bye now."