Point Loma & Ocean Beach Market Update

June 2014 Update: 

 

Housing Inventory Hits A Two Year High and Home Sales Fall

We are beginning to see what could be the signs of the San Diego Real estate market shifting on both a county level and within the Point Loma and Ocean Beach Communities. First, we are going to share the data on San Diego County, which is directly from a report issued by the San Diego Association of Realtors this month.

The housing prices and inventory increased in May, while sales of previously owned homes in San Diego County retreated, according to new housing statistics from the Greater San Diego Association of REALTORS® (SDAR).

The number of active listings in San Diego County on the Multiple Listing Service (MLS) surpassed 7,000 for the first time in two years, but homes are selling faster than last year. Resale homes are only spending an average of 40 days on the market vs last year’s average of 73 days.

The median price of single-family resale homes reached the $500,000 mark in May, an increase of nearly 2 percent from April and a new high; the last time the median price was $500,000 was in November 2007. Condo and townhome prices edged up slightly to $335,000. Single-family detached homes saw a drop in sales of 14 percent in May from the previous month, while attached homes (condos and townhomes) fell by 26 percent.

"The market will experience month-to-month variances, but the housing market in San Diego remains strong," said SDAR 2014 President Leslie Kilpatrick. "More homes are on the market and buyers are scooping them up quickly. That's an encouraging sign." SDAR's housing statistics are compiled monthly from the Multiple Listing Service (MLS).

Point Loma and Ocean Beach: In Point Loma, not only are we seeing inventory levels increasing and the number of sales decreasing, we are also seeing a decrease in home prices. Year to date, the median sales price in Point Loma is down .5% from $785,000 to $781,000. While this is not a significant drop, it is significant when compared against the San Diego market, which is up 18.6%.

The number of homes on the market is up by 21% (200 year to date), but sales are down by 17.9%. The “Months of Inventory” has also doubled since earlier this year and is now at nearly 4 months inventory. The “months of inventory” calculation is the amount of time it would take to sell all current listings at the current sales pace if no new listings became available. Under 5 months of inventory is considered a “seller’s market”, it is important to note that it has doubled since early this year when it was averaging two months.

The Ocean Beach market is not experiencing the same affect. Month over month, in May we saw the number of new listings down, along with pending and closed sales. Year over year, new listings are up 9.1%, pending sales for May were up 6.1%, closed sales for the year are up 28%, and most importantly, prices are up 11.8%.

The months of inventory for May decreased to just 2.7 months. This was a result of both sales and the number of new listings decreasing. On a micro level, here is the information on each neighborhood within Point Loma and Ocean Beach.

If you would like a detailed report of these sales, you can visit www.PeninsulaUpdate.com or call 1-800-691-9384 ID# 1041 for a free, recorded message. [Insert local market update from excel spreadsheet] Would you like a free market evaluation to determine what your home would sell for? We can also give you tips on what to do and what not to do to sell your home for the most amount of money, and can go over all the various closing costs you will incur so you will know exactly what you will have left in your pocket after all expenses. It's FREE of charge and obligates you to nothing. Contact us at 619-500-3222 to set up your free consultation. (At end create an ad similar to this that catches attention)

 

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