Finding adequate supply is still an issue in most markets, as demand continues to overwhelm the current stock of homes for sale. There are signs of improvement in new construction. Some builders sense that the extended trend of low inventory equates to opportunity and profit. For the 12-month period spanning June 2016 through May 2017, Pending Sales in San Diego County were up 1.1 percent overall. The price range with the largest gain in sales was the $1,000,001 to $1,250,000 range, where they increased 18.4 percent.
The overall Median Sales Price was up 7.4 percent to $510,000. The property type with the largest price gain was the Condos – Townhomes segment, where prices increased 8.3 percent to $380,000. The price range that tended to sell the quickest was the $250,001 to $500,000 range at 27 days; the price range that tended to sell the slowest was the $1,250,001 and Above range at 60 days.
Market-wide, inventory levels were down 25.2 percent. The property type that lost the least inventory was the Single-Family Homes segment, where it decreased 24.7 percent. That amounts to 2.0 months supply for Single-Family Homes and 1.3 months supply for Condos – Townhomes.