Summer Market Report
As we head into July and Q4 we are halfway through the year! As the summer heats up, what does this mean for the San Diego housing market? I am here to give you your Summer Market Report first! This report is done with data from active and pending listings, not just closed sales. What I love about my Altos market report is that it gives you day-by-day reports as to what the market is doing in real-time!
This week, as of Tuesday, July 9th the median list price for San Diego, CA is $925,000 with the market action index hovering around 51. This is less than last month’s market action index of 52. Inventory has held steady at or around 1148. Click here to stay informed with the San Diego market!
The Market Action Index answers the question “How’s the Market”? by measuring the current rate of sale versus the amount of the inventory. An index above 30 implies a Seller’s Market conditions. Below 30 conditions favor the buyer. Each segment in the graph below represents approximately 25% of the market ordered by price.
The market has started cooling and prices have recently plateaued. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
The graph below represents the median home listing prices over three years from January 2017 to May 2019. The dotted line represents an average of 7 days and the solid line represents an average of 90 days
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator of the durability of this trend.
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