Hey everyone I’m sure if you’re like most people you’re wondering about the Real Estate Market in 2019 right here in San Diego County. Even more importantly how the market conditions may affect you.
I thought it would be great to recap what happened and make comparisons to the previous year, 2018.
Let’s start with University City. We had 124 homes that were sold in 2019 and 143 in 2018. The average days on market in was 21 down by just one day from 2018 (20 days). Average selling price was $963,000 which is up by $28,000 from 2018 as the average selling price was $935,000.
Let’s look at Clairemont. In 2019 there were 398 homes that sold in Clairemont and 409 sold in 2018, this is 3% decrease in the number of homes selling in Clairemont. The average days on market was 16 which was down by 6 days from 2018. The average selling price was $764,000 in 2019 and $734,000 in 2018 so we saw an average sales price increase of $30,000 from 2018 which is roughly a 4% increase.
Lastly let’s take a look at homes selling in La Jolla. In 2019 there were 284 homes that sold in La Jolla which a 18% decrease from 2018 where 349 homes were sold. Average days on market was 43 which is a decrease of 18 days in comparison to 2018, and the average selling price was $2,468,000 in 2019 and $2,690,000 in 2018 which is a decrease of $222,000.
Let’s do a quick recap. University City’s home prices increased from 2018 to 2019 by only 3% percent.
We had an increase of 4% in Clairemont and decrease in home prices in La Jolla of 9%. Here’s what we need to look at, and what is interesting. The inventory is significantly lower in all cities. Typically when we see the number of homes selling decreasing, that means that this could be a sign that the housing market here in our local University City, Clairemont and La Jolla is slowing down.
This does not mean we need to panic. We had many years where home prices were going up at staggering prices, quite frankly at alarming increases. It means that we need to understand that the market climate is changing.
Adjustments may need to be made, expectations may need to be more realistic, and lastly if you are selling want to consider doing more to your home to get in ready to sell so that you’ll attract more buyers. It also means that it’s now more important than ever to hire a Realtor who knows how to properly market your home and expose it to as many potential buyers as possible.
And as you know, I’m here to do that better than anyone else. I’m here to take care of all of your home selling and buying needs. Please reach out to me for anything community or real estate related.
I’m Cristobal Jimenez. Revolutionizing Real Estate!
Real Estate Questions? #CallCristobal now!