The San Diego Association of Realtors
March 2014 Monthly Indicators
Highlights from the SDAR Report Include
- New Listings increased 2.6 percent to 4,476.
- Pending Sales were down 3.3 percent to 3,449.
- Inventory shrank 12.2 percent to 7,753 units.
- The Median Sales Price increased 13.9 percent to $427,250.
- Days on Market was down 16.7 percent to 50 days.
- Absorption Rates improved as Months Supply of Inventory was down 10.7 percent to 2.5 months.
The increased inventory will be a welcome sign for home buyers. Inventory levels are still suffering the effects from a very slow first quarter 2014. We are still seeing areas with multiple bids, while other neighborhoods are still struggling to find the right buyer. Agents and sellers are starting to get a better handle on their pricing strategies as Days on Market dropped nearly 17% to 50 days. Look for sporadic spikes in neighborhood inventorties as neighbors rush to get a jump on their neighbors when listing their homes.