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March 2022 Home Prices in San Diego County
The San Diego Association of Realtors March Report shows the median home price in San Diego County was up 20.4% over the previous year at $975,000 for detached, single-family homes. Condos were up 25.4% over the previous year at $646,065.
March 2022 Days on Market Until Sale in San Diego County
Days on the market until sale for March 2022 continued at low levels. It was 19 days on the market for single-family detached homes, down from 20 days in March 2021, and 31 Days in March 2020. For condos and duplexes, it was 16 days in March 2022 vs. 24 days in March 2021, and 27 days in March 2020.
Mortgage Rate Expectations for January in San Diego
According to data from Freddie Mac released on April 7th, the 30 years fixed-rate mortgage stood at 4.72% (up from below 3% in November 2021, and from 3.45% in January 2022). This is driven by higher-than-expected inflation rates which have caused the Fed to start raising rates.
The Consumer Price Index (CPI) is at a 40-year high. The Fed will likely have to take a more aggressive stance in raising rates. We may seem some 0.5% increases instead of the expected 0.25% increase, with several more increases expected this year.
For Home Sellers in San Diego
With fewer homes available and the number of buyers at an all-time high, there has never been a better time to consider selling your house.
If you would like to get a free valuation of your home call me at 619-417-0774 or email me.
Note: Charts are courtesy of the San Diego Assoc. of Realtors and Freddie Mac
