Realtor.com has ranked San Diego as the fifth “hottest” real estate market in the United States for the month of December. Additionally, the site has reported that San Diego homes and properties sold in a median time of only 53 days whereas, nationally, the median time was 88 days. Jonathan Smoke, Realtor.com’s chief economist, said “since the election, demand seems to have intensified, possibly in reaction to a jump in mortgage rates.” It’s nice to know we ended out the year at the top of our game. Now, what about next year…
According to the San Diego Union-Tribune, there will be 3,000 new apartment units made available to the public in San Diego County in 2017. This will be a 55% increase from 2016, which only yielded less than 1,400 new units. A lot of construction has been approved downtown so that more than 2,000 of those 3,000 new units will be in downtown SD. Hopefully, the new apartments may cause a slight slowing to the rate of rent increase in San Diego County.
I hope you all had a happy New Year. 2017 is here and we have to get back to the grind.
Check out the original articles for a more detailed update: