The 2014 San Diego Duplex-Triplex-Fourplex 1st Quarter Report (January 1-March 31, 2013) consists of the following data/charts. Also included is a a comparison of 2014 vs 2013 stats of Duplexes, Triplexes, and Fourplexes sold in San Diego County.
FIRST QUARTER 2014 VS FOURTH QUARTER 2013
Similar to the 4th quarter of 2013, we see a mixture of increases and decreases in median/average value for San Diego duplexes, triplexes, and fourplexes. Looking closer at median prices, which is typically the best indicator of market activity, we see another quarter of moderate gains and losses in property value.
YTD 2013 VS. YTD 2014 TOTAL AVERAGE AND MEDIAN SALES PRICE
Looking at this quarter’s prices versus last year reveals what a staggering year we’ve had in price increases.
Q4 2013 VS. Q1 2014 DAYS ON MARKET (DOM)
This data shows another mixed bag of results, showing sizable increases and decreases in median days on market.
TOTAL 2012 VS. 2013 DOM
Overall, the days on market reveal a substantial decrease this year versus last yr which is expected. The only outlier is the median fourplex days on market.
Interestingly, the amount of transactions for all categories have dropped dramatically. We see this decrease in both charts.
Trying to interpret this data and forecast the direction of the 2-4 unit market can be challenging. While the quarterly results last year provided a clear upward trend for duplexes, triplexes, and fourplexes, this quarter shows a mixture of increases and decreases. Fourplexes, for instance, show they are selling less and taking longer to sell, however, they are the only category showing a modest increase in value (median price) this past quarter.
Quarter 1 of 2014 showed us a mixed bag of data. So what does this say about the state of the San Diego duplex, triplex, fourplex market? It’s challenging to make overarching statements, but when we pair this quarter’s data with this quarter, it appears that this may be a cooling period for the 2-4 unit market. How long the market will continue to behave like this is yet to be seen.
From our experience as brokers working in the market, good properties still continue to sell very fast and with multiple offers. Often they are still sold near or over list price. Based on this, we don’t see a dramatic change for Quarter 2 of 2014.
For buyers, we’re still seeing great buys on the market. For sellers in the market, it’s important as always that you make the right strategic decisions to sell for top dollar. For further discussion of market activity or help with the purchase or sale of your property, please don’t hesitate to get in touch. Thanks!Information gathered from Sandicor. As always, please note our disclaimer.
Dycor Realty, Inc.
11440 W. Bernardo Court, #300
San Diego, CA 92127
DRE Lic# 01749497
Cell: (858) 449-1253
Fax: (858) 451-2588