The 2016 San Diego 2-4 Units 2nd Quarter Report (Apr 1 – Jun 30, 2016) consists of the following data/charts.
Second Quarter 2016 VS First QUARTER 2016 PRICES
It is evident that as a category, the prices of 2-4 units have dropped in the 2nd quarter compared to the 1st. This is an interesting statistic considering the 2nd quarter has been strong for the past several years.
YTD 2015 VS. YTD 2016 AVERAGE AND MEDIAN SALES PRICE
Although prices have dropped from the first quarter to the second, the growth has still been fairly robust when comparing the YTD prices from last year to this year with 8.93% (median) and 7.81% (average) growth.
Q2 2016 VS. Q1 2016 DAYS ON MARKET (DOM)
It’s a positive sign for the market that properties continue to sell quickly. The DOM reduction from the first quarter to the second quarter is considerable as a percentage with 14% (median) and 12% (average) reduction in days.
2015 YTD DOM VS 2016 YTD DOM
Another positive sign is the YTD reduction in DOM which indicate that 2-4 unit properties continue to sell faster this year than last year.
CONCLUSION
It’s too soon to draw any concrete conclusions about the future direction of the market, but it’s worth noting that this quarter exhibited signs in the market which may indicate a bit of cooling. The combination of less YTD total transactions combined with lowering prices may imply a reduction of market demand. The one positive statistic this quarter is a reduction in DOM from last quarter which indicates that properties continue to sell quickly. Overall, the market is still comparatively strong and it will be interesting to see what next quarter’s data will reveal.
For further discussion or help with your next 2-4 unit purchase or sale, please don’t hesitate to call!
Call Lawrence at (858) 449-1253 or email Lawrence@DuplexSanDiego.com
