San Diego’s single-family home market ranks as the sixth-hottest in the nation, down one place from January, amid an early start to the national home-buying season.
Realtor.com reported the median time on the market for a home listed for sale in San Diego as 38 days in February, down 32 percent from January.
The website, run by the National Association of Realtors, said the nation’s hottest home market was that of Vallejo-Fairfield, where February’s median was 33 days.
Seven of the 10 “hottest” markets were in California; most were in northern California. The Los Angeles area came in 20th.
Realtor.com said the U.S. home market will likely set records in February for the highest listing prices and the shortest average time on the market since the recession.
“The spring buying season is off to a booming start,” the association’s chief economist, Jonathan Smoke, said in a news release. “Not only is the season starting a month early, February is also expected to see the fastest-moving inventory in a decade, as well as the highest home prices the month has ever seen.”
“Homebuyers take note,” he added, “this year is shaping up to be even more of a seller’s market than last year.
Earlier this month, Irvine-based real estate information company CoreLogic predicted San Diego home prices would jump 10.3 percent by December, as compared with one year earlier. That would represent substantial acceleration from 2016, when the company said local home prices rose 6 percent.
By comparison, CoreLogic forecast a 12 percent year-over-year price jump in San Francisco, and a 7.1 percent increase in Los Angeles.
The Greater San Diego Association of Realtors has pegged January’s median resale price of a single-family home in the area at $559,500, 6 percent greater than one year before.