What is happening with real estate in San Diego in August of 2019? Kyle breaks down the major stats that are important to know where the market is GOING, not where it has BEEN.
New Listings: Down 7.7%
Homes Going Pending: Up 14.9%
Homes For Sale: -9.2%
Kyle explains what these numbers mean to YOU if you are buying or selling a home in San Diego.
Hey guys, it’s Kyle with Whissel Realty Group, and in today’s video, I want to give you the inside scoop on what’s happening in the real estate market in San Diego County in August of 2019. As always, I don’t want to give you the same stats that the typical media gives you, which are things like how many homes have sold, what’s the average price, things along those lines because those stats they’re giving you are delayed stats. What closed in July went into escrow probably in June, possibly even May.
So the numbers that the media is giving you today, is two, three, sometimes four months delayed from what’s happening today.
The reason you guys watch these videos is to find out what’s happening today in the market, so that when you’re thinking about, should I buy, should I sell, you have the info where we’re heading. So, I like to look at the leading indicators. These lead me to believe what’s going to go on in the market as we head into the third and fourth quarter here in San Diego.
- First and foremost, the number I like to look at is the number of new listing that are coming onto the market, the number of people that are putting their homes up for sale. That’s down about 8% percent from the same time a year ago.
- On the flip side of things, I like to look at how many homes have gone into escrow, or off the market if you prefer. That number is up 15%, so you have fewer homes coming on the market, more homes going off the market.
- What is that doing? It’s naturally decreasing the supply of homes for sale, that’s down about 9%.
So when you listen to what the typical media is reporting, they’re going tell you that home values are flat in San Diego. And if you look at what happened a few months ago, it was, but if we look at where we’re going to be headed, we’re headed in a very, very positive direction for the market.
A lot of that’s also being driven by mortgage interest rates which are the lowest they’ve been in two or three years, affordability is the highest it’s been in a long time, we’re seeing rates right now down in the mid-three, sometimes even the low-threes right now. So all of that, what it’s doing, is bringing a lot of buyers to the table, they’re buying up that inventory. As inventory goes down, that shoots prices up. So, while the media is telling you it’s flat, I personally believe you’re going to see a big uptick in the market. Right now, as we head into the fourth quarter, I think you’re going to see something in the neighborhood of 1% per month. We’re seeing multiple offers on a lot of listing right now.
So what does this mean to you?
If you’re thinking about buying a home: it’s not too late. We are not topped out on price. There’s a lot of room to go, especially with the interest rates as low as they are. People in the fourth quarter, we’re seeing interest rates of five percent, you’re seeing rates in the threes right now. So if you’re waiting for rates to come down, now is the time, jump in there, buy that home, get that super-low rate, lock it in and watch the value of your home go up. And quit paying rent.
If you’re thinking about selling your home: the key opportunity right now is to make a move up. So if you’ve got a smaller home and you’ve been waiting for the right time to move up to that bigger home, that opportunity is now for you. And the reason for that is, the inventory is tight in general, but it’s especially tight the lower the price point gets. So if you’re selling a home, let’s say a median price home here in San Diego (500,000-$600,000) and you want to buy that million-dollar home, there is very, very little inventory in that five to six hundred thousand dollar price range, but you get up to that million-dollar price range, and that inventory opens up a little bit, you have some more choices and can get really get the perfect home. Again, the rates are in the threes right now. Lock in that super-low rate, make it happen.
If you are thinking about making that move we’d love the opportunity to connect with you. Give us a call, shoot us a text, 619-618-7997 or just comment on this video and we’ll connect with you.Search Homes For Sale in San Diego