The San Diego Housing Market is on FIRE right now – should you buy, sell, or wait?! The number of new homes coming on the market is down drastically, while the number of homes going pending and off-market is up drastically.
🔽 Homes For Sale Down 21% 😲
🔼 Homes Going Into Escrow Up 15%
🔽 Inventory Down 42%
What does this mean to YOU if you are looking to buy or sell a home in San Diego?
In this market update, Kyle with the Whissel Realty Group shares exactly what’s going on in the market today, in February of 2020.
As always, we like to focus on the leading indicators, what’s happening in the market today that’s going to be reported by the media three or four months from now. So we’ve really got our finger on the pulse. We’re selling hundreds of homes here in San Diego, so we’re able to give you the inside scoop.
So the leading indicators that we like to look at that you don’t typically hear the media report about, first and foremost is the number of new listings that are coming on to the market, the number of new homes for sale. That’s down 21% from a year ago.
On the flip side of things, we’ve seen an increase of 15% in the number of homes that have gone pending or into escrow. So, fewer homes coming on the market, more homes going off the market, inventory is tightening up to some of the lowest levels I’ve ever seen.
I’ve been in this business for over 15 years. I don’t know if I’ve ever seen inventory this low.
Inventory is down 42% from the same time a year ago. And as you would imagine, the time it takes to sell is going down now which is measured by the number of days the home is on the market. It’s down about 7% from the same time a year ago. So inventory is very, very tight right now.
When you see what the media’s reporting, they’re going to tell you home values have gone up a little bit over the last year. But six months from now, you’re going to hear about what’s happening right now, and what you’re going to hear is values are shooting up. We are seeing multiple offers on virtually every home that hits the market. We’re seeing things selling for record-setting prices every time they sell, and it’s because inventory is very, very tight. And you’re seeing mortgage rates at the lowest levels they’ve been in years. So when you couple that, we’re looking at an amazing 2020.
I think we’re going to see a huge appreciation in values, double-digits by the time this year is over. So if you’re thinking about buying a home, get in now. We’re sitting here in February. This is the slow time of year. By the time we get into April, May, June, the really busy months, it’s going to be even more competitive.
Considering Buying A Home?
So if you’re thinking about making a move in the summer, maybe you move that up, or thinking about the spring, move that up because it’s going to get very, very competitive. It already is competitive. It’s only going to get more competitive. And the sooner you buy, the sooner you take advantage of that appreciation that’s going to happen.
Considering Selling Your Home?
Now, if you’re thinking about selling, should I sell if the values going to go up? You should sell if you’re going to be making that move up to a bigger home because what we’re seeing is the lower the price point, the tighter the inventory. As you go up in price point, that inventory opens up. So you get to sell where inventory’s tight, which is where you want to be, and you get to buy where the inventory opens up. You’ve got some options, it’s not as crazy, not as competitive.
So fantastic time to buy that first home and even better time to move up into that dream home.
If you’re thinking about making that move, we’d love the opportunity to help you out. Give us a call, 619-618-7997.Search Homes For Sale in San Diego