Instead of railing off the same numbers that the media might tell you about our local real estate market, we want to focus on more meaningful data. The number of homes sold and sale prices are often outdated by a month or two, so we’re going to focus on a few different metrics today.
The number of new homes hitting the market has actually fallen by 1.9%, and conversely, the number of homes going off the market and into escrow has risen by 12%. With fewer homes going on the market and more homes coming off the market, this leads to a shortage in supply.
In a normal real estate market there will be 6 months of available supply, but in our market there is only a 2-month supply of homes. This puts us in a seller’s market and that means that homes are selling much quicker than usual. In fact, homes are going into escrow 16% faster than usual.
This means that it’s an amazing time to sell a home in San Diego. You can expect a quick and profitable home sale if your home is in good condition and priced correctly.
If you’re looking to purchase, it’s best to do so now before prices rise too steeply and you’re locked out of your ideal price bracket. Interest rates are still hovering around 3-year lows, so it’s a great time to buy a home.
If you have any further questions, please don’t hesitate to contact me!