Today I’ve got your May 2017 market update. As always, our updates are giving you the leading numbers in the market and aren’t reporting on the lagging numbers that the news outlets will be picking up in the next few months.
The market in San Diego is vastly different month-to-month than we saw this time last year. The number of new homes that came onto the market dropped 13.5% and the number of pending homes that went into escrow has dropped 0.7% from this time last year. Because the number of homes going on the market is about the same as homes going off the market, we have seen inventory levels drop 28% from a year ago.
When there are fewer homes for sale, it becomes more of a seller’s market. So if you’re looking to sell your home, now is the time to get it on the market while buyers don’t have a lot of choices out there. Buyers are not as picky as they traditionally are due to the market, so they’re more flexible and willing to overlook issues like location or renovations needing to be done in order to move in on a new home.
The market is especially good for buyers to move up in price range, because the higher price ranges aren’t as competitive and offer a bit more breathing room for buyers to really weigh out their options.
If you’re interested in taking advantage of this market or have any other questions, please give me a call. I’d be happy to help you.