What is going on in the San Diego Real Estate Market in September 2019? Kyle Whissel explains these stats and if it’s a good time to buy or sell a home in San Diego right now.
⬇ New Listings: -12.6%
⬆ Homes In Escrow: 17.2%
📉 Interest Rates in mid 3%
So are these numbers saying you should BUY or SELL real estate right now?
As always, when we shoot these videos for you, we want to give you the stats and let you know the direction the market’s headed, not the direction it’s been. Far too often, the media is telling you where we’ve been, not where we’re going so let’s dive into it. We want to focus on these leading indicators. Again, this leads us to where we’re headed.
And the first thing we look at as always is the number of new homes that have come on to the market for sale. That’s down roughly 13%. So there are a lot fewer homes that have come on the market recently.
On the flip side, we’ve seen the number of homes that have gone off the market and into escrow is up over 17%. So you have a lot fewer homes coming on the market and a lot more homes going off the market. What that’s doing, it’s creating a shortage of homes for sale. That’s down over 17%, so it’s a lot less homes for sale.
Well, what happens in any economy is supply drops, you have a shortage that causes prices to typically go up. One of the reasons that we’re seeing a lot of homes going pending is mortgage rates, interest rates are the lowest they’ve been in years. We’re seeing rates down in the mid-threes right now, whereas those were 5% at the beginning of the year. So that’s bringing a lot more buyers to the table which is why a lot of those homes are selling today. And so what’s funny is if you look at the stuff the media reports, the main one being what’s the median sales price, they’re going to tell you that’s up 1.7% from this time a year ago. But I promise you, by the time they catch up to their stats, what’s really happening today in the market because what’s happening today here in September, those properties aren’t going to close Escrow until October or November. The media is not going to report about that until December or January. They’re going to be far behind. So when they tell you that the median price is down 1.7% in September, what they’re telling you is back in May or June, that’s what happened. But by the time thing’s catch up, I believe you’re going to see a huge uptake in what’s happening with home values.
And so, if you’re reading this you’re thinking, what does that mean? Should I buy? Should I sell?
The greatest opportunity right now is to really buy because we have a strong belief that values are going to continue to rise in the market and when values are going to be going up, that’s when you want to be buying.
So I strongly recommend if you’ve been sitting on the fence thinking about it, now is the time to make that happen. Also, if you’re thinking about moving up, it’s a killer opportunity right now as well because when you sell your home, especially on the lower price points, there are even fewer homes for sale. So it’s very competitive. You can really command a higher price for your property and then as you step up into the higher price ranges, it’s not as competitive. You actually can still get a decent deal in those higher price ranges and lock in the super loan interest rates that are out there right now.
So whether you’re just looking to buy or sell and buy a bigger house, tons of opportunity out there for you. If you want to learn more about it, get connected with our team, 619-618-7997.Search Homes For Sale in San Diego