What’s been happening lately in our San Diego real estate market?
As usual, the statistics I’m about to share represent the leading indicators of what will be reported by the media three to six months from now instead of the kind of outdated information you usually get from other market updates.
The first number we’ll look at today is the number of new homes being listed for sale, which was down 9.3% last month. Conversely, the number of homes going into escrow and off the market is up 10.5%. Naturally, that has created a shortage of supply, which is down 26.8%. That’s the lowest level we’ve seen since 2004.
If you own a home and you’re thinking about selling it and cashing in on that equity, now is the perfect time to make that happen because you’ll face very little competition. This is especially true if you’ve got a house that might not be in the best location or has a funky floor plan.
If you’re concerned you won’t be able to find a new home once you’ve sold your old home, we have some more good news. Nine out of 10 people that sell their home typically buy their next home in a higher price point. This means if you follow suit and move up in price point, there will be more inventory to choose from. You’re in a perfect position because there is no inventory where you’re selling and more inventory where you’re buying. It’s a perfect storm!
If you’re interested in taking advantage of that perfect storm, don’t hesitate to give me a call. I look forward to helping you.