How is the San Diego real estate market doing? We have your February market update ready for you today.
It’s time for your February market update.
As always, we don’t want to give you just the same stats that the media gives you because a lot of the time, the media is months behind on what’s happening in the market. We want to tell you what’s happening in the market today.
First of all, let’s look at how many homes have come on the market for sale. As we’ve seen for many months now, that number continues to decrease year over year. We are getting close to where we were last year, with new listings only down by 0.4%.
On the other hand, more homes are going off the market than they were a year ago, to the tune of 5.9%.
Since you have fewer homes coming on the market and more homes going off the market, there is a shortage of supply. Housing inventory is down 19.4% from this time last year. When you have a shortage of supply, price will go up and the time on market will go down. In fact, the time on market has dropped 15.4% from a year ago.
If you own a home, this is the perfect opportunity to cash in on the market. There are just not enough homes for sale to meet buyer demand.
We would love the opportunity to give you a free appraisal on your property. If you are interested in that, or if you have any other questions, just give me a call or send me an email. I would be happy to help you!