What’s been happening in our San Diego market this April? I have three leading indicators I want to show you to give you a thorough rundown.
The first indicator is the number of new homes coming on the market. This number has been consistently falling, and April has been no exception. The number of new homes being listed is down 4.3% compared to April 2016.
On the other side of the coin, the number of homes going off the market and into escrow is up 5.3%. Just like last month, there are fewer homes coming on the market and more going off the market, which means the amount of inventory is decreasing. Specifically, the supply of homes for sale is down 30.4% from this same time a year ago. We’re now at the lowest level of supply we’ve seen in 13 years.
How can you take advantage of these conditions?
If you’re a seller, the time to act is now. There is very little competition out there, and you’d have control of the market. If you really want to take advantage of the situation, you should sell your current home and then move up into that dream home you’ve always had your eye on. As you move up in price, the level of supply opens up and presents you with more options.
If you’re a buyer, this shortage of supply makes the current market very competitive. You need an agent that will help you stand out from the crowd when you’re submitting an offer. We have all kinds of fun strategies to make that happen for you, but the No. 1 way is to make a video of yourself talking directly to the seller telling them what you love about their home. This is a great way to really connect with them and give yourself the best chance at getting your offer accepted.
If you have any questions or are thinking about buying or selling a home, don’t hesitate to give me a call. I’d be glad to talk to you.