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Email me today for a private San Diego real estate career consultation.
Every year, we watch for several things: how many new listings are hitting the market, how many are going into escrow or pending, and how many are closing escrow and actually selling. All of this leads us to the simple supply and demand economics of our local real estate market.
If you're an agent and you're working in the market, you know we're currently down on inventory. In fact, on the detached housing market, we're down to only 2.8 months of inventory. This means if we didn't list any new homes in the next 3 months, we would sell off everything we have available and run out of inventory. Historically, anything under 3 months of inventory is considered an extreme seller's market, meaning a seller can name their price, within reason, and that buyers are going to have a tough time getting into homes because of multiple offer situations.
These conditions are very dependent on the price point. Anything below about $600k-$750k is selling incredibly fast. These homes are selling quickly and for top dollar when priced reasonably. On the other hand, when homeowners price their home 10% over the most recent sale, we know they have eliminated 90% of the buying market. This is a valuable tip to remember when selling if you want to make the most of the process!
All in all, the market is looking strong. Days on market are coming down and we've sold about 14% more inventory this year than the same time last year, and prices are on the rise. As we move to the end of summer and get ready to enter an election year, you can expect things to get interesting!
If you have any questions or need real estate assistance of any kind, don't hesitate to reach out to me. I would love to assist you in any way possible.
