Market Conditions in San Diego Present a Unique Opportunity

The San Diego County market is suffering from an inventory crisis. However, the best agents are turning this into an opportunity for more business.

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The latest numbers are in for San Diego County, so I wanted to take a moment to talk about the real estate market and what I’m seeing right now.

We’re down about 9% in the number of new listings from last year. We’ve only brought about 12,000 homes on the market this year compared to 14,000 last year. The pace of sales is slowing down a bit too. We saw 7,400 home sales by this time last year, but right now we’re sitting at around 7,300.

Combined, those two factors are really knocking down inventory in the market just as the busy season is starting. That’s going to make prices shoot up. Who knew that San Diego County could get more expensive to live in, right?

Our median sale price is up by another 5.5% from last year and sits at $510,000, which is absolutely incredible. Half of the home sales are below $510,000, but the other half are above that number. That’s a higher figure than we saw in 2006.

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There are only 1.6 months of available inventory right now.

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The big question looming for Southern California is what will happen with our active inventory. We’re down by 30% year-over-year.

As of April 1st, we had 4,864 properties listed for sale in the entire county, a 1.6 month supply. We typically sell about 3,700 homes each month and that number can rise as high as 5,000 in the summer.

Buyers face a scary proposition in this market. When you consider that half of buyers are also sellers, the inventory problem makes sense. Sellers are hesitant because it’s hard for them to answer the question of where they are moving next in this kind of market. That’s where the best agents are turning this market into an opportunity.

Next time, I’ll talk about how you can turn these market conditions into a big opportunity for your business. If you have any questions in the meantime, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.