Right now we’re seeing a very strong seller’s market. High buyer demand and low inventory across San Diego County has helped this trend to continue.
New constructions haven’t yet come to the rescue of the low inventory in our market, but demand for construction materials remains high. Previously low construction activity has weighed down public sector, but not the private residential building.
Going back to September of 2016 through August of this year, pending sales in San Diego County went up by 0.2%. However, the largest increase over that period was in the $1 million to $1.25 million price range, where there was a 21.3% increase.
Also, the overall median sales price has gone up 8.8% to approximately $525,000. The largest price gains over this period were in townhouses and condos. The sales prices for townhomes and condos went up 7.5% to approximately $387,000.
That said, this was not the quickest price range to sell. The price range with the fewest days on market was the $250,000 to $500,000 price range, where the average was 26 days on market.
Anything above $1 million or $1.25 million was the slowest to sell.The average days on market for that price range and up was around 61 days.
The most important statistic to note is that inventory is down by about 26.4% across the market. This equals about two months of supply of single family homes and about 1.5 months of condos and townhomes.
Interest rates are still at an all-time low, and this isn’t expected to change soon. This makes it a good time to make a move if you’re thinking of buying anytime soon. The market may be a bit challenging, but my team and I have strategies we’d love to share with you.
Also, now is a great time if you’re looking to sell. There is a surplus of buyers and a lack of inventory driving competition in the market, meaning you have the advantage as a seller.
If you have any other questions or would like more information, feel free to give me a call or send me an email. Also, if you send in a question and we feature it in a video, we will thank you with a gift card.
I look forward to hearing from you soon.