Home prices are increasing, but inventory is shrinking in our San Diego market. If you are a buyer, buy now—do not wait any longer.
Ok, so we’re halfway through 2018… so what’s happening in the market today?
New homes coming on the market are up about 4%, which is great for buyers but still lower than we would like.
Homes entering escrow are about the same—again, everything sells in San Diego.
Home prices have increased 6% - 8% depending on where you live in San Diego County, which is exactly what I said a year ago. And for you renters, if you were looking to buy a $500,000 house last year and decided to wait, you just lost $40,000 in equity.
Total homes for sale is down about 2%—inventory is continuing to shrink and the number of days a home is on the market is continuing to shrink as well. This is great for sellers, but tough on buyers, but if you have a good agent/broker who can package your offer correctly, you will get a house.
Most activity seems to be with the move-up sellers and buyers—lots of activity for smaller homes/condos/townhomes and less competition for more expensive property.
So don’t waste any more time—move up. And you renters out there, stop missing out on $40,000 a year. Call me and I will help you. It’s what I do.
If you have any more questions about our market or you have any real estate needs at all, please reach out to me. I look forward to speaking with you.
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