Local Market Update for San Diego
So, what’s happening here in our local San Diego market? Everyone wants to know. Are we seeing a housing bubble, should I still consider buying, is it still a sellers’ market? It can be so confusing, the state of the world, and what the best choice to make is for your family.
First off, according to real estate experts and advisors, anytime you have inventory levels that are at 6 months of inventory or below, that we are in a seller’s market. It’s all about supply and demand, and when there is a limited supply like there is right now, then the prices go up. However, week over week, the inventory of new homes coming on the market is increasing, shifting the supply to its highest level we’ve seen, for the past few years.
The average time to sell is still only 17 days, and on average homes are selling just a bit below list price. Now this is not what we saw over the past year, where we saw homes flying off the shelf and selling for significantly more than list price, but that wasn’t normal. Recent adjustments are normalizing the market. So here in greater San Diego, the inventory is climbing and so are interest rates. That may make some buyers weary, but it also is giving many more buyers opportunities that they did not have over the past few years. Also, they are not having to pay 25 or 50 thousand, or more, over the full list price, in order to beat out other buyers, like we saw happen, time and again, during the prior market. And as the data shows, buyers are still buying. It can be scary understanding how to navigate this market, so call the experts.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2022 real estate forecast, don't hesitate to reach out - we're happy to help!