February 2017 Real Estate Update

February 2017 Real Estate Update

Real estate professionals across the nation are as busy as ever!

Everybody in the Real Estate industry is saying the same thing, “the market is hot!” This is what we are hearing around town and it’s also what we are hearing nationwide.

We have very low inventory levels in San Diego County right now, when you combine that with a lot of buyers entering the market we are going to have a supply and demand issue and most likely see prices continue to climb. One other factor that could be driving buyers into the market is the fact that the Fed has released statements promising to raise interest rates. This is alarming for buyers because if interest rates jump another 0.5% this could push them into a payment they don’t feel comfortable with. However even if rates jump to 5% nobody expects this to affect our market in a negative way. This simply shows that we are in a strong economy and there is confidence in the real estate market.

 

Now it’s time to look at the numbers.

Closed Sales were down 15.8% compared to this time last year, however Pending Sales were UP 12.3% . We believe this is from the lack of inventory and buyer activity we had last year in December. THe good news for sellers is that days on Market was down 6.5%, and the Median Sales Price was up 7.6% to $572,190 for Detached homes and 4.3% for Attached homes. Overall outlook looks promising for the real estate market. Onward and upward!


Article from San Diego Real Estate Today

http://sandiegorealestatetoday.com/february-san-diego-real-estate-update-2017/


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Phone: 760-672-0174
Dated: February 1st 2017
Views: 379
About Joseph: Having been raised in North County San Diego, Joseph has a great wealth of experience and knowledge ...

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