October 2016 Real Estate Update

October 2016 Real Estate Update

RENTERS SAYING BYE-BYE TO LANDLORDS, HELLO HOMEOWNERSHIP!

High Rent Prices and lack of inventory are pushing many into buying a home of their own. Given the competitive situation and ongoing high rental prices, we have seen an uptick in renters looking into becoming homeowners. The problem that we face here in San Diego is the lack of inventory for entry level priced homes. So, the numbers I am going to share with you are not going to make sense at first, but stay with me ;-)  


We have seen closed sales begin to cool down for much of the county and everything points to that continuing, however this is not due to the lack of buyers “we have plenty of buyers” we actually have an inventory shortage. Here is what I mean: We have a 1.2% decrease in units sold compared to this time last year, yet the Median Sales Price has increased 7.4%, while Inventory Decreased a shocking 15.9%.


Joseph Arendsen Headshot
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Phone: 760-672-0174
Dated: October 6th 2016
Views: 278
About Joseph: Having been raised in North County San Diego, Joseph has a great wealth of experience and knowledge ...

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