The Battle Continues... the Inventory Battle that is!
Throughout most of the County, we continue to battle an inventory shortage issue which is causing home values to significantly increase. This condition has lead many people to believe that we must be in some type of market bubble; however, the problem with this logic is that there are no valid indications of the market slowing down. Quite the opposite. We live in a market now without subprime mortgages, $0 down loans, or no stated income loans - lenders have MUCH stricter qualifications that serve as a market safeguard during a rising sales spike. Now, if we apply the law of averages, we can predict that things will eventually slow down, but so long as inventory stays this low, all signs confirm that this competitive sales market is here to stay.
Here are the numbers I am referring to...
Closed sales have decreased -4.3% from this time last year, even worse is the current amount of inventory is down to -25.2% !!! With such minimal levels of inventory, of course the Median sales price has increased to 8% compared to this time last year, and caused the average days on market to decrease 31.2%.
Having been raised in San Diego, Joseph has a great wealth of knowledge of each community San Diego has to offer. Combined with being extremely hard working, having a great attention to detail, and having the ability to listen Josephs clients receive an elite level of service.
Market Watch: Is "Big Change" on the Horizon??Scary times ahead? Well,
"My husband and I highly recommend Joseph, he is honest, and straight forward. He won't let you move into a place that is in a bad location. So thankful for that. He isn't just some realtor trying to get a sale. He honestly cares about where his clients are going to live and for that we are so grateful.
We just bought a condominium in Vista, and we absolutely love it. It's in the exact location that we had wanted from the beginning. Joseph is always working hard to make sure you get exactly what you want. When we made an offer on the condo, we were not sure what was going to happen. (We had made an offer on two other houses before this one and both turned down or got better offers.) Well they excepted and we couldn't have been more thrilled. Joseph was in constant contact to make sure that everything was going smoothly and that we were doing everything we needed to do. His assistant Tracey was extremely helpful as well. Answered my calls late at night because I had a question. The process went so smoothly, I kept thinking we had to do something else. We closed less then a month later and were just in awe at how well it went. We will recommend Joseph to everyone who is interested in buying.
Thank you so very much for all your help Joseph Arendsen & group."