May 2015 Real Estate Update

May 2015 Real Estate Update

As we come to the end of the second quarter of 2015, a large amount of new listings are expected in most parts of the U.S. however us San Diegan's have not seen or felt that. We have had inventory levels drop and because of that we have seen prices jump.
 

The Average Sales Price was up 6.3% to $520,000 for Single family homes and 4.3% to $344,250 for Single Family Attached properties. Days on Market (DOM) decreased a huge 12.8% for Detached homes and 7.3% for Attached properties. Supply decreased over 13%. 
 

 Rental prices continue to shock us all with accelerated prices, which may cause some to think before locking into a 12-month lease. Mortgage rates being so low should also have a huge effect on the number of buyers who will become homeowners this year. All great signs for a strong real estate market!


Joseph's Recommendations for:
Buyers
 - Be prepared for low inventory. It does not mean you can't find a good deal, you just need to look a little harder and be prepared to jump when the right property does come on the market. Also make sure to have an agent working for you that is as aggressive as you are! Now get out there and get it!
 
Sellers
 - Simply put, the market is hot and if you are thinking about selling, now would be a great time! If you would like to know the value of your home give me a call, I think you would be surprised to know how much it is worth!


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Author:
Phone: 760-672-0174
Dated: May 20th 2015
Views: 780
About Joseph: Having been raised in North County San Diego, Joseph has a great wealth of experience and knowledge ...

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