September San Diego Real Estate Update 2016

September San Diego Real Estate Update 2016

Are rising prices making homes sell faster?

The short answer seems to be YES! As crazy as it sounds, prices keep on rising in many communities throughout San Diego, which is creating an urgency in buyers to secure their dream home or risk paying more for that same house a few months down the road.

To add to that, we have a good portion of sellers who are also buyers… sellers who want to upgrade or downsize. This adds another layer of buyers to the market and reduces the amount of inventory. Now this is all speculation and what we are seeing first hand, however here are some stats to back this up:

We have seen Closed Sales decease 15.8%, and the Average Sales Price for detached homes increase 2.4% to $687,775, yet our inventory level has still decreased 11.9 %.  So what does that tell us…? Well not much until you see this stat, our average days on market decreased 11.2%. What does this mean for us… too many buyers, not enough homes!

Joseph Arendsen Headshot
Phone: 760-672-0174
Dated: September 2nd 2016
Views: 289
About Joseph: Having been raised in North County San Diego, Joseph has a great wealth of experience and knowledge ...

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