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July San Diego Real Estate Update 2017

 

We are feeling the pain… the inventory shortage pain!

 

We have seen a slowdown in sales in most parts of San Diego… but we continue to see prices increase! This is because we still have a lot of buyers entering the market, presumably due to our thriving local economy, our unemployment rate being well below the national average, and we have also seen wages increase.  So what can we expect moving forward? We will continue to see the crunch on inventory which, in turn, will cause bidding wars and price increases. For homeowners who are thinking about selling? This is great news! For buyers? Not so much… However, we are expecting to see a spike in new development with lots of new construction hitting the market in the next 4-12 months, so stay tuned!

 

Here are some stats to back that up:

Closed sales decreased 8.7% compared to this time last year, the more shocking number is that Inventory has decreased 26.4%! Yes that is a big difference and something that needs to increase if we wish to see a more stable controlled market. This has caused our Median Sales Price to increase 10.1% across the county.

 

July 2017 Real Estate update

Buyers Advice: 
 
Buyers really need to be patient, yet aggressive. Be patient by resisting the urge to jump into a deal just because the market is so competitive – wait until you find the right deal, and then be aggressive and go after it! Remember, having the right agent at the ready is a great way to ensure you will have a strong offense to close the deal.
For helpful tips, watch my video for 3 Buying Hacks!  
 
 
Sellers Advice: 
 
This market is hot and when you are selling anything, timing is everything. So if you are thinking of selling this year, now is the time to do it. Make sure to hire a great agent who will be looking out for your best interest. There is a common scam we are seeing happen right now – don’t let this be you! Watch this video to learn more.
 

  1. 3 beds, 3 baths
    Home size: 2,175 sq ft
    Lot size: 6,098 sqft
  2. 3 beds, 3 baths
    Home size: 1,686 sq ft
  3. 3 beds, 3 baths
    Home size: 1,686 sq ft
  4. 3 beds, 3 baths
    Home size: 1,368 sq ft
  5. 2 beds, 3 baths
    Home size: 1,108 sq ft
    Lot size: 1.31 ac
  6. 2 beds, 2 baths
    Home size: 1,477 sq ft
  7. 2 beds, 2 baths
    Home size: 997 sq ft

See all City of San Diego Real Estate.
(all data current as of 12/16/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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