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October San Diego Real Estate Update 2016

RENTERS SAYING BYE-BYE TO LANDLORDS, HELLO HOMEOWNERSHIP!sdar-october-2016-mkt-overview

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%.

So what does this mean?

 

BUYERS ADVICE

Buyers must be aware of the competitive market, particularly those looking for move-in ready homes. One thing you will want to do is stay active throughout the holidays. We see a lot of buyers postpone their search until after the Holidays so this means less competition for you! For more info on how to prepare, check out our Buyer’s Guide 

 

SELLERS ADVICE

Homes are averaging 26 days on market. Feel confident to list your home just above what the comparables are showing you. If you don’t get the activity you were looking for during the first week on market, don’t be afraid to lower the price. Find out what your neighbors homes are selling for HERE

 

 

  1. 2 beds, 2 full, 1 half baths
    Home size: 1,279 sq ft
  2. 2 beds, 2 full baths
    Home size: 1,063 sq ft
  3. 3 beds, 2 full baths
    Home size: 1,232 sq ft
    Lot size: 3,999 sqft
  4. 2 beds, 2 full, 1 half baths
    Home size: 1,348 sq ft
    Lot size: 1,306 sqft
  5. 3 beds, 2 full baths
    Home size: 1,134 sq ft
    Lot size: 7,499 sqft
  6. 5 beds, 3 full baths
    Home size: 2,465 sq ft
    Lot size: 24,829 sqft
  7. 3 beds, 2 full baths
    Home size: 958 sq ft

See all City of San Diego Real Estate.
(all data current as of 4/26/2017)

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

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