September San Diego Real Estate Update 2016
0 Comments | Posted by Samantha Martin in Uncategorized
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 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!
What does this mean for you? Please read more below.
I must admit: we are seeing a lot of multiple offer situations in the average to entry level price range. So how do you get your offer to stand out? There are a few things we like to do, one being making the timeframes convenient to the seller. What I mean is ask the seller if they would like to rent back, stay in the home for a short period after close, or close fast.
For more tips Click Here
With low inventory our sellers are finding themselves in multiple offer scenarios, the market is theirs and they’re selling their homes for Top Dollar in less time! However price is not the only thing to look for in an offer, and it can be a mistake that leads to losing thousands.
Here are a few tips for what to look out for when responding to multiple offers Click Here
See the newest listing to hit the Real Estate Market in San Diego:
$499,000 : 2950 Escala Circle, San Diego2 beds, 2 full, 1 half baths
$549,900 : 13529 Tiverton Rd, San diego2 beds, 2 full baths
$575,000 : 3725 Belford St, San Diego3 beds, 2 full baths
$539,000 : 5230 Caminito Jubilo, San Diego2 beds, 2 full, 1 half baths
$459,000 : 11163 Camarosa Circle, San Diego3 beds, 2 full baths
$750,000 : 6292 Lake Shore Drive, San Diego5 beds, 3 full baths
$425,000 : 4485 ALABAMA ST. , Unit: #4, San Diego3 beds, 2 full baths
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.