TAG | Market update June 2017

The Battle Continues… the Inventory Battle that is!

Throughout most of the County, we continue to battle an inventory shortage issue which is causing home values to significantly increase. This condition has lead many people to believe that we must be in some type of market bubble; however, the problem with this logic is that there are no valid indications of the market slowing down. Quite the opposite. We live in a market now without subprime mortgages, $0 down loans, or no stated income loans – lenders have MUCH stricter qualifications that serve as a market safeguard during a rising sales spike. Now, if we apply the law of averages, we can predict that things will eventually slow down, but so long as inventory stays this low, all signs confirm that this competitive sales market is here to stay.

Here are the numbers I am referring to…

June 2017 San Diego Real Estate Market updates

Closed sales have decreased -4.3% from this time last year, even worse is the current amount of inventory is down to -25.2% !!! With such minimal levels of inventory, of course the Median sales price has increased to 8% compared to this time last year, and caused the average days on market to decrease 31.2%.

 

Buyers Advice: 

This market is hot, so don’t get burned and rush to buy something out of fear. Get prepared and take your time… wait for the right opportunity to arise. For helpful tips, watch my video for 3 Buying Hacks!

Click Here to Watch Video

 

Sellers Advice: 

If you have been on the fence about selling, it’s time to get off! You’ve probably seen a few signs go up in your neighbors’ yards, then in no time there’s moving vans bringing in your new neighbors. It’s clear that now is a great time to sell; however, we continue to get the same questions and concerns… what to do if you need to buy a home after selling ? Well… we have a guide for that!

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