San Diego Market Update, June 2020
Today's San Diego market is HOT for seller's, with listings expected to only be on the market for 42 days, on average. New listings are being flooded with showings, and multiple offers are common again, with sellers getting asking price or better in most cases. Inventory is at it's lowest levels for June since 2012, and all-time record low mortgage rates are feeding the demand, as well.
Simply put, there are not enough homes in the market to meet the spike in demand. Owners may be reluctant to put their homes up for sale out of fear about the economy, but it appears that the housing market is actually one of the strongest sectors of the economy. Buyers have to qualify for loans, and down payments are being made; subprime loans are not a factor in this economy. Last year there were 2,360 MORE homes on the market than there are now. That's 47% more than today, which gave buyers a lot more choices.
Think it's just hesitation on the part of sellers? Pending sales over last month are up 13% in just two weeks. Over the last 4 weeks, it's up 40%. Expected market time - that is, how long a home is on the market before opening escrow, has dropped from 49 to 42 days. That's one week LESS time on the market. A year ago, expected market time was 67 days. For luxury homes, the numbers are even more encourageing, with pending sales up 26%, and inventory down by 0.5%.
Your big take-away should be this: NOW IS THE TIME TO PUT YOUR HOUSE ON THE MARKET! I'd like to help you prepare your home for the market, so give me a call at 858.243.4110 today.