This low housing inventory environment is not projected to go away any time soon. According to the latest report from San Diego Association of Realtors, in San Diego County, inventory levels were down 18.8 percent in February 2016. The property type that lost the least inventory was the Single-Family Homes segment, where it decreased 16.2 percent. That amounts to 2.2 months supply for Single-Family Homes and 1.6 months supply for Condos – Townhomes.
Pending Sales in San Diego County were up 10.0 percent overall. Days on Market decreased 21.6% overall. Desperate home Buyers are snatching up homes when they are listed. It is not uncommon to receive 10-20 offers in 10 days on one property when it is marketed correctly. In some cases all are over the asking price.
The price range that tended to sell the quickest was the $250,001 to $500,000 range at 34 days; the price range that tended to sell the slowest was the $1,250,001 Or More range at 62 days.
The overall Median Sales Price was up 5.9% $468,000.
New Foreclosure Listings in February increased 1.2 percent to 526 properties. Inventory of San Diego Foreclosure Properties are continuing to steadily decline.
Interest rates are still well below their long-term averages. Mortgage rates continue to astound below 4.0%.
While it is still a great time to buy a home in San Diego, with inventory levels remaining lower, there simply aren’t as many homes to choose from on the market today. Home buyers need to work with a great buyer’s agent directly to get active listings from the local MLS. You cannot search all the homes on MLS on 3rd party real estate websites such as Zillow, Trulia, Homes.com (only a licensed realtor who is a member of local MLS can search all the homes on MLS). With such tight inventory, you do not want to miss any homes on the MLS. Also, it is a good idea to ask your agent to search some off-market listings (Cancelled Listings, Expired Listings, etc).
If you’re thinking about buying a home in 2016, give us a call 619-663-7139. Our trained agents specialize in the San Diego real estate market and are prepared to find the right home and get the best price.
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