Can you believe it’s already September? Right now, the real estate market in San Diego continues to be headlined by healthy buyer demand and a low supply of inventory.
According to the San Diego Association of Realtors, the year-over-year numbers from August are as follows:
- Closed sales in San Diego increased 3.3% for detached homes and 4.5% for attached homes.
- Pending sales were up 21.4% in detached homes and 26% in attached homes.
- Inventory decreased 51.8% for detached homes and 28.9% for attached homes.
- The median sale price increased by 11.5% for detached homes and 7.4% for attached homes.
- Days on market are down 3.4% for detached homes and 3.7% for attached homes.
- Overall supply decreased 53.6% for detached homes and 32% for attached homes.
Although unemployment has dropped down from its peak in March and April, more than 1 million new claims are being filed each week, and more than 31 million people were claiming benefits as of early July. Despite the significant economic impact, homebuyers seem pretty resilient. With mortgage rates near record lows, high buyer activity is expected to continue through the rest of this year.
What does all this mean for you? Let’s talk about it. Give me a call or send me an email today and we’ll go over your situation. I look forward to hearing from you.