Here is the data to update you on the San Diego market this summer.
August used to be one of the hottest months in the real estate market, in the real estate market before the pandemic. This year is different and I’ll explain what’s happening. Inventory has been increasing, and people are getting nervous because the median price in San Diego County has been going up a lot in the last couple of years. People are afraid there might be a bubble.
At 1:30 in the video, you can see the San Diego County active listing inventory year over year. We still have very low inventory compared to the past four years. There are currently fewer than 3,000 active listings, which is less than one month of inventory. Why is demand decreasing and why are more homes coming on the market? Demand usually peaks between April and May, and because of COVID, a lot of people have been cooped up and now finally have the opportunity to start traveling. People are putting home buying on the back burner.
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In San Diego, the expected market time for properties in the $750,000 and under price range is 19 days, the share of the housing inventory is 42%, and the share of demand is 55%.
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In the $750,000 to $1 million price range, the market time is 22 days and the current demand is still 22%.
- From $1 million to $1.25 million, there are enough homes for the demand, and the market time is 24 days.
- Over $1.25 million, there is 7% of inventory and only 5% demand so it’s balancing out.
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In the $4 million and higher range, there is 8% of the inventory and the current demand is 1%.
- 84 homes were listed in the past two weeks, which is up 3%.
“People are putting home buying on the back burner.”
This is a great real estate market overall, and we’re likely going to see a peak again in September to December. If you want to know more information about how to maximize your profit, feel free to reach out to me at 760-201-9252 or send us an email. My team will be happy to assist you.
