San Diego is in the midst of a BIG inventory shortage right now, so I wanted to write up a post about what exactly that means for home buyers vs. home sellers, and how you can win in either position.
From January 2015 to January 2016, Zillow reports that San Diego had the largest inventory drop in the entire nation (a 30% decline, approximately). The number went from 8,051 down to 5,617. This has a number of implications for both buyers and sellers, which I'll break down below:
Buyers may feel like they are having a hard time finding a home to purchase in their price point. This is because limited inventory means fewer houses for qualified buyers to offer on, often resulting in multiple offers, which drives the
In early June, it's time to reflect on what the real estate market did in May. Overall, the figures look quite similar to last month. Average sales price has inched up a bit, but not dramatically. One item I'd like to direct your attention to is the number of active listings in San Diego. While over 6,000 listings may sound like a lot, historically for our city, the number of listings is extremely low. Inventory is very limited, which is part of why houses are getting scooped up so quickly. In fact, apart from December 2015, our inventory has not been this low in over 3 years. For buyers, that means you must get your ducks in a row before making an offer (get pre-approved and submit a strong offer to be competitive). For sellers, it means