Here’s our 1 minute San Diego real estate update for January 2020!
- Close sales are up by 15.8%. This is a really good sign of a strong market.
- The median sales price is up by 3.5% from last year which means more money in all us homeowner’s pockets!
- Inventory levels are down 35%! Some of the reasons behind this are that interest rates are the lowest they’ve been in years at 3.5%. I see them possibly coming down even lower in February. There were also likely to be a lot of homeowners who didn’t list their property over the holidays as they didn’t want to deal with the stress at that time. We are seeing signs of that change with a higher number of new listings coming on every week.
- Inventory levels are going to start to improve so we will see more inventory from actual homeowners
- We also currently have a lot of shadow inventory from developers too, who will hopefully release their inventory in the coming months into spring and summer.
Feel free to reach out to us for any help or questions!
– Joseph Arendsen & True Local Realty Group
Your True Local Real Estate Team from San Diego to Oceanside.