In this month’s update, we’re diving into the recent articles and trends shaping San Diego’s real estate market. Let’s uncover why our city has secured its position as the nation’s fastest appreciating market for two consecutive months.
CURRENT STATS
Let’s start with a snapshot of our current situation: in the past 30 days, only 1,523 new homes have hit the market. This falls short of meeting demand, a recurring issue. Out of these listings, 1,970 homes have sold, with an additional 1,764 pending sales. The bottom line remains clear—we’re facing more demand than available inventory.
APPRECIATION ON THE RISE
Now, let’s dive into the article from the San Diego Union Tribune, showcasing our city’s remarkable streak as the fastest appreciating market nationwide. The driving force behind this? Limited inventory. Despite expectations of increased inventory this year, it has yet to materialize. Meanwhile, buyer activity is on the rise, resulting in competitive bidding scenarios where properties frequently sell above asking price, further fueling the market’s momentum. Because of this, San Diego County has experienced a robust 12.7% year-over-year appreciation rate, with recent months showing an upward trajectory.
Looking ahead, we anticipate continued appreciation, especially during the peak selling season of May, June, and July. Post-July, we foresee a stabilization in prices, though transactional activity is expected to remain strong throughout the summer.
BUYER AND SELLER ADVICE
So, what does this mean for buyers and sellers? Buyers, you’re in a critical window before the market potentially heats up further. Consider acting sooner rather than later to take advantage of current conditions. Sellers, it’s time to meticulously prepare your homes, ensuring competitive pricing and showcasing their best features. With the right strategy, you can benefit from heightened demand and potentially secure a premium price.
If you have any questions or need guidance navigating these market conditions, reach out to myself or anyone on the True Local team. We’re here to help you make informed decisions and achieve your real estate goals.
- If you are thinking about buying or selling we would love to help!
- Visit us at TrueLocalRealty.com
- Or give us a call at 888-503-3117
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