Hey guys, kicking off this month’s July update is the news that San Diego’s Median Sales Price just hit $ 600,000!
So how exactly did this happen? The first thing we can look at is..
We entered July with very low inventory… 1.4 months worth of it to be precise. This is extremely low compared to the national average of 4.5 Months. There’s also been a big upsurge of…
We have buyers “quarantining” in their home and realizing that they need more space. We also have people liquidating assets from all over and moving down to San Diego in an attempt to get something perhaps a little more affordable compared to areas such as San Francisco. Finally there are buyers who just want to take advantage of the record-low interest rates, with the average interest rate hovering around 3.25% which is phenomenal!
All this interest has resulted in an appreciation of almost 5% for the median sales price across San Diego.
We had about 1800 listings come in this month, which is not great but a good amount. However, around 2900 homes went off the market. Unfortunately, just as we started the month with low inventory we are going to end the month with even lower inventory!
Thinking About Selling?
We’re seeing great demand for move-in ready homes, with multiple offers pouring in on such properties. My advice is to get your house looking spectacular and our team here at True Local Realty will front you any money required for repairs and remodeling. After which, we will even stage the home with the best of interior and exterior photographs, aerial footage, etc.
We’ve also created a great new partnership that allows us to take our clients home and sell it to our partner at 90% of the appraised value. You can then take that capital and get out there and buy a new house while we re-sell your property and upon selling it, you get the remaining 10% back. This allows you the flexibility of going out home-hunting without having to wait to close on a sale for your existing property and still allow you to get top dollar for your home!
If you have any further questions regarding the way it’s going to further impact San Diego real estate market or anything along those lines, feel free to reach out to me using the information below.
- If you are thinking about buying or selling we would love to help.
- See why you should hire us on TrueLocalRealty.com
- Or give us a call at 888-503-3117
Serving clients across San Diego and specializing in: Oceanside, Carlsbad, Encinitas, Solana Beach, Cardiff, Pacific Beach, La Jolla, Ocean Beach, North Park and more!