The North County and San Diego Real Estate markets continue to show modest gains in year-over, median home prices. But this may be due to the pressure caused by low resale inventory and the lack of new homes in our market.
The real estate market is slowing down. Sales have decreased consistently in the first half of this year when compared to the same time last year. Will this slump continue? The San Diego Union-Tribune polled their local experts in their weekly Econometer column. Opinions were evenly split, but even those who felt this slowdown was not necessarily long-term did concede that prices have moved beyond most buyers’ reach. Some also noted that we are nearing the end of an economic cycle.
The September 2018 North County and San Diego Real Estate Market Report continues a pattern that started five months ago. Although we are still seeing strong price increases, the number of homes available for sale has been growing while the number of homes selling continues to drop. Along with these changes, homes are staying on the market longer, and sellers are not receiving as much of their asking price when their homes sell.
The August 2018 North County and San Diego Real Estate Market Report indicates a continuation of a market shift that started four months ago. Inventory is growing. Sales are slowing down, and homes are starting to stay on the market longer. CNBC reports that San Diego saw the largest increase in inventory in the second quarter compared to other high priced communities.
This is great news if you have been thinking of buying. The market is still tight and homes are still selling quickly, but you will have more choices. It’s cautionary news if you are planning on selling. Even though inventory is growing, it is still well below norms. But now home sellers have more competition and should price their homes to be the best option in their marketplace.
The July 2018 North County and San Diego Real Estate Market Report shows inventory increasing for a third month in a row while sales continue to drop. Even with this slight growth in inventory, the market is still very competitive for home buyers. Prices continue to rise, and market times are short. Experts predict that demand will continue to outpace supply, and this will hurt San Diego County’s economic growth.
