Pancho goes over some important and very telling numbers regarding the San Diego Real Estate market. Pay close attention!
As of right now, we still have about 2.5 months of inventory available. This means it’s still a sellers market, however I have seen some weird things and have a gut feeling.
I analyzed the numbers year over year and I think my gut is not mistaken. If you would like more information about any of this or need me to explain in more detail what it all means, please don’t hesitate to reach out.
Call me, text me, email me, DM me or smoke signal me… as you know, I’m always the easiest guy to reach.
Hey everybody Pancho here! thank you so much for taking the time to watch this video…I know your time is valuable and I don’t take that lightly! That’s why, all of these videos are carefully thought out and have good and super important information. As you know from my mission statement, I always stay up to date on all aspects of the real estate market…. Over the last 30 days, I’ve noticed both in my own experience and also by speaking to other professionals in the industry that listings are sitting for a much longer period of time…. there are a lot less showings requested and buyers are way more hesitant to submit offers. So here are some numbers…. the amount of DETACHED homes that came on the market during the month of June were 3260…. that’s up by 1.2% from June of last year… pretty normal right?? well, here is were its gets freaky. Closed sales are down from 2,549 to 2,124… that’s 16.7% LESS!!! that’s no joke!! that’s a huge number! So, if you see how we are doing in terms of closed sales YTD, from January 2017 to June 31 2017 there were 12,058 homes sold…. for the same period in 2018 it was only 10,898 That’s almost 10% less!! Now, here is the good news…. the average sales price year over year went up 8.2%!!!! which combined with interest rates rising is the leading cause for the market to be slowing down. Attached homes, like townhouses and condos are in the same boat.. closed sales during the month of June went DOWN by 12.3% These are numbers and stats…. but more than anything I trust my gut and I’m telling you… I feel very similar to 2007! i dont believe the market will crash like it did in 2008 but I do feel that there is a small correction coming soon. Here is what you need to keep in mind… if the reason for you to buy a home is to make money on it and get out, it’s robably not the right time for you… If you want to buy a home with the intention of living in it for the long run and make it your own while taking advantage of certain tax incentives then you should buy a home regardless of the market…. as long as…. and only as long as you can comfortably afford it. Remember you want to own the home…. not the other way around. If you have plans on moving soon and you need to sell let’s get together ASAP to better assess your situation. Now, super important.!!! … if you are a home owner and you would like to stay on top of the market specifically to your area and to your home go to www.sandiegolifestyle.org/homevalue and I will set up a monthly market update especially for you. If you would like a copy of this information, feel free to shoot me a message and request one! Now more than ever it’s important that you stay on top of it. don’t let the market catch you off guard no matter what your real estate needs are. If you have any questions, concerns or input…. or if you think I’m crazy, let me know. If you or anyone you know needs to move, let me know right away so we can figure out the best plan of attack!