Before we get on to today’s market update, in which we’ll cover everything that’s changed within local real estate since November of last year, we’d like to extend a special message: Happy Thanksgiving. We are so grateful for your support.
To show you just how thankful we truly are, we’d like to invite you to come to our fourth annual Pie Giveaway. The event will take place at our office on November 26, and we hope to see you there.
With that said, let’s dive right into the latest market numbers.
First, the number of new homes listed this November was down 12.6% year over year, dropping from 4,385 in 2018 to 3,832 this year. The number of pending home sales, though, went up from 2,483 to 3,043. That’s a 22.2% year-over-year increase, which indicates a rise in demand.
Therefore, it’s no surprise that our supply saw a significant drop (26.2%) between this November and last, with the number of available properties dropping from 7,961 to 5,873.
Thanks to this drop in supply, the average price of homes across San Diego County rose by .9%, going from $732,000 to $717,000. Interestingly, though, affordability (the balance between median price and median income) has gone up by 14.8% over that same period. This means buyers are ready and eager to make a deal, as is evident by the fact that our current days on market has remained flat since November 2018 at just 33 days. Buyers are also motivated by our super-low interest rates. Rates haven’t been as low as they are today in 40 years, so now is an incredible time to make a move.
The key point to take away from this market update is that conditions remain favorable for buyers and sellers alike, but this won’t last forever. If you’re planning on making a move, it’s time to get off the fence.
As always, if you have any other questions, would like more information, or want to know how the Ryan Ahearn Team can turn your real estate dreams into a reality, feel free to give us a call or send us an email. We look forward to hearing from you soon.