The March numbers for our local real estate market are in, so today, let’s go through the data point by point
In comparison to this last year, the number of new listings on the market has slacked off a bit, decreasing by 6.1%. This is markedly different from the 10% to 20% increases we’d been seeing since August of 2018.
On the other side of the coin, the number of homes coming off the market and going into escrow is up 7.1%. Given the fact that this number has been down in recent months, this is an interesting reversal. This points to a pretty big shift in our market right now.
In San Diego County, our supply is currently 19.8% above where it was this time last year. Although inventory is still up year over year, it’s come down from the 30% to 40% range it was previously in.
Now, let’s analyze the days on market. Currently, the average home is staying on the market for 38 days. That number has stayed flat from last month.
Our final data point is months’ worth of supply. Bearing in mind that a six-month supply is considered a balanced market, our current months’ supply is at 2.3 months; this is great news for sellers.
What buyers should know is that our months’ supply can be ascribed to interest rates—we’re experiencing a 12-month low in this current moment.
Buyers shouldn’t delay in taking advantage of these lower-than-normal rates, and sellers still have a multitude of opportunities before them with the low months’ supply.
Whether you’re a buyer or seller, if you have any real estate-related questions, please feel free to give us a call. We’d love to help however we can!