Our San Diego real estate market has been a mixed bag lately, so it’s time to get to the bottom of what exactly has been going on lately.
Excitingly, this July was the best month our market has seen in over a year, so let’s dive right in.
The number of new listings that came to our market this July is down 11.3% compared to what we saw last year, but the number of pending sales actually rose 3.5%. These combined conditions have caused our inventory (the number of total homes for sale) to go down by 1.7%. Until now, inventory has been on a steady rise. So this is quite a turnaround for our market.
The drop in interest rates we saw in February is another reason behind this change, as more buyers are willing to make a move now that their purchasing power has been boosted.
With all of these conditions in mind, sellers will be happy to know that now is a great time to make a move. Our team just hosted a “Seven-Day Blitz” event for one of our listings that drew in 100 interested buyers on a single night. The next day, 150 buyers showed up. We haven’t seen this level of demand in approximately two years. Sellers right now can expect to see a higher number of interested buyers checking out their listings and should anticipate multiple offers.
Buyers, meanwhile, have an incredible opportunity before them, as well. Interest rates are below 4% at the moment, which means it’s a great time to secure a loan. Market data suggests that prices are about to rise, though, so take advantage of today’s conditions while they last.
If you have any other questions, would like more information, or want to learn more about what’s happening in your specific neighborhood, feel free to give me a call or send me an email. I look forward to hearing from you soon.