What are the latest trends affecting buyers and sellers in our San Diego market as 2019 takes hold? Let’s look at a few key year-over-year statistics from December 2018.
First, the number of new listings entering the market dropped just 0.5% compared to December 2017—a surprisingly even figure. The number of homes going into escrow, however, dropped 7.5% compared to last year. In other words, about the same number of homes are coming on the market, but fewer homes are coming off the market.
Whenever this happens, inventory goes up, and sure enough, inventory rose 36.9% last month. Our average days on market, or the average number of days a home takes to sell once it’s listed, also rose by 25.8% from 31 days to 39 days.
Lastly, our level of inventory, or how long it would take for all the homes currently listed to sell if no new homes came on the market, is currently sitting at 2.2 months. To put that into perspective, a balanced market usually has six months’ worth of inventory.
That last tidbit is especially good news for sellers, but overall, we’re still in a very strong market that’s favorable to both sellers and buyers. If you’re a buyer, homes are staying on the market longer and there are more to choose from.
If you have any more questions about our market or you’re thinking of buying or selling a home soon, feel free to call or email me. I’d love to speak to you.