It’s officially September! Today I wanted to give you a quick update on what we saw in the San Diego market this summer.
There are a few different statistics that will give you a great idea of where our market currently is and where it is headed. Active listings, for example, were down 44% year over year in August. At the same time, pending listings are up 19.2% year over year. In other words, there are more home sales right now than there were at this time last year despite COVID.
As a result, our median price is at an all-time high of $646,500. Of the seven deals we have in escrow right now, one was a full-priced cash offer and the other six were all over asking price. That’s the kind of market we’re in right now.
If you’re a buyer in this market, you’ll need to be on top of your game. You need a pre-qualification letter or proof of funds, you need to get creative with contingencies, and you need to partner with an experienced broker who can get a deal done for you in this type of competitive market.
If you are thinking about selling, now is the time to capitalize on multiple-offer situations, high prices, and low inventory.
If you have any questions about buying a home, selling a home, or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you.