As we move through the first quarter of 2018, it’s time for an update on our real estate market.
Where are the advantages and opportunities in our first quarter San Diego market?
Right now in San Diego, there are just over 4,200 homes for sale. This figure represents some of the lowest inventory we have seen in the past 15 years.
What’s interesting about this is that some areas are now shifting into a buyer’s market, despite the overall low inventory in San Diego. The detached home market in La Jolla, for example, has over six months of inventory.
As a reminder, anything above five or six months of inventory constitutes a buyer’s market.
In general terms, San Diego County has two and a half months of inventory. This indicates that we are in a seller’s market, while the detached home market in La Jolla would indicate otherwise.
There is a lot of opportunity for buyers and sellers in our market right now.
As you can see, location plays a significant role in real estate. Market conditions may vary widely even within neighboring geographic locations. Therefore, it is important that you consult with a real estate professional before entering your local market. They will be able to advise you on the specifics of your area market.
Moving on, I see a lot of opportunity in the market right now. There are plenty of buyers still actively searching for homes. Still, competition is going to greatly increase later in the year as we enter the summer market.
Sellers may want to take advantage of today’s low-inventory market before too many other listings become available. Buyers who have been searching for a long time may even willingly overpay for your home.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.