Market Shifting

This winter we have seen it all in San Diego:  sunny 75 degree days, Mount Laguna with 2 feet of snow, excessive rains / winds throughout the county and hail at our beaches.  This weather has brought change to what we have come to expect in San Diego and that change has also come to our local housing market. According to data pulled from the local MLS, total number of units have decreased substantially with 35,031 homes sold between December 2017 - February 2018 compared to 30,253 homes sold between December 2018 - February 2019.  These numbers represent a 14.3% decrease in overall total units sold reflecting not only a slow down in the market but also a more patient buyer pool.  

Homes priced well -- reflecting the current market, on a decent lot / location and overall general condition continue to sell and sometimes attract multiple offers driving the price up.  The housing market in San Diego has so many different markets while some zip codes might offer up to 10+ markets within that particular market.  Rates continue to remain attractive to potential buyers and parents are increasingly helping their adult children buy their first home.  According to Realtor Magazine, a new study suggests that if families were considered a financial institution, the "Bank of Mom and Dad" would be the seventh largest mortgage lender in the country.  Call me to discuss your real estate questions and market analytics.