May 2020-San Diego Real Estate Stats Confirm Strong Demand despite Low Inventory
The County Recorder's Office is closed over the weekend, so May figures are in as of today. While there are multiple challenges in the market associated with the pandemic, the statistics confirm this train isn't stopping anytime soon and will pick up speed as sellers feel more confident about moving forward with listing.
Median Price is $610,000, up 5.1% over the same time last year.
Days on Market fell by 48.1% as buyers scooped up available inventory.
38.8% of listings sold ABOVE list price, up 12.5% compared to May 2019
New listings totaled 2,440 in May, down 29.6% over last year.
Sold properties dropped by 29.9% over last May, in line with lack of new inventory.
There are currently 2.2 months of inventory on the market in the County, still a strong seller's market.
This is looking to be an absolutely ideal time for sellers to make their move and get top dollar. Nearly 40% of listings are selling above the list price and multiple offers are the norm.
Buyers; low supply generally results in increased prices. Interest rates are fantastic within conventional loan limits meaning you can get more for your money today. I predict those who buy now are going to be very happy they did.
If you are considering buying, selling or both but aren't sure if this is the right time for your particular situation, let's talk through it. The more you know, the better decisions you can make.
Have a wonderful weekend.
Tamara