Real Estate Market Updates for San Diego!

May 3, 2020 Market Activity:

Today I have some information as we are living our lives at home separately from one another. I’m here to bring you some real estate news that I’m hoping will help ease your mind. If you’re here in the San Diego market you are probably wondering what is going on with housing prices and if you should be buying or selling. I’m here to give you some data.

The Pendings:

Pendings are homes that have gone under contract for sale in the last three weeks. Three weeks ago, we were at 347 homes per week. Two weeks ago, we were at 511 homes. This week, this past week, we were at 603.

What does this mean?

We’re rapidly coming back up to what is closer to normal. What would be normal for us would be about 800 a week given this time of the year. However, we’re still at around 75% of that, which is actually quite good considering we’re doing most of it virtually, wearing masks, gloves, using antibacterial wipes and making sure that people aren’t less than six feet from each other. Usually, buyers and sellers aren’t even in the house at the same time.

Predictions:

Now, onto the next piece, which Steve Harney, well known and respected real estate economist, has put together. He took the overlays of the three different well-known financial institutions and their predictions for real estate. I’m showing this to you today because I’m happy to explain to you that this looks like we are fitting this trend of recovery.

Now, I’m on to telling you some good news. The first is that if you are a first time buyer or a move up buyer and you were worried about tight inventory, I’m going to tell you now is the time that you should be moving forward because now, you’re going to have less competition than as things open up even more.

Now, part two, if you are a seller who is selling and going to a lower priced economy or perhaps an economy that is still shut down, I’m going to tell you now is also the time. What you’re going to see is that your GDP here will be higher than other places and counties. So if you’re moving back East or you’re moving to one of those hotspots, you’ll be in great shape if you sell now.

Last, but not least, if you are a seller who is looking to potentially retire or you’re looking to cash out and you’re not going to be reinvesting that money back into the same or a higher price property, then I’m going to tell you, your time is close. We should be looking at June or maybe July to start on the market.

I wanted to give you that news, but I’m excited because people have been asking me for proof that we are really sort of going to see this kind of graph when it comes to real estate, and I am seeing this starting to play out. Feel free to contact me with any questions.