Short Term market Updates and Statistics

As we all know, real estate markets are local and in a constant state of flux. In my conversations with other branch managers and agents from different companies, I have found that within the last two months our market has undergone a slowdown. I do not, however, believe that short term outlooks can adequately predict a long term trend. Nonetheless, a look at the at the past three months compared to the same period last year reveals some changes that we should all be aware of in order to better counsel our clients, particularly our sellers.

The following statistics encompass the zip codes for all of San Diego North County Coastal.

Average Sales price June 2014 August 2014 Change
  $609,000 $569,000 -6.6%

 

Number Listings Sold August 2013 August 2014 Change
  694 555 -20%
Active Inventory 1,507 1,751 +14%

 

Our month’s supply of inventory – the number of months that it would take to absorb all of the active inventory if no inventory was added – is now at 3.2 months, up from 2.2 months a year ago. 3.2 months is still a very healthy seller’s market, but appears as though the number is rising rapidly.

What does all of this mean? You are urged to caution your sellers, as always, that to get the best price in the shortest amount of time, with the least inconvenience, they should position their home competitively in terms of price. Times are changing. Stick with the comparable sales. The days of pricing their home thousands higher than the previous sale and expecting to get that price are probably over. At least for now.

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