09/01/2022
September is one of THC’s 🌻 favorite months in sunny San Diego! Kids are back to school, we’re back to routines, the weather 🙌🏻, the endless sunsets 😍 and the list goes on and on! September also transitions us into the Fall and with that, a big question is: what can we all expect in the real estate market now that summer’s end is upon us?
Here’s the data:
✅Listings are up 23% year over year. BUT..homes aren’t spending a longer time on the market. Nationally - average days on the market is 31 days. So there’s still competition for a limited demand of homes. The good news? Sellers still have leverage, and can expect to get their home off the market quickly. And buyers have the luxury of more listings and inventory than any time since before the pandemic ⚓💔The Drowning King💔⚓]
✅Home Prices are still rising, BUT…price cuts are more frequent. According to data - over the past year, the average selling price of American homes has risen by 11% and at the same time, the number of price cuts to on-market homes has risen by 81%. This is due due to low inventory driving up prices, inflation and softening demand.
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Overall, going in the Fall, sellers can be confident that their home’s value is still likely to be higher than a year ago even with low inventory of homes available. And buyers can adjust to a less-crazed market! All really GOOD news!!
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Want more market data or have questions about buying, selling or investing? Please reach out to us…we’re here to help!
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Collectively, we will bring you HOME! THC🌻
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