News & Politics
Looking to sell your San Diego home? Get a free home value reportLooking to buy a San Diego home? Click here for full MLS accessAs we wrap up the summer, many of you are likely wondering where our market is headed now. The numbers for August are in, and they point to a trend you may have already noticed. Things in the market have been a little sluggish lately. The number of sales is down about 12% year over year. This seems to be more due to lack of inventory as opposed to a lack of interest from buyers.The number of multiple offers has also gone down, but 60% of all homes sold still received them. Also, 31% of homes are selling above list price.We’ve seen a year over year appreciation of 7.4% in San Diego County. So, where do we go from here? Pulsenomics recently released its home expectation survey for the third quarter. Pulsenomics makes these predictions for our market by going out and interviewing over 100 different economists, finance specialists, and Realtors nationwide. “Due to lack of inventory, our market is a little sluggish lately. ”Using the information they gathered, they expected about a 5% appreciation overall for 2017. However, they expect the appreciation rate to steadily decline until about 2020. In 2020 and 2021, they expect the appreciation rate to stay level at about 3%. Even with this decline in percentage, the prediction remains that our market will continue to appreciate for the next five years. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.