Recent La Jolla Sales Decline: Why Home Sellers Shouldn’t Worry
You thought a lot about putting your home on the market. It took you weeks to find the right listing agent and months getting your home in show-ready condition. Now, you feel a little worried about the market since home sales took a small decline. Rest assured, there is no need for worry. In fact, this could be the best time to have your home on the market.
As a home seller, you should understand that home sales do fluctuate each month. However, specifically to the San Diego County area, this past seasonal drop is pretty historical. Even with this past dip in home sales, home prices have continued to increase over last year. Inventory is less, and demand is still there. According to CoreLogic, a data analytics company, the San Diego county area has seen a small decline in home sales over the past few months. This type of seasonal drop is normal for the San Diego county market. Plus, the home price increase over the previous year is positive for the area housing market.
Healthy real estate markets will typically show several key factors:
- Decline in inventory
- Slight increase in home price
- Low percentage of distressed properties
Today, the San Diego county housing market is seeing such key factors. According to current trends, total available home inventory is down by 4 percent over the past month and down 24 percent over last year. While home prices are 2 percent over last month with a low distressed rate of only 1 percent. Homes are also selling faster too. Last year, it took an average number of 52 days to sell a home. This year homes are selling within an average of 46 days. Plus, if we look at historical data on past sales, January and September are the slower months, while February through July present higher pending sales percentages. March was the heavy hitter last year with 47.5 percent of pending sales, which only has a 13.4 percent higher rate than the slowest month pending sales for the year. So, if you have been worried about listing your home, just wait—you’ll have an offer shortly.
Thinking of buying or selling a home in the La Jolla area? As consistent top producers in real estate, Linda Daniels and The Daniels Group are your La Jolla housing specialists. Working with The Daniels Group will give you with the advantage of having local experts to ensure that you have a successful real estate transaction. From buying, selling and investing to financing options and more, we have the expertise and resources to help you achieve your goals. Call us today at (858) 361-5561 or email us anytime by clicking here.