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San Diego Homeowners: Could Your Home Sell in Two Months?

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What are the chances that your San Diego home would sell in two months or less if you put it on the market today? A new study done by the real estate website Trulia suggests that the chances are high that you would sell your home within 60 days. Homes in San Diego are the fifth fastest to sell out of 100 cities, according to Trulia!

The reason San Diego homes are selling so quickly is simple: low inventory. 59% of homes in San Diego that were listed in mid-February were sold by mid-April. That is up 55% compared to the same time last year. The month of March saw asking prices for homes increase by 14% in San Diego County.

“In general, housing markets with more inventory and fewer buyers will have a higher share of for-sale homes remaining on the market after two months and a higher median days-on-market,” the study released last week by Trulia says. “Expensive markets – including many in California – have perennially tight supply because of limited constructions, so homes don’t stay on the market for long.”

Meanwhile, across the United States, 45% of homes listed in February were sold in 2 months as well. Homes in the city of Oakland sold the fastest, with 71% listed in February selling in mid-April. Asking prices for homes were up 22.7% from 2013 and rose in each of the 10 fastest markets. California owns 7 of those 10 markets. The city of Richmond, Virginia was the slowest market, with 28% of homes listed for sale in the middle of February selling in mid-April. The asking price in that area was up 3.6%. Here is a breakdown of the top 10 fastest moving housing markets according to Trulia:

America’s Top 10 Fastest-Moving Housing Markets

# U.S. Metro

Share of homes still for sale after being listed for at least two months, mid-April 2014

Share of homes still for sale after being listed for at least two months, mid-April 2013

Difference in share still for sale, 2014 vs 2013

Asking prices, Y-o-Y % Change, March 2014

1 Oakland, CA

29%

31%

-2%

22.7%

2 San Jose, CA

31%

35%

-4%

13.4%

3 San Francisco, CA

32%

36%

-4%

15.1%

4 Denver, CO

38%

47%

-8%

9.6%

5 San Diego, CA

41%

45%

-4%

14.0%

6 Seattle, WA

43%

49%

-6%

11.2%

7 Los Angeles, CA

44%

40%

4%

17.0%

8 Orange County, CA

45%

38%

6%

14.9%

9 Sacramento, CA

45%

41%

4%

22.2%

10 Middlesex County, MA

46%

52%

-6%

7.3%

Trulia chose to evaluate homes based on its two-month measure instead of using median days on market because the number could be skewed downward if inventory suddenly shoots up.

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.