I Know It’s Halloween, But What Scared All Of The Sellers Away?!
In the last 5+ years I have been in real estate, I’ve never seen the number of available homes this low. In Downtown San Diego there are only 146 listings on the market as of October 28th, 2016. This is insanely low! Out of 152 listings currently on the market, 41 (27%) of which are over $1,000,000.
- Sold (Last 30 Days)
There are more listings that are currently in escrow and sold in the last 30 days, than there are on the market right now! Furthermore, the inventory that is currently active is off balance when compared to what is actually selling. As previously mentioned, 41 out of a total of 152 listings currently available are priced above $1,000,000. That is 27.0% of the available inventory, while only 15% of the sold listings from the last 30 days and 11.8% of the properties currently in escrow fall within that range. When we look below $800,000 we see that 62.5% of the available inventory falls in this range, but it is selling extremely fast. 77.5% of the sales from the past 30 days fall in this category and a huge 83.9% of the homes in escrow are under $800,000.
So What Does All Of This Mean?
With inventory in Downtown San Diego at the lowest level in history, property under $1,000,000 is selling extremely fast. In September we reached the highest average price per square foot since October of 2006! Now may be the perfect time to sell your home in the shortest amount of time for the most money possible. Our last 3 listings to go into escrow have sold in under 5 days at or over full list price.
And Always Remember, It Matters Who You Work With!
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