New Year’s First Impressions
Here are my New Year’s first impressions of the real estate market.
Multiple offers and bidding wars are back
My client sent me a home she liked but it had just gone pending. It was listed for $995,000. The sellers received 18 offers with multiple offers over $1.2M.
Buyer foot traffic is high
We had an open house at one of our listings on Saturday. There were 135 people that came through the open house within three hours. Did I mention that it was also a rainy day?
List prices are increasing and decreasing
As of Jan 19, there were 1104 new listings that come on the market since the New Year. Of those listings, 33 have already had price increases and 48 have had price decreases.
Here’s a look at the new listings in San Diego this year.
New Listings: 1104 (Jan 1 – Jan 19)
- Status
- – Active: 831
- – Pending: 273
- Price changes
- – Price reductions: 48
- – No change: 1023
- – Price increases: 33
The market is picking up across the country
I attend a Zoom meeting every morning with about 20 agents across the country from Alaska to New York. Strong open houses and multiple offers are being seen across the map.
Mortgage rates going down
Mortgage rates are projected to go down so more buyers will come out.
Beware of buyer fatigue
This intense buyer traffic could lead to soaring prices. But I’ve seen huge open houses with no offers because eventually, buyers refuse to get into bidding wars. Buyers were plagued with buyer fatigue by February last year
Sales prices are back to prior year prices
Median sales prices went up last year but then they dropped and are back to the same level where they started in San Diego.
- – Dec 2022: $749,000
- – Dec 2021: $750,000
- – Dec 2020: $649,000
- – Dec 2019: $575,000
- – Dec 2018: $555,000
- – Dec 2017: $538,000
Bottom line:
If you are thinking of buying or selling, contact me. Let’s discuss your situation to help you get the most money when you sell and the best value when you buy your next home.
