I wanted to drop by with a quick market update for December here in San Diego and take a quick look at the November market.
We didn’t see anything shocking—we knew that with a new president coming in, people were unsure about things, which caused the market to slow down a lot in San Diego. Closed transactions were almost 30% lower than August this year. That’s a big jump! This helped inventory a little bit, but it’s still very low at this point.
With lower demand, we saw a ton of price reductions. During the summer, many homeowners saw the market frenzy and tried to sell their homes for higher and higher asking prices. Eventually, the demand dropped, and prices had to be reduced. This doesn’t mean the market slowed down—we just have fewer sales. This is not a bubble or a crisis; we still have a couple of years of prices going up ahead of us.
As we moved into December, we started to see more pending salesdue to people realizing the world wasn’t going to end after Trump was elected. People still have the American Dream of getting into a home, and I hope you can do it this year or next.
So what’s happening right now? First, I wanted to address a current concern in our market when it comes to finding homes. Many people use sites like Zillow and Trulia, but did you know that these websites aren’t syndicated with our MLS? For these listings to be accurate, an agent would have to go to the site and change it, which never happens. This results in problems like listings showing up for sale when in reality, they’re no longer on the market.
Save yourself some time and grief by hiring a real estate professional who can guide you through the process and give you access to our MLS. That way, you can look at properties that are currently on the market. If you’re looking for pocket listings, you definitely need to give me a call. I’m the master pocket listing guy!
If you’re interested in these listings or have any questions about real estate in San Diego, give me a call today. I’d love to work with you!