Seeing less of these nowadays?
Has anyone noticed for sale signs in their areas up for longer periods of time? The next time someone in your neighborhood puts their home on the market keep an eye on how long the sign stays on the lawn. The San Diego housing marekt has seen the number of home sales slip compared to last year and in relation to the national market. Though we've seen fewer sales this year we've also seen the price of homes sold rise slightly year-over-year. On the other hand the national numbers are going in the opposite direction of San Diego's real estate market's numbers. So what does this mean?
The San Diego real estate market, and California for that matter, seem to be at the front of the real estate trend and market train. It's almost as if San Diego's real estate market is the prognosis for the upcoming health of the national real estate market. San Diego's market, along with California, were the first to experience this last epic down fall of the real estate market. Consequently they were also the first to see the benefits of tax credits and incentives to buyers in the past few years that got the real estate market moving some what.
Another factor contributing to the drop in the number of sales is the larger inventory in the San Diego real estate market. Last year this time there were 8,000 or so homes listed on the market compared to around 12,000 or so this year. This means that buyers have a larger selection from which to choose from hence buyers are taking their time and really thinking about which home they would like to buy.
Though the fourth and first quarter of the year are usually slower than the other two quarters of the real estate market this drop in volume could be a sign of things to come in 2011 on a national level. San Diego as I mentioned seems to be at the forefront of real estate market climate and we'll have to keep our eye on it and see what develops. The economic turmoil and the state of the job market are two things that will weigh down heavily on the recovery of the market as well and anything that we can do to help create and retain jobs will surely have a great impact on the real estate market as well. San Diego's real estate market isn't out of the woods yet but you can pretty much count on it being the first to do so.
Comments(1)