As a homeowner considering selling, it is crucial to understand the real estate market and the key metrics that can affect the sale of your San Diego property. Let’s dive into the correlation between some important real estate metrics to help you make informed decisions. This report is for September 2023 for the 92117 zip code.
Months Supply Of Inventory Let’s take a look at the “Months Supply of Inventory,” which currently stands at 1.32. This metric represents the number of months it would take to sell all the available homes on the market if no new listings were added. A lower value indicates a seller’s market, where demand exceeds supply, potentially leading to quicker sales and potentially higher prices.
12-Month Change in Months of Inventory Analyzing the “12-Month Change in Months of Inventory,” it shows a positive increase of 4.76%. This figure represents the percentage change in the number of months it would take to sell all the available homes compared to the previous year. A higher increase suggests a potential shift towards a buyer’s market, where supply might be outpacing demand.
Median Days Homes are On the Market This currently stands at 15 days. This metric represents the average number of days it takes for homes to sell once they are listed. A lower number indicates a fast-paced market with high buyer interest, potentially leading to quicker sales for sellers.
List to Sold Price Percentage This is currently at 98.3%. This metric calculates the percentage of the original listing price that a home ultimately sells for. A higher percentage suggests that sellers are generally receiving offers close to their asking price, indicating a strong market for sellers.
Median Sold Price Which currently stands at $1,060,000. This median home price represents the middle point of all the sold prices in the San Diego real estate market. It serves as a benchmark to understand the general price range of properties being sold. Sellers can use this information to price their homes competitively and attract potential buyers.
Tying these metrics together, the low “Months Supply of Inventory” and the short “Median Days Homes are On the Market” indicate a seller’s market with high demand and tight supply. This is further supported by the high “List to Sold Price Percentage,” suggesting that sellers are achieving prices close to their asking price.
Market Trends However, it’s important to note the positive increase in the “12-Month Change in Months of Inventory.” This indicates a potential shift towards a more balanced market, with supply possibly increasing. While this may not significantly impact sellers currently, it is a market trend to keep an eye on as it could influence future market dynamics. I’ll keep you updated of future trends in this blog
Overall, the combination of low inventory, quick sales, high list to sold price percentages, and a healthy median sold price suggests a favorable market for sellers. However, it’s always essential to stay informed about market trends and consult with a knowledgeable real estate professional like Fiona to keep you competitive in your home pricing and to help you make the best decisions for your specific situation.
See how your home compares to the $1,060,000 median price. Give me a call/text for a complimentary home evaluation! I’m here to help, contact me to guide you through the process.