It has been over a year since buyers had more selection
Each month there are two metrics we consider so important to the strength of the real estate market we update you twice. At Paradise Sharks Real Estate we firmly believe each of our clients deserves to know as much as possible in order to make fully informed decisions. Our passion remains to raise the quality of service, marketing and value of real estate services available to everyone and information is just one small part of this equation.
Our last few reports have been great news signifying a potential shift in the local market that has been floundering for quite some time. For the first time in 9 months we have seen a strong increase in pending home sales while median prices have increased for 3 straight months. Today we bring you some news to temper that euphoria as home inventory has risen again in the north county region.
And it was not an insignificant increase with the number of homes actively for sale in the area moving higher by 7.5% over the past 30 days. Buyers now have more options to select from than anytime over the past year as we reach a brand new 12 month high. The supply side of the equation continues to grow and sellers are facing more competition.
In a “normal” market higher inventory levels, especially those that have jumped almost 30% in 6 months, would signal downward pressure on home prices. But this is not a “normal” market and sellers have remained firm is asking more for they properties. Over the past few months it is apparent buyers are once again motivated and prices have risen. We expect higher sales numbers in the coming months and with more options for buyers combined with interest rates that have now fallen for 7 straight weeks it is certainly another great week to get out and find that perfect home. Always interesting, always fun.