Once again it is time to hear from our local residential real estate expert Kay Bates on what and how the market is doing.
Enjoy, JR
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It’s Hot Out There! The Weather and The Real Estate Market!
Well folks, the warmer weather is here, and it’s HOT! Please be careful out there, stay hydrated and use your sunblock. The real estate market is also HOT! Don’t take my word, see the graphs below, as the numbers never lie. Currently our inventory is nonexistence in Escondido and San Diego County. It’s indicating that it’s still a strong seller’s market despite the media coverage of higher interest rates.
Yes, interest rates are higher, however, with inventory so low, qualified buyers are now paying over the asking price for the limited homes on the market. From California Association of Realtors: the days on market for homes dropped to the lowest in the last 10 months to 15 days!
The diagrams below illustrate the activity numbers through July 2023 and compares the data to July 2022 for Single family homes.
So, if you are considering seller your home in this market, please contact your local Realtor. The one thing I know is that numbers never lie, and they don’t tell the whole story either.
