An influx of buyers from NorCal and LA are competing for listings in San Diego and Orange County, making our already surging demand even more unprecedented.

And while the supply of homes available to purchase has remained at ultra-low levels and will not begin to rise until the spring, we are watching the data for movements.

Here’s what that data tells us…

1. Home buyer demand continues to outpace the monthly supply of homes, making the start of the year the best time to hit the market.

2. Only 13% of the current inventory in Orange County reduced the asking price and in San Diego County it was 12%.

3. In both Orange and San Diego Counties, the median time on the market is 11 days.

4. In January in Orange County, homes sold on average 2.4% above their list prices. In San Diego County, it was 2.2% above their list prices.

5. If no new inventory hits the market, all inventory will sell out in 21 days in Orange County and 18 days in San Diego County.

6. Higher mortgage rates have not deterred or slowed buyers as affordability is still the key factor.

7. However, if higher mortgage rates persist, a careful pricing strategy will be crucial as 2022 develops.

8. Buyers are willing to compromise, making the current market the best time to sell a home that may have a few challenges (i.e.: close to high traffic, excessive repairs, etc.).

If you’re looking for more information about the real estate performance in many of Southern California’s most in-demand markets, click here to view the Pacific Sotheby’s International Realty IN FOCUS market reports.

Whether you are a first-time home buyer, an interested seller or building your investment portfolio, our reports are your best resource to make smart real estate decisions today.

The information provided on this blog does not, and is not intended to, constitute legal or tax advice. All information, content, and materials available on this blog are for general informational purposes only. Information on this blog may not constitute the most up-to-date legal or other information. Readers of this blog should contact their attorney and/or tax advisors to obtain advice with respect to any particular legal or tax matter. No reader, user, or browser of this blog should act or refrain from acting on the basis of information on this site without first seeking legal advice from counsel in the relevant jurisdiction. Only your individual attorney and/or tax advisor can provide assurances that the information contained herein and your interpretation of it is applicable or appropriate to your particular situation.
No Comments Yet

Leave a Reply

Your email address will not be published.