Happy New Years! As we start 2020 on the right foot, let’s see where we are at in terms of the “big picture” real estate market. This is nothing specific about the different cities or zip codes of San Diego real estate.
Great info, but what does it mean?
If the Single-Family Home Sales is up 5.6%, as compared from 2018 to 2019; that means that prices are moving faster than inflation. So in basic terms, it makes better sense to have you money in a house rather than sitting in cash at your bank that only pays less than 1%.
The Median Home Price of $589,770 means that houses are a little over half-a-million. OK, not surprising since we live in the best state of USA. Sometimes you gotta pay-to-play in perfect temperature, lifestyle, and awesomeness. But, notice that it climbed 6.4%. Again it more than double the historic inflation rate of 3%. Ding ding ding…2 points for investing in real estate, since it’s better than inflation.
Now the 3rd and final round is the speed at which real estate sells. It used to be 3.8 months, but it got faster, down to 3.1 months. Which also means it takes 3.8 months to sell all the houses that have a “for sale” sign on their lawn, “IF” no new homes came on the market. Since we are running at 3.1 months, the buyer demand is getting stronger. Please take into account that these boring stats were taken at the end of the month for November 2019. Wherein Holloween just happend, Thanksgiving, and holiday attention starts growing; and on the flip-side, buying a house or a car takes a backseat. Do you see my point?
Even at the slow period of real estate, the demand is still hotter than last year 2018.
So the big question for you is: Is 2020 the year you let inflation eat your money or do you upgrade your home into something better, bigger, nicer?
Contact us to help you find your dream home, today!