1 Minute San Diego Market Update [May24]

In the world of real estate, low inventory and high demand are making the market competitive. The months of inventory have increased by 31.03%, giving buyers more options. Homes are selling quickly, with a median of just nine days on the market. Sellers are happy because homes are typically selling for more than the listing price. The median sold price is $1,232,500, showing that people are willing to pay top dollar. Overall, it's a thriving market, and now is a good time to buy or sell. Let's jump into the world of real estate metrics and see how they connect to give us a better grasp of what's happening in the market. So first off, we've got the month's supply of inventory, which is sitting pretty low at 1.52. What does that mean? Well, simply put, there aren't many homes up for grabs compared to the folks out there looking to buy. But hey, don't sweat it just yet. The 12-month change in months of inventory has actually gone up by a solid 31.03%. More homes are hitting the market, giving buyers more choices. Now let's talk about how fast homes are flying off the shelves. The median days homes are on the market is just nine days. Yep, you heard that right. That's how quick homes are selling, showing there's a big demand in the area. And when it comes to selling, the list of sold price percentage is at a strong 102.3%. That means homes are typically selling for a bit more than what they're listed for, making sellers pretty happy. Lastly, the median sold price in the area is a solid $1,232,500. That's a good chunk of change, showing that people are willing to pay top dollar for their dream homes. So what's the takeaway? Well, it's a competitive market out there, but it's also thriving. Sellers are loving the demand, and buyers have more options. So whether you're looking to buy or sell, now's the time to jump in, and I look forward to helping you find your dream home. I'm Kat Tosifovsky with Coldwell Banker Realty.