The following are statistical metrics used to indicate whether our market is favorable towards buyers or sellers:
- Inventory: the amount of properties currently available for sale. The amount of inventory in a particular market is significant due to the fact that an excess of supply (homes listed for sale) could cause home prices to decrease if there is a lack of demand for suitable housing. A lack of supply and high demand for properties would in turn cause property values to increase.
- Average days on market: the average amount of time in which active listings have been available for sale. Only the listing period prior to the opening of escrow will be averaged in the table below. The average amount of time a home spends on the market indicates how quickly a home may be sold given the current demand. A mean (average) market period of less than 45 days is indicative of a seller’s market.
- Absorption rate: the rate at which homes sell in a given area during a given time period1. A seller’s market is considered to have an absorption rate above 30%. An absorption rate below 20% would indicate a buyer’s market.
- Months of supply: the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales1. Three months of supply would be considered a seller’s market. Five months of supply or more would be considered a buyer’s market.
- Average price: the average listing price for all homes currently available on the market.
- Broker’s note: Residential properties priced over $1 million could affect the benchmarks for each metric considering the fact that luxury properties are considered to be more elastic than most average priced single family residences. For example, properties priced over $1 million typically have extended periods of availability on the market given there are fewer buyers willing or able to purchase a luxury property. A market with low property turnover would then result in a higher absorption rate and months of supply quotient.
Check the following table to see whether or not the area you are interested in purchasing or selling your property favors your interests!
Detached Residences in San Diego County
|
City |
Zip Code | Inventory | Average Days on Market | Absorption Rate (%) | Months of Supply | Market Status | Average Home Prices | # of Properties Sold within last 30 days |
|
Chula Vista |
91910 |
22 |
71 |
104.55% |
0.79 |
Seller’s Market |
$784,812.00 |
23 |
|
Chula Vista |
91911 |
27 |
61 |
103.70% |
1.29 |
Seller’s Market |
$585,390.00 |
28 |
|
Chula Vista |
91913 |
35 |
34 |
120.00% |
1.67 |
Seller’s Market |
$678,066.00 |
42 |
|
Chula Vista |
91914 |
23 |
50 |
30.43% |
3.29 |
Seller’s Market |
$1,339,804.00 |
7 |
|
Chula Vista |
91915 |
12 |
26 |
100.00% |
1.00 |
Seller’s Market |
$772,215.00 |
12 |
|
Bonita |
91902 |
13 |
48 |
92.31% |
1.08 |
Seller’s Market |
$947,300.00 |
12 |
|
San Diego |
92114 |
25 |
31 |
132.00% |
0.76 |
Seller’s Market |
$518,823.00 |
33 |
|
Paradise Hills |
92139 |
7 |
100 |
128.57% |
0.78 |
Seller’s Market |
$591,571.00 |
9 |
|
Lemon Grove |
91945 |
15 |
37 |
53.33% |
1.88 |
Seller’s Market |
$534.383.00 |
8 |
|
Spring Valley |
91977 |
30 |
32 |
96.67%% |
1.03 |
Seller’s Market |
$557,388.00 |
29 |
|
Spring Valley |
91978 |
3 |
72 |
233.33% |
0.43 |
Seller’s Market |
$507,933.00 |
7 |
|
South San Diego |
92154 |
23 |
51 |
121.74% |
0.82 |
Seller’s Market |
$575.986.00 |
28 |
|
San Ysidro |
92173 |
2 |
23 |
150.00% |
0.67 |
Seller’s Market |
$484,250.00 |
3 |
|
El Cajon |
92019 |
44 |
45 |
45.45% |
2.20 |
Seller’s Market |
$724,545.00 |
20 |
|
El Cajon |
92020 |
34 |
74 |
88.24% |
1.13 |
Seller’s Market |
$729,858.00 |
30 |
|
El Cajon |
92021 |
75 |
50 |
48.00% |
2.08 |
Seller’s Market |
$661,086.00 |
36 |
|
La Mesa |
91941 |
27 |
76 |
92.59% |
1.08 |
Seller’s Market |
$598.018.00 |
25 |
|
La Mesa |
91942 |
18 |
44 |
94.44% |
1.06 |
Seller’s Market |
$621,341.00 |
17 |
|
La Jolla |
92037 |
128 |
96 |
20.31% |
4.92 |
Buyer’s Market |
$4,687,237.00 |
26 |
|
Coronado |
92118 |
48 |
151 |
27.08% |
3.69 |
Seller’s Market |
$3,006,872.00 |
13 |
| Del Mar |
92014 |
54 |
99 |
12.96% |
7.71 |
Buyer’s Market | $5,090,329.00 |
7 |
Home Improvement and property TLC
Are you considering making improvements to your property prior to listing your home? Let us help you! We exclusively offer our contacts to all of our clients. The Bridgeview Realty network is connected to professionals who offer the following services:
- Appliances
- Cabinetry
- Carpet/Tile/Flooring
- Garage Doors
- Landscaping
- Legal Advice (attorneys)
- Plumbing
- Roofing
- Staging
- Termite
Give us a call to schedule your listing appointment today!
Sources1: https://www.findwell.com/real-