Real Estate Market Update June 2020

It certainly has been a challenging time for all of us, but the real estate market does not seem to be affected. There are fewer homes for sale now than at any time since 2006 – according to Altos Research – and the number of listed homes seems to be falling rather than increasing, as is typical for this time of year.

Here are some interesting statistics on the current market:

– Homes are selling quickly, many within days after listing

– Home inventory is at an all-time low, especially for this time of year

– We are not seeing price reductions prior to the majority of homes selling

– It is a seller’s market with many multiple offer situations

– Prices are hitting all-time highs (1.5% higher than this time last year)

– Home values and equity are up

– Home prices will likely stay high through Summer

– We are not seeing signs of mass foreclosures any time soon

If you would like more detailed information about any of the facts mentioned above in relation to your specific area in San Diego County, please reach out to me and I will be happy to gather more information and send it to you. Data provided by Altos Research.