San Diego County Housing Report: -Housing Starting to Flex, February 7, 2023
4 weeks ago, the average market time was 76 days, currently, it is 45 days. That market time shrinking so drastically means more buyers are buying (demand increasing) and homes for sale (supply decreasing).
After an extremely slow end to 2022, buyers are returning to the housing arena, demand is already up sharply, and market times are plunging fast.
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Buyer Demand Coming Back - Pending sales are surging higher as housing bounces back from very low levels.
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Getting to a movie theater early, sitting in the pews of an empty church with plenty of time until the service begins, and being seated immediately at a popular restaurant before the dinner rush are all examples of moments in time where it seems as if very few are going to show up. Yet, in the blink of an eye, the theater is packed, the church pews have been filled, and there is an hour-long waitlist at that favorite restaurant.
That is precisely what is occurring right now in housing. A month ago, open houses were empty, showings were light, and there was little real estate activity as everyone’s collective brains were still in a holiday fog. Seemingly overnight, buyers have returned, demand has surged higher, and market times have plunged. Click here to download the report
Demand, a snapshot of the last 30 days of pending sales activity, jumped 28% in just the past couple of weeks, adding 371 pending sales as it climbed to 1,698. It was the largest two-week rise since February last year and the strongest demand reading since mid-October. The current level is similar to the low readings during the initial lockdowns of COVID in April 2020. Demand levels have been lower than the lockdowns since October of last year.
4 weeks ago, the average market time was 76 days, currently, it is 45 days. That market time shrinking so drastically means more buyers are buying (demand increasing) and homes for sale (supply decreasing).
After an extremely slow end to 2022, buyers are returning to the housing arena, demand is already up sharply, and market times are plunging fast.
Get an instant home value
Buyer Demand Coming Back - Pending sales are surging higher as housing bounces back from very low levels.
Search homes
Getting to a movie theater early, sitting in the pews of an empty church with plenty of time until the service begins, and being seated immediately at a popular restaurant before the dinner rush are all examples of moments in time where it seems as if very few are going to show up. Yet, in the blink of an eye, the theater is packed, the church pews have been filled, and there is an hour-long waitlist at that favorite restaurant.
That is precisely what is occurring right now in housing. A month ago, open houses were empty, showings were light, and there was little real estate activity as everyone’s collective brains were still in a holiday fog. Seemingly overnight, buyers have returned, demand has surged higher, and market times have plunged. Click here to download the report
Demand, a snapshot of the last 30 days of pending sales activity, jumped 28% in just the past couple of weeks, adding 371 pending sales as it climbed to 1,698. It was the largest two-week rise since February last year and the strongest demand reading since mid-October. The current level is similar to the low readings during the initial lockdowns of COVID in April 2020. Demand levels have been lower than the lockdowns since October of last year.
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