San Diego Housing Market June 2023 versus normal
George Lorimer
Saturday, June 17, 2023
San Diego County Housing Report:
Increase in inventory, a slight decrease in demand, and a rise in the market time.
The Summer Housing Market - Expect the San Diego County housing market to slow slightly yet to remain exceptionally hot.
George Lorimer - Your Home Sold Guaranteed, or I'll Buy It!* Call George at 619-846-1244 and start packing!
Graduation caps have been tossed into the air since the end of May, marking the beginning of the Summer Market for housing. With the school year ending, it is time to usher in all the distractions of summer: the beach, the community pool, hiking, biking, camping, traveling, and all kinds of camps for the kids. As everyone turns their attention to fun in the sun, the housing market evolves and downshifts slightly.
What's your home price in June of 2023?
Spring is cyclically the hottest time of the year for housing. Buyers and sellers are transacting all year long, yet families with kids like to hit the market in the spring, enabling them to close on a home during the summertime when the kids are out of school. Demand typically peaks during the Spring Market, between mid-March and the end of May. As soon as the last bell rings, marking the end of the school year, families may still have housing goals of selling and purchasing, but that often takes a back seat to enjoy all that summer has to offer. As a result, summer is the second busiest time of the year for housing.
The various seasons of the housing market do not necessarily align precisely with the four seasons' official start and end dates. Summer officially begins on June 21st, the summer solstice, the longest day of the year. Yet, in housing, it aligns with when the kids are out of school, around the end of May. It is hard to look for a home during the busy end-of-school-year activities and graduation festivities, while on vacation, enjoying the warmth of summer surf, or carpooling to and from camps, pools, water parks, and friends’ houses. The Summer Market comes to an end around the third week of August when schools are back in session. Housing then transitions to the Autumn Market.
Search available homes
During the summer market, demand, a reading of recent pending sales activity, decreases slightly with all the distractions. For many buyers, it still feels as busy as ever, but the numbers illustrate a drop in demand regardless. With a decrease in demand, the number of available homes rises as more homes continue to come on the market. Many sellers mistake summer as the best time of the year for housing. With a drop in demand and a rising inventory, the Expected Market Time, the amount of time between hammering in the FOR-SALE sign to opening escrow, grows longer. The overall speed of the market slows a touch.
Get An Unlisted / Off-Market Home
In looking at these trends, buyers may conclude that the market will slow down enough to line up in their favor. That will not be the case. Negotiations will continue to favor sellers, yet the unbelievable housing pace will slow. As the Summer Market progresses, housing will not be as instantaneous. In the hottest price ranges, anything below $1.5 million, many homes that would have sold after the initial weekend will take an extra week to sell. Homes will still procure plenty of traffic, multiple offers, and sales prices above their asking prices. The market transformation will be characterized by fewer showings, slightly fewer offers generated, and not as many sales above their list prices.
In the coming weeks, buyers, sellers, and everyone connected to the real estate market will feel a slight slowdown in housing. They will scratch their collective heads and wonder what is going on. No, housing is not suddenly shifting completely in the buyer’s favor. Instead, it is shifting to a new cyclical season of the year: SUMMER.
To download a complete copy of this report for free, click here.
Source: Copyright 2023- Steven Thomas, Reports On Housing - All Rights Reserved. This report may not be reproduced in whole or part without express written permission from the author.
Increase in inventory, a slight decrease in demand, and a rise in the market time.
The Summer Housing Market - Expect the San Diego County housing market to slow slightly yet to remain exceptionally hot.
George Lorimer - Your Home Sold Guaranteed, or I'll Buy It!* Call George at 619-846-1244 and start packing!
Graduation caps have been tossed into the air since the end of May, marking the beginning of the Summer Market for housing. With the school year ending, it is time to usher in all the distractions of summer: the beach, the community pool, hiking, biking, camping, traveling, and all kinds of camps for the kids. As everyone turns their attention to fun in the sun, the housing market evolves and downshifts slightly.
What's your home price in June of 2023?
Spring is cyclically the hottest time of the year for housing. Buyers and sellers are transacting all year long, yet families with kids like to hit the market in the spring, enabling them to close on a home during the summertime when the kids are out of school. Demand typically peaks during the Spring Market, between mid-March and the end of May. As soon as the last bell rings, marking the end of the school year, families may still have housing goals of selling and purchasing, but that often takes a back seat to enjoy all that summer has to offer. As a result, summer is the second busiest time of the year for housing.
The various seasons of the housing market do not necessarily align precisely with the four seasons' official start and end dates. Summer officially begins on June 21st, the summer solstice, the longest day of the year. Yet, in housing, it aligns with when the kids are out of school, around the end of May. It is hard to look for a home during the busy end-of-school-year activities and graduation festivities, while on vacation, enjoying the warmth of summer surf, or carpooling to and from camps, pools, water parks, and friends’ houses. The Summer Market comes to an end around the third week of August when schools are back in session. Housing then transitions to the Autumn Market.
Search available homes
During the summer market, demand, a reading of recent pending sales activity, decreases slightly with all the distractions. For many buyers, it still feels as busy as ever, but the numbers illustrate a drop in demand regardless. With a decrease in demand, the number of available homes rises as more homes continue to come on the market. Many sellers mistake summer as the best time of the year for housing. With a drop in demand and a rising inventory, the Expected Market Time, the amount of time between hammering in the FOR-SALE sign to opening escrow, grows longer. The overall speed of the market slows a touch.
Get An Unlisted / Off-Market Home
In looking at these trends, buyers may conclude that the market will slow down enough to line up in their favor. That will not be the case. Negotiations will continue to favor sellers, yet the unbelievable housing pace will slow. As the Summer Market progresses, housing will not be as instantaneous. In the hottest price ranges, anything below $1.5 million, many homes that would have sold after the initial weekend will take an extra week to sell. Homes will still procure plenty of traffic, multiple offers, and sales prices above their asking prices. The market transformation will be characterized by fewer showings, slightly fewer offers generated, and not as many sales above their list prices.
In the coming weeks, buyers, sellers, and everyone connected to the real estate market will feel a slight slowdown in housing. They will scratch their collective heads and wonder what is going on. No, housing is not suddenly shifting completely in the buyer’s favor. Instead, it is shifting to a new cyclical season of the year: SUMMER.
To download a complete copy of this report for free, click here.
Source: Copyright 2023- Steven Thomas, Reports On Housing - All Rights Reserved. This report may not be reproduced in whole or part without express written permission from the author.
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