The Battle Continues... the Inventory Battle that is!
Throughout most of the County, we continue to battle an inventory shortage issue which is causing home values to significantly increase. This condition has lead many people to believe that we must be in some type of market bubble; however, the problem with this logic is that there are no valid indications of the market slowing down. Quite the opposite. We live in a market now without subprime mortgages, $0 down loans, or no stated income loans - lenders have MUCH stricter qualifications that serve as a market safeguard during a rising sales spike. Now, if we apply the law of averages, we can predict that things will eventually slow down, but so long as inventory stays this low, all signs confirm that this competitive sales market is here to stay.
Here are the numbers I am referring to...
Closed sales have decreased -4.3% from this time last year, even worse is the current amount of inventory is down to -25.2% !!! With such minimal levels of inventory, of course the Median sales price has increased to 8% compared to this time last year, and caused the average days on market to decrease 31.2%.
Having been raised in San Diego, Joseph has a great wealth of knowledge of each community San Diego has to offer. Combined with being extremely hard working, having a great attention to detail, and having the ability to listen Josephs clients receive an elite level of service.
Sales are ⬇️, Inventory is ⬇️, but Prices are at an
"My partner and I just recently purchased a home in Vista with the help of Joseph and team. As first time home buyers it can be quite stressful as there are many unknown factors and lots of questions to be answered. Joseph was there to answer all of our questions every step of the way. He laid everything out for us step by step so we knew what to expect. The entire process went very smooth and we closed within the timeline he set for us. He stayed on top of everything and made the process seamless for us. As first time buyers we would like to see our investment grow into something bigger and better so our relationship with the Arendsen Group has just begun. We look forward to working with Joseph and team for many years to come. I highly recommend the Arendsen Group to anyone looking to purchase real estate in San Diego County."