Real Estate Pacific Beach

As a potential buyer in the current real estate market, it is important to understand the correlation between various key metrics that can impact your purchasing decisions.

First, let’s look at the Months Supply of Inventory, which is currently at 2.43 months. This metric indicates how long it would take for all the current inventory of homes to sell at the current pace of sales. A lower number typically indicates a seller’s market, where demand exceeds supply.

The 12-Month Change in Months of Inventory has increased by 6.11%, suggesting that there may be a slight increase in inventory compared to the previous year. This could potentially provide more options for buyers and slightly less competition.

The Median Days Homes are On the Market is 35 days, indicating that homes are selling relatively quickly in this market. This could be due to high demand and limited inventory, driving up competition among buyers.

The Sold to List Price Percentage is at an impressive 98.7%, indicating that homes are selling very close to their listing prices. This could suggest that sellers are pricing their homes accurately and that buyers may need to act quickly and make strong offers to secure a property.

Lastly, the Median Sold Price in this market is $1,358,950. This gives buyers an idea of the average price of homes that are selling in the current market. It is important to consider this median price when determining your budget and what you can afford.

Overall, these metrics paint a picture of a competitive real estate market with limited inventory, high demand, and homes selling close to their listing prices. As a buyer, it is essential to stay informed, act quickly, and work with a professional real estate agent to navigate this dynamic market successfully.

                  -Rustin Rulenz, REALTOR® (858) 663-3519