We’ve seen a noticeable uptick in sales activity over the past few weeks. There’s been a steady balance of homes coming on the market and going into escrow at about the same pace, which keeps inventory from building and putting downward pressure on prices.
This may be due in part to the stock market hitting all-time highs, along with a slight drop in interest rates. Two of our most recent listings have already received multiple offers. Buyers surface quickly when something is priced right, but they aren’t trying to outbid each other and drive prices up.
Currently, there are 154 pending sales from Point Loma to Solana Beach. The average days on market sits at 43. However, 31 of those pending sales were listed within the past 30 days and went into contract in an average of just 8 days.
In reality, we’re seeing two markets: properties that are priced right and sell quickly, and those that are not. The 43-day average is just that—an average. Realistically, homes are either selling in less than 25 days or sitting for 100+ days. High-end properties that naturally take longer to sell also skew these numbers.
Understanding the nuances of each submarket is critical when it comes to pricing strategy—both when listing and when making offers.
As for interest rates, here’s where things stand:
7-Year Jumbo ARM: 5.5%
10-Year Jumbo ARM: 5.75%
30-Year Jumbo Fixed: 6.25%
(*0.875 points)
