While it seems like the local market has been cooking this year, when you look at the basic stats it’s hard to be impressed. Here are SD County detached-home sales for Jan 1 to Oct 14th:
|Year||# of Sales||Avg $/sf||DOM|
Sales are up 15% this year, but the avg. cost-per-sf and days-on-market are similar – ho-hum, right?
The reason it feels so hot is because of the speed in which the attractively-priced new listings are finding a buyer. There isn’t a way to research previous time periods, but this looks spectacular compared to the 72 DOM average:
SD County Detached-Homes Listed Between Sept. 15-30:
Total Number of Houses Listed between Sept. 15-30: 1,263
Number Already Marked Contingent, Pending, or Sold: 655
More than half (52%) of those new listings have already found a buyer! It shows how efficient the market is when more than half of the sellers can get the price right in the first 2-4 weeks.