When I first saw this graph, I thought it was the perfect way to sum up the changes in the marketplace since the 2000-2009 era. Back then, people were younger, there were plenty of homes for sale, and prices were relatively affordable, so we always had a very fluid move-up and move-down market.
But to see that average tenure has doubled between 2009 and 2017 is striking.
Have the number of sales changed?
NSDCC Annual Sales of Detached Homes
Given the huge change in price and that more people are staying put than ever, it is shocking to see that sales have been relatively consistent in recent years.
How do you explain it?
It must mean that the demand is fueled by those who don’t have a house yet – first-timers, and those coming from out of town. It explains why they jump at buying when they see a good one – they don’t have one yet. Those who already have a house here aren’t as impressed.
The population has grown 25% in San Diego County since 2000, and 30yr-fixed mortgage rates are about half of what they were then. But for sales to be this strong when repeat movers are so scarce, is remarkable!
P.S. We’ve had 1,620 closings this year, with a median SP = $1,321,500.Link to Attom article