Everyone says that inventory is low because potential sellers don’t want people in their house during covid……but that’s not stopping the buyers! The showing counts are rising quickly and more people are looking – maybe more than ever for early March:
The competition among buyers is increasing daily, yet the number of homes coming on the market is still well behind previous years, creating an imbalance of gigantic proportions – twice as many lookers to buy 18% fewer listings than last year:
San Diego County Number of New Listings, January + February Combined
This year we were 26% below the average of the previous 8 years!
The extraordinary demand mixed with fewer properties is causing everything to get bid up.
In past years, any defects or concerns might limit the number of buyers, and affect the value. These days, it just means you’ll have less than ten offers. The flipper paid $911,500 for this in November, listed for $1,089,000, got seven offers and two bid it up to $1,300,000: