Why Low Inventory Is A Fabulous Opportunity For Coronado Home Sellers This Fall
In Tuesday's blog, we took a look at the latest Coronado real estate statistics and made the following observations on the state of inventory of available homes for sale in the area.
- Inventory in September was over 47% lower than the same month last year.
- Months supply of inventory has fallen by over 56% in the past year
- Currently there are just under three months of available inventory in our market
For current sellers, and those contemplating listing in the near future, this represents a superb opportunity.
As we also reported earlier in the week, pending and closed sales are up year on year by 38.5% and 47.1% respectively and by 23.8% and 13.9% for the year to date. Median sales price has risen by 8% in the year to date. Percentage of original price received has risen by 2.6% between January and September.
Buyers are therefore out in force and extremely keen to secure their next home. Better yet, we're entering a time of year when we see some of the most determined purchasers in the entire real estate cycle, keen, among other reasons, to move in before the holidays, relocate before year end and complete property sales by the end of December due to tax considerations.
With so much positive sentiment, these trends are likely to impose further pressure on inventory.
Consequently, there's an increased likelihood of receiving multiple offers as buyers chase their best options.
Although we've seen an encouraging increase in new listings of late, these have been more than offset by the number of homes sold, so the inventory trend is still southbound.
And the fact is that, as the holidays close in, some sellers will almost certainly incorrectly decide to withdraw from the market until the New Year, further exacerbating the shortage of available property.
This means less competition right now and, quite possibly, reducing housing stock as we head to year end. That means better market visibility for your home at a time when there's every sign that there will be a good number of very focused and well qualified buyers with deadlines they need to meet.
On top of all these positives is the fact that this is, of course, an abnormal year in terms of the lockdowns we experienced earlier in the year, perhaps suggesting more pent up demand than we would normally anticipate as the year winds down.
There are so many great reasons for optimism this fall. Why not contact us at 619-886-0175 to explore the best selling strategies in your own circumstances. We look forward to talking with you.