Happy May! Hope your month is filled with sunshine and warmth. Read on for real estate news, local activities, and discover lifestyle tips curated just for you.
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San Diego Real Estate
Vanishing Lower Ranges
A mind-blowing 32% fewer homes have come on the market below $750,000 so far this year. The lower price ranges are disappearing with far fewer homes available to purchase, and it is impacting the number of affordable closed sales.
As home prices have appreciated over the years, the lower price ranges have dwindled and became a smaller percentage of the housing stock. It is not merely the fact that fewer homeowners within these more affordable price ranges have not placed their homes on the market; instead, it has more to do with home values appreciating and surpassing the lower range thresholds.
Demand is Not Letting Up
Demand, the number of pending sales over a month, increased by 121 pending sales over the past two weeks, up 1% and now totals 3,490. From here we can expect demand to remain elevated through the end of the month, and then ease a little bit as housing transitions to the summer market. The summer market typically shows a decrease in demand because of distractions between graduations, summer vacations, and summer activities which will only be magnified this year as we come out of the COVID-19 fog.
Luxury Looms Large
The luxury market, all homes above $1.5 million, accounts for 34% of the inventory and only 17% of the demand. Pending sales in the luxury market was up 8% over the past few weeks. We can expect the luxury market to continue to improve over the next month before we head into the summer market.
Source: Steven Thomas - Reports on Housing
Congratulations to our clients who bought real estate last month in this highly competitive market. You are proof and hope to other homebuyers who are struggling to get an offer accepted in this market that it is possible, with perseverance. We appreciate the opportunity to be of service to help you achieve your real estate goals.
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Real Estate in the News
Millennials are Ready to Take Over the
Real Estate Market
Over the last several years, millennials have rented to stay nimble and keep work opportunities open. Now, they're ready to buy. Why it matters? About 4.8 million millennials are turning 30 in 2021, and many are expected to enter the home-buying game if they haven't already. According to Axios, this wave of new buyers will have the opportunity to build and pass on wealth and shape the market for years to come.
Memorial Day - Monday May 31st
Honor our military personnel by visiting the Veteran's Museum and Memorial Center in Balboa Park or take a drive to the Mt. Soledad National Veteran's Memorial in La Jolla. Pay tribute to the more than 200,000 servicemen who served aboard the USS Midway Museum. For more Memorial Day events click here.
Lifestyle Tips & Tricks
Sell your home faster and for a higher price. Compass Concierge is the hassle-free way to transform your home with zero upfront costs or interest. I'll work with you to determine how we can maximize the value of your home by taking advantage of select Compass Concierge Services. With Concierge, you do not have to pay the initial out-of-pocket costs for home improvement services like painting, staging, flooring, and more.
Design Ideas to Try Now
From budget hacks to easy updates, these creative home ideas from HGTV Magazine are sure to spiff up your space. Test a few or try 'em all! Your next weekend project is waiting for you. Courtesy of HGTV
10 Delightful and Delicious Things to Plant in May
April showers may bring May flowers, but May planting brings tasty summer crops. Tomatoes, zucchini, eggplant, and peppers are just a few of the delightful veggies we dream of as soon as September rolls around, and May is the perfect time to start planting your favorites for a season full of hyper-local dining alfresco. Courtesy of Veranda