Mid-May Real Estate Market

The real estate market is somewhat confused, but historically active. It may get hotter later this year than we expected, but an inventory that should be going down rapidly is instead, slowly increasing. Sales ARE taking place, Buyers ARE becoming more active…and more importantly, the homes coming on the market are NICE HOMES!

The Spring activity in redecorating and remodeling for the past five years is becoming visible, as nicely turned out homes are the norm on Realtors Thursday Caravan. This past week we had a surprising assortment of really well done homes.

If any portion of the Meadows market can be said to be warmer than the others today, it is the upper end, which is counterintuitive because obviously more people can afford the lower end. Perhaps those at the upper end of the market are less inhibited by interest rates, but in truth interest rates have not risen in spite of rises in the Fed rates given so much publicity. Perhaps high end Buyers follow the market more closely, or they just don’t care because they take relatively smaller loans as a percentage of the sales price.

Or perhaps it is just that any snapshot is inherently flawed as to the overall condition of the market. Yes, there is resistance to the prices and the overall time on market throughout San Diego County has risen to reflect that.

It looks like the market in 2002, which was not all that bad except that we have been jaded by the past three years…