Here are the latest stats from the Tucson, Austin, and San Diego markets.
As per usual, I’ve provided a chart in the video above that details the market statistics for the latest month on record (September 2020). Throughout the three markets we service (Tucson, San Diego, Austin), you’ll see a clear continuation of the trend: super-low inventory pushing prices upward. Around September and October is traditionally when the market starts to slow down as people settle into the school year’s rhythm and gear up for the holidays.
That means we’d expect fewer homes to come onto the market, but this year’s selling season has been sort of elongated due to the complexities created back in spring when the pandemic hit. Compressed inventory continues to linger, new inventory is nowhere to be found, and prices are increasing at a faster rate than normal.
In Tucson and Austin, we did note a slight surge of new inventory in September, which is sort of unusual. San Diego, however, is headed in the opposite direction, with fewer new listings year over year for September. In Tucson, 40% more homes went under contract this September than last, and in Austin, 20% more homes went under contract year over year. San Diego’s pendings trailed behind (just an 11% year-over-year increase) simply as a function of supply and demand; there weren’t enough homes available for a larger jump.
“Across all three markets, homes are selling for roughly 10%, 20%, or even 30% more than they were last year, and they’re doing so 30% faster.”
As far as closings are concerned, I expect to see that the Tucson market will have had a monster of an October when the final numbers come in. Austin already had a solid 32% year-over-year increase in closed sales for September. San Diego’s September dip in closed sales will likely be reversed by October’s performance.
What we’re seeing in today’s market is that almost all homes are selling fast; if a home is sitting on the market, it’s likely because it’s wildly overpriced or in terrible condition, and even then, those properties are fetching an offer or two. Across all three markets, homes are selling for roughly 10%, 20%, or even 30% more than they were last year, and they’re doing so 30% faster.
So, if you have a home you’re considering selling but are waiting for the right time in the market, here’s the big flashy headline for you: The time is now. We don’t know how long these conditions will last, especially as we brace for the aftershock of the election and a new wave of COVID-19.
We do know that there are lots of buyers out there right now, so give us a call today and we can talk about your options. We’re also more than happy to answer any market-related questions you may have and point you to some helpful resources. Be safe, and stay tuned for our next market update!