In September of 2014, the inventory for single-family homes in North County stood at 4.2 months. In September of 2016, that number had fallen to 2.8 months. Real estate experts say a six-month inventory is where a market should be at.
So those numbers show the housing crunch very much continues, according to September figures from the North San Diego County Association of Realtors.
The fall in the number of available single-family attached homes was even more dramatic. Two years ago, in September, there was a three months inventory. It fell by more than 50 percent when compared to September of this year. The number was at 1.4 months of supply.
Homes are also selling at a faster clip, likely because buyers are scurrying to land the shrinking pool of available properties.
In September of 2014, it took an average of 45 days to sell a single family detached home. That’s down to 37.
Likewise, for attached homes, the numbers have fallen: from 41 to 27.
The report noted: “In general, today's demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory.”
That’s driving up prices. The median sales price was up 7.6 percent, to $635,000 for detached homes and up 10.5 to $395,000 for attached homes.