This week’s Monday Minute will be text only, as I am currently relaxing by the koi pond at a wonderful Air BnB in San Diego to take a break from the summer heat in the desert. We’ll be back to our usual video update next week, but read on for this week’s update. It has some good news for both buyers and sellers.
The good news for buyers is the number of new listings has now been above 400 per week for the seven of the last eight weeks. That’s almost double the number of weekly new listings that we saw in late April when we began tracking the weekly stats. New listings were up (+3.6%) last week over the prior week at 430.
Buyer activity was strong last week with a (+17%) increase in new escrows — 316 new escrows last week — compared to the prior week. Recent activity is triple what it was when we started tracking new escrows back in late April.
Closed transactions were up (+5.7%) over last week, to 336, and we’re continuing to see most escrows close.
Price reductions were down (-9.7%) over last week — down to 168 — as the strong buyer activity is pushing pricing upwards and resulting in the need for fewer price reductions to get homes sold.
The good news for sellers is the average selling price continues to trend upwards. Last week the average sale price rose (+2.6%) over the prior week to $518,772. That’s a (+11.2%) increase over the July average selling price of $461,705.
We remain in a seller’s market at this time, and if the shortage of inventory continues, we should see this continue as we transition into the prime selling season over the next two months.
If you’re considering selling your home, click here to get your free INSTANT home price valuation: www.PriceMyDesertHome.com, and if you’re considering a purchase in the area, start your home search online at www.FindYourDesertHome.com.