San Elijo Hills Summer 2022 Real Estate Market Update
The average home selling in July 2022 in San Elijo Hills closed for 99% of the listing price, down from 110% in April. Average July market time was 12 days this is down from just 17 days in June and a low of 9 days in January.
The price per square foot in July was $554, down from $739 in May. Currently, only 26 homes for sale in San Elijo Hills, and 7 homes are pending in escrow. With 13 homes selling in July down from 18 homes selling in April.
26 HOMES FOR SALE IN SAN ELIJO HILLS. This link is live and will update as homes come on the market. If you or someone you know is considering making a move, please call/text Ed Philbrick 760 496-8134
2022 San Diego County Real Estate Forecast
The looming recession has buyers on the edge of their seats fully aware that the housing market has slowed considerably. From the flood of online news articles describing the real estate slowdown to the countless YouTube and TikTok videos detailing in only a few minutes how housing is about to crash, many buyers are convinced that the San Diego County housing market is on the brink of collapse. Homes are taking a lot longer to sell. The number of price reductions has surged higher in the past couple of months. As a result, many buyers sit on the sidelines waiting for prices to plunge. They are waiting for a deal, a total bargain.
Just because so many people are jumping to the conclusion that home values must plummet does not make it so. Merely mention a recession and everyone’s collective minds recall the devastating blow to housing during the Great Recession. Instead, homeowners across the country purchased their homes with huge down payments, extremely strong credit scores, money in the bank, and qualified for their mortgages. Buyers over the past many years have not been purchasing homes utilizing subprime loans, pick-a-payment plans, teaser rate adjustable mortgages, or zero down programs. This is not 2005 to 2008 all over again.
Instead, with an Expected Market Time (the time between hammering in the FOR-SALE sign to opening escrow) of 66 days, it is a Slight Seller’s Market (between 60 and 90 days). It is not a Balanced Market (between 90 and 120 days). It is not a Buyer’s Market (over 120 days). The market still lines up in favor of sellers. In fact, in the past two weeks, the Expected Market Time dropped from 67 to 66 days. Surprisingly, the San Diego County housing market got a little hotter. It appears as if this year’s rise in market time has stopped and will remain a Slight Seller’s Market for the remainder of the year. This is due to the active inventory nearing its 2022 peak, rising by only 138 homes in the past couple of weeks, and demand jumping by 5% with rates falling to levels last seen in April.
Curious about the new value of your San Elijo Hills home
Are you curious about the new value of your San Elijo Hills home in this current market? I recommend Homebot to track the value of your home and build more wealth with your home and your real estate investments or vacation home.
760-496-8134 (Call/Text)or Book Consultation Online
www.hillsandcoast.com
E: ed@hillsandcoast.com
Edward Philbrick: REALTOR Lic #01967137
Corcoran Global Living Lic #02109201
