The number of homes for sale in San Diego is declining
Though the southern part of California is filled with great places to live, the number of homes for sale in San Diego has declined since 2009. While this is certainly not good news for buyers who will face more competition, sellers will be excited as limited supply drives up home value.
The San Diego Association of Realtors (SDAR) recently released a study that tracked the amount of listings in the city. According to the report, the number of homes listed for sale in San Diego County has fallen to its lowest level since June of 2009. In March, the county had 7,400 active listings, which is 38 percent lower than March of 2011 and 8 percent lower than February of 2012.
"We have very limited inventory," said SDAR president Donna Sanfilippo, according to UT San Diego. "We’re showing inventory is really down. Most (sellers) would like to see first-time homebuyers, but if cash is offered, and at the same amount, then they’ll go with the cash offer."
Due to the high value and possible mortgage backlogs of homes, San Diego buyers are turning to options such as short sales to purchase desired properties.