Not something a realtor wants to blog about - the real estate market starting to soften. That appears to be what is happening though. I have noticed it in my own business the past month. Properties are selling but at a much slower pace that the past few years. That caused me to talk to other agents in East County as well as in other parts of San Diego. Everyone seems to be noticing the same thing; prices are holding fairly steady but inventory isn't moving as quickly.
Other parts of the nation noticed the slow down sooner than we did locally. There was an interesting article in Bloomberg a few weeks ago that told the story. Yesterday I pulled information from the MLS to see what the recent numbers said. I found that in La Mesa's zip-code 91941 things are slowing down. Of August this year that zip code has only had 22 homes close escrow as opposed to 31 for the same period in both 2017 and 2016. Even 2015 had 30 escrows closed during the same time frame.
Is it a blip on the radar? Too soon to say but it is something to watch. So far it hasn't seemed to impact prices but that could be next if inventory doesn't move a bit more quickly.
