San Diego – fewer homes sold for above asking price

If you sold a home in San Diego County last year, there’s a high statistical probability it sold for under asking price.

In 2019, 22.6 percent of homes sold for more than sellers were asking — a smaller amount than the hot post-recession San Diego market is used to.

In 2018, 25.1 percent sold above asking; 29.8 percent in 2017; 26.8 percent in 2016.

Zillow economist Jeff Tucker said the numbers are a reflection of a sluggish housing market in the start of 2019. He said there were still comparably higher mortgage interest rates at the start of the year and buyers were less likely to make a sale happen.

Breaking down the Zillow data further, San Diego County had 7.5 percent of homes in 2019 sell for asking price, and 68.9 percent sell for under.

Lower-cost markets were most likely to experience bidding wars. Spring Valley had the most homes to sell above list price at 35.1 percent. It was followed by 33.2 percent in Chula Vista and National City at 33 percent.

Carlsbad was least likely to face intense competition with 15.8 percent selling above asking.

Nationally, the best place to see home prices go above asking was San Francisco where 48.6 percent exceeded listing prices. It was followed by San Jose at 38.8 percent and Boston at 34.7 percent.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-02-07/fewer-san-diego-homes-sold-for-above-asking-price-in-19

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