At the end of every year or beginning of each New Year, you can find plenty of ‘The Year in Review.’ Real Estate is no exception. As we begin the new year of 2020, we can look back with, yes, 2020 hindsight.
How about we start with where the Ramona Real Estate Market is as of this week. Current overall inventory of properties for sale in Ramona is 160. That includes every type of property: single family homes, condos, vacant land and commercial.
What does that inventory number mean? Let’s look at just the inventory of detached housing or single family homes to help understand the inventory number.
Currently there are 66 homes actively listed in Ramona and the average time on the market is currently 130 days. If there were to be no new listings from this moment on, then by the end of 130 days there would be no single family homes available for purchase (source: Altos Research LLC).
That is only a little over three months of inventory, which is a very low inventory.
Now for the ‘2019 Year in Review’ in comparison to 2018:
In 2018, there were 996 active residential properties for the year. In 2019, there were 1,023 active residential properties for the year—an increase of 3% in 2019.
In 2018, the number of residential properties sold was 518. In 2019, the number of residential properties sold was 544—an increase of 26 more residential properties sold in 2019. Property inventory averaged less than 2 months for 2019.
In 2018, the average property price was $532,493, compared to $541,843 in 2019—an increase of 2% (source: SDMLS Statistics).
What’s the take away? Property-for-sale inventory continues to be very low. Property values in Ramona are continuing to increase, but at a slower appreciation rate than has been predicted by the majority of property analysts for overall U.S. property appreciation.
So, should you buy in 2020? The answer is typically always the same: purchasing property is an investment that historically has more benefits than renting.
If you would like more information on buy vs. rent, or to find a local Realtor, email the Ramona Real Estate Association at [email protected]. We’re more than happy to help. Happy New Year to all!
Karen Domnitz is president of the Ramona Real Estate Association and new president of the Ramona Chamber of Commerce.
