San Diego Housing

More Home Sellers Helping Supply Shortage in San Diego, Realtors Say

NBC Universal, Inc.

More homeowners are listing their properties, increasing the inventory for prospective homebuyers.

Homes for sale jumped 9% in the last week compared to the same time last year, according to Those trends are being seen across San Diego, according to San Diego-area realtors David Stone and Patty Cohen.

"As inventory continues to increase in the months ahead, which I believe it will, it can't go any lower, let's put it that way. So I think everything is going to be showing that the inventory is going up," Stone said.

Stone, who works for Greater Good Realty, says the hot housing market that had offers made and accepted within minutes is cooling down.

"Now my most recent listings that went on the market, there was still a lot of activity but there were only two or three offers," Stone said.

Cohen, a real estate for Berkshire Hathaway, says the market is in a transition mode.

"Sellers are feeling the pressure of getting on the market," Cohen said.

For sellers, putting their home up for sale is only half of it.

"There's still a lot of sellers on the fence, mostly because they don't have anywhere to go," Cohen said. "Most of the sellers that aren't selling, it's that dilemma, where do I buy, how do I find -- how do I time the buy when I have to sell, sort of puzzle?"

Pacific Beach resident Elise Benson says she feels grateful to own a home given recent market trends and has no plans to list it.

"A unit that has long-term rental potential we want to hang onto it," Benson said.

While she keeps her eye on trends that fit her family's budget, others are also deciding to stay put. For now.

"I think at this point, I'm stuck in San Diego for the time being because I have young kids," Garrett Prochnow of La Jolla, said. "So I think for me it would be really tough to be selling just with the cost basis of rents and everything else nowadays."

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