Ever heard the phrase Locals Only?

Urban dictionary has a pretty awesome take on the phrase (click here). However, I am here to tell you that you MUST keep the Locals Only mantra in mind when digesting real estate news and statistics.

National real estate statistics typically dominate headlines for major media outlets and this information is frequently misleading. Generally speaking, each metropolitan area faces unique circumstances and market conditions, so it’s best to keep your focus on LOCAL statistics and information if you want to be fully informed. And guess who will serve you a delicious feast of LOCAL information to scarf down on a monthly basis!? You’ve guessed it, Master Chef Robertson.

Here’s an example of a headline (ironically distributed by the California Association of Realtors) that doesn’t tell the whole story…

Realtor.com | Featured Image: Running From Debt

Good ole’ San Diego is sitting there at #7.  What that headline doesn’t tell you, however, is that we are currently dealing with historically low inventory levels. Low inventory levels would certainly explain why San Diego receives more views per listing and faster home sales than other markets. But if you were to look at the infographic alone, you might think that exceptional demand is driving the trend when that is not the case.

Stay tuned for my next post, in which we will cover some LOCAL housing stats from October…

Real Estate Jargon Key

inventory– the number of properties available for sale at the end of a given month

About the Author. Greg Robertson is a Broker at Class Realty Group’s San Diego office. He can be reached by email at grobertson@classrealtygroup.com or by phone at 858-333-2422.