San Diego Market Update

As we move into Summer, we are still seeing lower-than-average inventory, however, that may be about to change soon. Over the past 2 weeks, the inventory of new listings coming on the market surged by 23%, which is something we haven't seen for years. For now, let's look at what’s happening right here in San Diego.
At the time of this recording, there were 1,383 active listings, 767 pending homes, in escrow, and 687 sold homes this month. The average list price was $1,502,222 and the average sold price was $1,492,202. These homes were on the market for an average of 20 days which is still pretty quick, however, just a month ago, the average number of days on the market was just 20 days. So, the lengthier market time is likely indicative of the increasing inventory. Home prices are expected to peak this month, followed by a couple of months where prices are flat. Early in the second half of the year, we will likely see prices begin to decrease through the end of 2024.
This is driven by two main factors, for one, interest rates are still too high, at approximately the mid-seven percent range, causing a major lack of affordability. Secondly, with the increasing inventory, supply and demand will begin shifting in favor of buyers after a 4-year seller's market. With these significant and impactful shifts, you need an experienced agent to help guide you through your next moves in real estate. With our 4 decades of experience, knowledge, and expertise, we can help you to create a solid strategy, whether you are selling, buying, or both, to derive the very best outcome. Connect with my team today at 858-336-1114.