San Diego County Real Estate Market Update 9.20.23

by Rachell Lara

San Diego County Real Estate Market: Latest Weekly Update provided by Rachell Lara Realtor 619.316.7445

San Diego Market Report 9.20

San Diego County Real Estate Market Update on the Real Estate Activity of the Last Week spanning from 9.13.23-9.20.23📈

Welcome to our weekly blog post dedicated to keeping you informed about the dynamic San Diego County real estate market. Whether you're a potential buyer or seller, staying up-to-date with the latest trends and statistics is crucial to making informed decisions.

San Diego Real Estate Market Statistics for the Last Week 9.13.23-9.20.23📈

⬆️ San Diego County Median Home Price $905,000

⬇️ San Diego County Real Estate Inventory Levels

⬆️ Average Days On Market: 20

⬆️ List to Sales Price 101%

⬆️ Interest Rates 7.3%* for 30 Year fixed*

Schools are back in session, and we are in the fall market. Prices are still strong due to low inventory and days on the market are creeping up.

We had a decrease in almost everything this last week. Inventory is declining as we head to fall and the coming holidays. This is typical of the San Diego Real Estate Market.

Last week's significant decline in Median Sales Price, a drop of $50,000 from $905,000 to 845,000, was completely reversed and then overcompensated for with a Median Sales Price of $937,913 almost $25,000 more than the 2 weeks ago. Giving us an increase of the San Diego Median Home Price of $92,913 week over week.

*Interest Rates are taken from Mortgage News Daily and we are at the highest we have been in over a decade.

Bottom Line:

Sellers: as long as priced right, you can sell your house quickly, there are still a pool of buyers trying to find the right house.

Buyers: High Price Points and High-Interest Rates mean less affordability for buyers so you may have to adjust your budget. There are still opportunities in the market for buyers, but you may have to get creative or give up some of those things you thought you needed. For San Diego, that often means moving inland. Purchasing something affordable now can often be the key to getting your dream home in the future since building equity starting now, which you can leverage in the future to give you more buying power.

Your San Diego Real Estate Guide

How can you make this market work for you, whether you are buying or selling or both?

You need a trusted guide by your side. ️With my extensive experience and proven systems, I can help you navigate the complexities and confidently make informed decisions.

Contact me to chat or schedule a free no-obligation consultation to discuss the strategies to get you to your real estate goals.

Call /Text 619.316.7445 Email Rachell@LaraandCo.com or schedule an appointment now.

Real Estate Market Stats I track weekly to look for trends and indications of where the market is going, so we see things ahead of others especially our local media which always seems a few months behind.

⬆️San Diego County Median Home Price $905,000

This median number is based on the sold single-family, condo, and townhomes. This week, we are at $905,000 for the combined median of Single Family, Condos, and Townhomes. This number is up from last week and up from one year ago.

⬆️Median Home Price - Single-Family Homes -$1,036,000

⬆️Median Home Price -Condos & Townhomes -$690,000

⬇️Median Active Listing Price All (SFR, Condos, Townhomes) -new $899,000

⬆️Median Pending Listing Price All (SFR, Condos, Townhomes)new $825,000

⬇️San Diego County Real Estate Inventory Levels:

down by 178 houses

San Diego County Real Estate Inventory Activity for the Week:

⬇️New Listings to the Market: 380

⬇️Houses that went under contract: 366

⬇️Houses that expired: 56

⬇️Houses Sold Last Week: 319

⬇️Current Active Houses for Sale: 2,549

⬇️Total Houses Under Contract: 1,869

Houses Sold so far this Month: 964

⬆️Interest Rates are up 7.3% from last week 7.24% for 30Year fixed according to The Mortgage News Daily Rate

⬆️Average Days On Market: 20 crept up 2 additional day this week.

⬆️List to Sales Price 101%

⬆️This highest-price sale this week was $11,500,000

⬆️The lowest-priced sales were $295,000

Number of Price Changes 231

San Diego County Real Estate Market Key Statistics Definitions & Details

Median Home Price: We start with the median home price, which gives an overall sense of market trends. After all, this is the biggest number for buyers and sellers.

Inventory Levels: The number of homes available for sale impacts competition. Breaking down activity a little further by new actives, under contracts, and sold gives us a better idea of where the market is headed.

Days on Market: The average number of days a home stays on the market can indicate the market's pace. Which can lead to price changes as this number gets bigger or smaller.

List to Sales Price or List to Sales Price Ratio is a crucial metric and is the percentage between the final sale price of a property and its original list price. This ratio is calculated by dividing the actual sale price by the list price and then multiplying by 100 to get a percentage.

Price Changes: When a property's list price has to be adjusted to improve marketability. Generally, adjustments go down in price, but in a strong escalating market, they can go up as well.

Like San Diego's weather, we have MicroClimates in our San Diego County Real Estate Market, too. To find out more about your neighborhood or community statistics message or email me for your local report. If you are ready to take action, or just thinking about it, let's connect with no obligation so you have a great understanding about your property in today's market.

Call /Text 619.316.7445 Email Rachell@LaraandCo.com or schedule an appointment now!

*Market Numbers are based on what is recorded in the MLS when the report is run. It uses the number for the last 7 days in San Diego County. Most statistics are based on single-family homes, Condos, and Townhomes categories.