San Diego County Real Estate Market Weekly Update

by Rachell Lara

San Diego County Real Estate Market Weekly Update provided by Rachell Lara Realtor with Real Brokerage 619.316.7445

San Diego County Real Estate Market Updat

San Diego County Real Estate Market Update on the Real Estate Activity of the Last Week spanning from 8.16.23-8.23.23📈

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 8.16.23-8.23.23📈

⬆️ San Diego County Median Home Price $937,913

⬆️ San Diego County Real Estate Inventory Levels

⬆️ Interest Rates

⬆️ Average Days On Market: 17

⬆️ List to Sales Price 101%

⬆️Interest Rates 7.36% for 30Year fixed according to The Mortgage News Daily Rate

Many schools throughout San Diego County have started and that is often considered the signal of the closing of the Summer Market. People generally don't want to move once school and all the activities that go with it have started to ramp up. While that logic is sound it rarely works that way in our area.

We had an increase in almost everything this last week. Inventory is climbing up, we had more homes sold and prices bounced up after last week's decline.

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 over compensated 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 did go up again and according to the Mortgage News Daily the market trend is positive for a degrease.

High Price Points and High-Interest Rates mean less affordability for buyers. 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 piece to getting your dream home in the future since you then can leverage the house to build equity giving 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 through the complexities and make informed decisions with confidence.

Contact me to chat or schedule a free no obligation consultation where we can discuss the strategies that will 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 $937,913

This median number is based on the single-family, condo and townhomes that sold. This week were are at $937,913 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 -$1,090,000

⬇️Median Home Price -Condos & Townhomes -$615,000

⬇️Median Active Listing Price All (SFR, Condos, Townhomes) -new $875,000

⬇️Median Pending Listing Price All (SFR, Condos, Townhomes)new $839,000

⬆️San Diego County Real Estate Inventory Levels:

up by almost 100 houses

San Diego County Real Estate Inventory Activity for the Week:

⬆️New Listings to the Market: 407

⬆️Houses that went under contract:373

⬆️Houses that expired: 62

⬆️vHouses Sold Last Week: 412

⬆️Current Active Houses for Sale: 2,609

⬇️Total Houses Under Contract: 2,060

Houses Sold so far this Month: 1386

⬆️Interest Rates are up 7.36% from last week 7.26% and up two weeks in a row. for 30Year fixed according to The Mortgage News Daily Rate

⬆️Average Days On Market: 17 crept up 1 additional day this week.

⬆️List to Sales Price 101%

This highest-price sale this week was $16,250,000 and under the list price

The lowest-priced sales were $392,000 and under list price

⬆️Number of Price Changes244

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. Currently, there are just 2,515 active listings in the market. Breaking down activity a little further by new activities, 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 the list price of a property 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 at my website. If you are ready to take action, thinking about taking action, or thinking about thinking about taking action, let's connect with no obligation, so you have a great understanding of your options and situation. 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 at the time the report is run. It uses the number for the last 7 day in San Diego County. Most statistics are based on Single Family Homes, Condos, and Townhomes categories.