San Diego County Real Estate Market Update for August 16.2023

by Rachell Lara

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

San Diego County Real Estate Market Update on the Real Estate Activity of the Last Week spanning from 8.2.23-8.9.23📈

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. In this week's update, we'll dive into the top market statistics, provide insights that go beyond the numbers, and address common questions that buyers and sellers often have.

Because numbers matter we start with the summary and then take a deeper dive.

San Diego Real Estate Market Statistics for the Last Week 8.9.23-8.16.23📈

⬇️San Diego County Median Home Price $845,000

⬆️San Diego County Real Estate Inventory Levels

⬆️Interest Rates

⬇️Average Days On Market: 16

⬇️List to Sales Price 99%

Overall the biggest driver of the market is pent-up buyers wanting to purchase with a severe lack of inventory. Though now we have seen an increase in inventory the last 3 weeks, so will this ease some of the pressure? Not yet, since we still have still have less than 2 months' supply of houses to sell.

Historically July and August is often when we see the highest inventory for the year as people try to get their houses sold before the summer ends. Even with this added inventory for the last 3 weeks inr August we still have less that we had in July which was the lowest inventory since I've became a Realtor in 2008.

This week we also saw a significant decline in Median Sales Price, a drop of $50,000 from $905,000 to 845,000, last year at the same time the Median Sales Price in San Diego drop $25,000. So not too concerning especially when we add in that less sales means more movement in the price.

Interest Rates did go up significantly, but that didn't affect those recent closes since their financing is in place but it might affect those currently active since buyer's will have less buying power with rates up almost a quarter percent.

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 $845,000

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

⬇️Median Home Price - Single-Family Homes -$1,020,500

⬆️Median Home Price -Condos & Townhomes -$699,000

⬇️Median Active Listing Price All (SFR, Condos, Townhomes) - $1,199,000 -new $899,000

⬆️Median Pending Listing Price All (SFR, Condos, Townhomes) -$850,000 - new $849,000

⬆️San Diego County Real Estate Inventory Levels:

up by approximately 20 houses

San Diego County Real Estate Inventory Activity for the Week:

New Listings to the Market: 361⬇️

Houses that went under contract:326 ⬇️

Houses that expired: 40⬇️

Houses Sold Last Week: 269 ⬇️

Current Active Houses for Sale: 2,515 ⬆️

Total Houses Under Contract: 2206 ⬆️

Houses Sold so far this Month: 781

⬆️Interest Rates are up -0.22 to 7.26% for 30Year fixed according to The Mortgage News Daily Rate

⬇️Average Days On Market: 16 crept up 1 additional day this week.

⬇️List to Sales Price 99%

This highest-price sale this week was $7,650,000 at $150,000 more than list

The lowest-priced sales were attached homes at $435,000 and $500,000

⬇️Number of Price Changes: 184

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 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 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!