San Diego Real Estate Market Update October 4

by Rachell Lara

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

San Diego Real Estate Market October Blog

San Diego Real Estate Market Update October 4

The Report is based on the San Diego County Real Estate Market Statistics for the Last Week 9.27.23-10.4.23📈

As of October 4, 2023, we've observed the following changes in the San Diego Real Estate Market compared to September 27, 2023:

⬆️New Listings to the Market: 439 (up from 357)

⬇️New Listing Median List Price: $999,000 (down from $1,049,000)

⬆️Houses that Went Under Contract: 322 (up from 311)

⬆️Houses that Went Under Contract List Price: $997,900 (up from $899,000)

⬆️Houses Sold Last Week: 309 (up from 257)

⬆️Median List Price of Homes that Sold: $925,000 (up from $897,000)

⬆️San Diego County Median Home Price: $927,500 (up from $907,000)

⬇️List to Sales Price: 100 (slightly down from 1.01)

⬆️Average Days On Market: 20 (up from 16)

⬇️Number of Price Changes: 229 (down from 233)

⬆️Number of Expired Listings: 139 (up from 61)

⬆️San Diego County Real Estate Inventory Level (all active listings of single-family, condos, and townhomes): 2,795 (up from 2,528)

San Diego Real Estate Market Listings Up

In the ever-evolving San Diego real estate market, the past week has seen an uptick in new listings. As of October 4th, there were 439 new listings, compared to 357 on September 27th. This 23% increase in new listings is a promising sign for prospective buyers, but don't celebrate too soon since mortgage rates also went up. (more later)

San Diego Median List Prices Show Variation

While the number of new listings has increased, the median list price has seen a slight dip. On October 4th, the median list price stood at $999,000, down from $1,049,000 on September 27th. This adjustment could present an opportunity for buyers looking for more affordable options. Are sellers adjusting to several weeks of increased interest rates?

San Diego Pending Sales on the Rise

The San Diego market has also witnessed more pending sales, with 322 new pending listings on October 4th compared to 311 on September 27th.

San Diego Sold Houses and Prices

Last week, 309 houses were sold in San Diego, an increase from 257 houses sold the previous week. The sold list price rose to $925,000 on October 4th, compared to $897,000 on September 27th. Additionally, the median closed price increased to $927,500 from $907,000. These figures show a resilient market with homes fetching competitive prices.

San Diego Real Estate Market Price Change and Expired Listings

There were 229 price changes in the past week, slightly down from 233 in the prior week. However, the number of expired listings increased significantly from 61 to 139, indicating that some properties may be struggling to find buyers at their listed price.

San Diego Real Estate Inventory Levels and Property Types

The San Diego market currently has 2,795 active listings, compared to 2,528 on September 27th. The median list price for single-family houses saw a decrease from $975,000 to $942,500. Meanwhile, the highest single-family house sold last week was $6,800,000, and the lowest sold at $285,000.

Condo market statistics reveal a median list price of $675,000 on October 4th, slightly up from $632,499 on September 27th. In contrast, condo median sold prices remained stable.

Mortgage Interest Rates

Finally, prospective buyers should keep an eye on interest rates. As of the latest data, the interest rates for 30-year fixed mortgages were 7.74%, slightly higher than the 7.65% reported on September 27th.

In summary, the San Diego real estate market continues to evolve, with price fluctuations, inventory, and interest rates. Buyers, sellers, and investors should closely monitor these trends to make informed decisions in this dynamic market.

For personalized insights and assistance with your real estate needs in the greater San Diego area, feel free to reach out. Together, we can navigate the complexities of the real estate landscape and work towards building a brighter financial future.

Stay tuned for more updates on the San Diego real estate market as we move forward in our journey to prosperity.

Rachell Lara San Diego Realtor 619.316.7445

Disclaimer: The information provided here is based on the data available at the time of writing and is subject to change. It is advisable to consult with a real estate professional for the most up-to-date and accurate market information.