Monthly Update

February 6, 2024 | Thomas Aleksander

US Market Overview
U.S. existing-home sales slipped 1% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of Realtors®. Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork.

San Diego Market Overview
Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values in San Diego County. Listing activity has started to pick up, and inventory is expected to improve in the coming months. With mortgage rates stabilizing, industry experts are forecasting an increase in home sales this year compared to 2023.

Key Market Metrics
Understanding the housing market’s history in addition to its present state can help us project where it might be headed. The following is a historical and current look at San Diego County’s key market metrics for detached and attached properties combined.

Selling in the Current Market
Homes are selling everyday in San Diego County! However, sellers of luxury properties are finding that the market is not instantaneous. Buyers aren’t consuming the inventory in the higher price ranges as rapidly, and many of these listings are lingering with extended market times. To maximize their profit, sellers must have a calculated approach to selling and ignore the noise that the market is hot in the lower ranges. The best approaches to today’s high-end market are careful pricing, extraordinary marketing, and plenty of patience. If you plan to sell your property, please preview what we can do for you HERE.

Months Supply of Inventory (MSI)
Historically, MSI between 4 and 6 months has been associated with moderate price appreciation and a balanced market. More than 6 months indicates a buyer’s market, whereas less than 4 months typically signals a seller’s market. San Diego County’s MSI has been rising since February and shifting overall in the buyer’s favor. The following table shows the latest county figures by price range and property type. For a complimentary report on a specific neighborhood, please contact me HERE.

Chart and table from SDMLS®. Residential real estate activity in San Diego County composed of single-family properties, townhomes, and condos. Months Supply of Inventory represents active listings at the end of a given month, divided by the average monthly pending sales for the last 12 months. Data deemed reliable but not guaranteed.

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