Welcome to our latest blog post where we dive into the bustling real estate market of San Diego, California—a coastal paradise boasting year-round sunshine, picturesque beaches, and a dynamic urban culture. As we step into 2024, the real estate scene here continues to captivate buyers, sellers, and investors alike. Whether you're a first-time homebuyer navigating the nuances of the market, a seller looking to capitalize on current trends, or an investor seeking lucrative opportunities, understanding the pulse of this market is crucial. In this post, we'll unpack the latest data, unravel the complexities, and explore the current trends that are shaping the San Diego real estate market today. Join us as we delve into what makes America’s Finest City a unique and compelling real estate destination.
Market Competitiveness and Pricing
Rising Home Prices: The median sale price of homes in San Diego has increased by 8.4% year-over-year, reaching $900,000 in November 2023.
Price per Square Foot: The cost per square foot has also seen a significant increase of 10.4% since last year, indicating a strong seller's market.
Sales Activity
Quick Sales: Homes are selling quickly, with the median number of days on the market dropping to 17, which is 11 days fewer than the previous year.
Volume of Sales: There has been a slight decrease in the number of homes sold, with 663 homes sold in November 2023, down from 672 last year.
Market Dynamics
Detached Homes Sales Decline: Closed sales for detached homes have decreased by 16.6%, showing a significant drop in this market segment.
Attached Homes Sales Decline: The market for attached homes also experienced a decrease in closed sales by 9.9%.
Pending Sales and Inventory
Pending Sales for Detached Homes: There was a 13.3% decrease in pending sales for detached homes.
Pending Sales for Attached Homes: Interestingly, pending sales for attached homes increased by 2.1%, indicating some resilience.
Statewide Context
Statewide Sales Decline: Comparatively, the California real estate market as a whole has seen a 7.4% decline in sales from October and a 5.8% drop from November 2022.
Statewide Price Increase: Despite the sales decline, the statewide median home price rose by 6.2% since November 2022.
Comparative Market Strength
San Diego vs. National Average: San Diego’s median sale price is 114% higher than the national average, reflecting its position as a more premium market.
Cost of Living: The overall cost of living in San Diego is 43% higher than the national average, which can impact housing affordability and market dynamics.
These trends illustrate that while the San Diego housing market remains competitive, with rising prices and a quick turnaround time for sales, there are signs of a slowdown in closed and pending sales, particularly for detached homes. The market is also performing stronger than the national average, reflecting San Diego's desirability and economic factors influencing the local real estate landscape. If you would like more information on your particular market or you are ready to buy or sell a home, please contact me to see how I can best serve your real estate needs. - Scott
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