If you are thinking of buying a home in San Diego, I’ve got some positive news for you this month in the San Diego Housing Market Update: October 2024. Based on the current market conditions, mortgage rates have dipped down to the low sixes, making homes more affordable. This has caused a surge in buyer demand, with pending sales up 7% in the past two weeks alone. That’s the biggest jump we’ve seen since February!
Here’s a quick look at the current market conditions:
- Inventory: There are currently 4,489 single-family homes and condos available in San Diego County. While this is slightly higher than last year, it’s important to note that inventory typically peaks in July or August and starts to decline throughout the fall and winter months.
- Prices: Experts predict home prices will likely continue to rise in 2024, though the rate of increase may slow down compared to last year with the current market conditions. The median sales price in August was around $970,000.
- Days on Market: The good news for buyers is that the time it takes to sell a home is decreasing. In August, homes were selling after an average of 23 days on the market. (although, this really depends on the neighborhood you are looking in, the condition of the home, and, of course, whether the home is priced right as soon as it hits the market. Here in North Park, South Park, and other metro neighborhoods in San Diego, we are still seeing homes sell within the first 4 to 5 days and, in some cases, receiving multiple offers)
Overall, the San Diego housing market appears to be shifting towards a more balanced market. While there’s still more competition among buyers due to the recent surge in demand, there are also signs that inventory may soon be on the decline.
Here are some additional things to consider depending on whether you’re buying or selling with the current market conditions:
Buying:
- Be prepared to act quickly in a competitive market.
- Pre-approve your mortgage to strengthen your offer. And to be an even stronger buyer, have your lender get underwriting approval. This will make you an even stronger buyer, especially when competing.
- Consider working with an experienced buyer’s agent to help you navigate the process.
Selling:
- Price your home competitively to attract buyers in a market with more options. The current market conditions is not a time to test the waters. The minute your home goes on the market, it is uploaded into the multiple listing service and then linked to all of the other real estate portals; the days on the market start ticking. And, the more days on the market that show, buyers tend to wonder, “Why has this house not sold yet? What is wrong with the house?”
- Partner with a reputable real estate agent to get the most out of your sale. They should be able to highlight the unique features of your property, have professional photos, videos, and a strategic marketing plan that will get as many people as possible to see the home and cause it to sell.
I hope this information is helpful! If you have any specific questions about the San Diego Housing Market Update: October 2024, feel free to give us a call, the McT Real Estate Group, at 619-736-7003.
