Local Market Update: Latest Monthly Statistics for San Diego County Real Estate
As summer heats up, so does the real estate market in San Diego County. The North San Diego County REALTORS® have released their June 2024 market update, offering a comprehensive look at the current trends for both detached and attached single-family homes. Whether you’re a seller looking to capitalize on rising home prices or a buyer navigating a competitive market, these insights are crucial for making informed decisions.
Detached Single-Family Homes
Key Metrics:
- New Listings: Virtually unchanged with a slight decrease of 0.1%, totaling 1,923 new listings.
- Pending Sales: Increased by 3.5%, indicating strong buyer interest.
- Closed Sales: Decreased by 5.2%.
- Days on Market Until Sale: Increased by 11.1%, from 18 to 20 days, showing homes are taking a bit longer to sell.
- Median Sales Price: Rose by 10.3% to $1,075,000, highlighting continued appreciation in home values.
- Average Sales Price: Increased by 10.2% to $1,403,202, reflecting overall market strength.
- Percent of Original List Price Received: Decreased by 1.7%, indicating some price adjustments from sellers.
- Percent of List Price Received: Dropped by 1.1%, but still strong at 100.4%.
- Inventory of Homes for Sale: Increased by 7.7%, providing more options for buyers.
- Months Supply of Inventory: Grew by 15.0% to 2.3 months, signaling a slight shift towards a more balanced market.
Attached Single-Family Homes
Key Metrics:
- New Listings: Jumped by 19.2%, reaching 1,116 new listings.
- Pending Sales: Fell by 5.6%, suggesting a cooling in buyer activity.
- Closed Sales: Dropped by 12.7%, reflecting a slower pace in finalized transactions.
- Days on Market Until Sale: Increased significantly by 43.8%, from 16 to 23 days, indicating longer selling times.
- Median Sales Price: Increased by 7.5% to $699,000, demonstrating steady value growth.
- Average Sales Price: Rose by 8.8% to $844,676, showing continued demand for these properties.
- Percent of Original List Price Received: Dropped by 1.8%, suggesting more price negotiations.
- Percent of List Price Received: Decreased by 1.3%, but still solid at 100.0%.
- Inventory of Homes for Sale: Surged by 49.2%, offering buyers more choices.
- Months Supply of Inventory: Increased by 56.3% to 2.5 months, indicating a trend towards more balanced conditions.
Rolling 12-Month Metrics
Detached Single-Family Homes:
- Median Sales Price: Increased by 10.5% to $1,000,000.
- Average Sales Price: Rose by 11.1% to $1,332,623.
- Percent of Original List Price Received: Improved by 2.2% to 99.7%.
- Percent of List Price Received: Increased by 1.1% to 100.5%.
Attached Single-Family Homes:
- Median Sales Price: Grew by 7.3% to $665,000.
- Average Sales Price: Increased by 10.5% to $801,188.
- Percent of Original List Price Received: Slightly improved by 1.0% to 99.8%.
- Percent of List Price Received: Increased by 0.3% to 100.4%.
Market Implications
For sellers, the market remains favorable with rising home prices and strong demand, particularly in the detached single-family home segment. However, increasing inventory levels and longer days on market suggest that strategic pricing and marketing will be key to achieving optimal sale conditions.
For buyers, the uptick in inventory provides more options, especially in the attached single-family home market. While prices continue to rise, the slower pace of sales and increased days on market could offer opportunities for negotiation.
Conclusion
San Diego County’s real estate market in June 2024 shows a mix of robust growth and emerging balance. Both detached and attached single-family homes are experiencing price appreciation, but with more inventory and longer selling times, the market is gradually shifting. Staying informed and working with knowledgeable real estate professionals will be crucial for navigating these dynamic conditions successfully.
For further inquiries or assistance with buying or selling real estate in San Diego County, please don’t hesitate to reach out to us. Stay tuned for our next market update for the latest developments in the local real estate landscape.
Sources: Realtors Property Resource and North San Diego County Association of Realtors HomeDex
Contact Jean and Ken Tritle, a husband and wife real estate broker/agent team at DreamWell Homes Realty.
Call or Text: 760-798-9024
Email: jeanken@dreamwellhomes.com
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