Local Market Update: Latest Monthly Statistics for San Diego County Real Estate
San Diego County Housing Market Update – July 2024
As we enter the mid-year mark, the San Diego County housing market continues to demonstrate significant activity and dynamic changes. For buyers, sellers, and real estate professionals, understanding these market trends is essential for making informed decisions. Here’s an in-depth analysis of the housing market performance for July 2024, using the latest data available.
Key Metrics for July 2024
- New Listings: 1,906 (up 13.0% from July 2023)
- Pending Sales: 1,399 (up 3.0% from July 2023)
- Closed Sales: 1,452 (up 7.4% from July 2023)
- Days on Market Until Sale: 22 days (up 22.2% from July 2023)
- Median Sales Price: $1,030,000 (up 5.5% from July 2023)
- Average Sales Price: $1,378,348 (up 7.9% from July 2023)
- Percent of Original List Price Received: 98.9% (down 2.0% from July 2023)
- Percent of List Price Received: 100.0% (down 1.3% from July 2023)
- Inventory of Homes for Sale: 2,846 (up 9.6% from July 2023)
- Months Supply of Inventory: 2.3 months (up 15.0% from July 2023)
Insights and Analysis
Market Activity and Sales Volume
The number of new listings and closed sales has seen a healthy increase in July 2024 compared to July 2023, indicating a vibrant market with strong buyer and seller participation. The 13.0% increase in new listings and 7.4% increase in closed sales suggest a balanced influx of new properties and successful transactions.
Sales Prices
Both the median and average sales prices have risen significantly from July 2023. The median sales price has increased by 5.5%, reaching $1,030,000, while the average sales price has climbed by 7.9% to $1,378,348. These increases reflect the ongoing appreciation of property values in San Diego County.
Days on Market
The average days on market until sale has increased by 22.2%, from 18 days in July 2023 to 22 days in July 2024. This suggests that while the market remains active, buyers may be taking slightly longer to finalize their purchase decisions, potentially due to higher price points.
Percentage of List Price Received
The percentage of original list price received has slightly decreased to 98.9%, while the percentage of list price received is now at 100.0%. This small dip suggests a minor shift towards more realistic pricing strategies by sellers and slight negotiations by buyers.
Inventory and Supply
The inventory of homes for sale has grown by 9.6%, reaching 2,846 homes, with the months supply of inventory increasing to 2.3 months. This increase in inventory is a positive sign for buyers, providing more options and slightly easing the competitive pressure of the market.
For Buyers
If you are considering buying a home in San Diego County, the market remains competitive but with increasing inventory and new listings, there are more options available. Work closely with a knowledgeable Realtor® who can navigate these dynamics and help you find the perfect home.
For Sellers
For sellers, the rising sales prices and the strong percentage of list price received are positive indicators. Pricing your home appropriately and ensuring it is well-prepared for the market can lead to a quick and successful sale. The current market conditions favor sellers, making it a great time to list your property.
Conclusion
The San Diego County housing market remains robust with increasing sales prices, a steady number of sales, and growing inventory. Whether you are buying or selling, these insights can help you make informed decisions. For personalized assistance and expert guidance, contact Ken Tritle, Realtor® at DreamWell Homes Realty.
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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