Local Market Update: Latest Monthly Statistics for San Diego County Real Estate
Market Snapshot: October 2024 saw dynamic shifts in the San Diego real estate market, with significant year-over-year growth in new listings, pending sales, and price increases. Here’s what you need to know.
Key Metrics
- New Listings: Up by 10.9% compared to October 2023, reaching 1,735 new homes on the market. Year-to-date, listings increased by 16.8%, with 21,741 total new listings through October 2024.
- Pending Sales: A significant rise of 22.2% from last October, totaling 1,326 in October 2024. The year-to-date pending sales grew by 3.2%, with 15,206 homes under contract.
- Closed Sales: Increased by 14.4%, with 1,318 homes sold this October. Cumulatively for the year, closed sales remain relatively stable, with a minor increase of 0.2% compared to 2023.
- Median Sales Price: The median price rose to $1,040,000, reflecting a 9.5% increase from last year. Year-to-date, the median sales price has seen a similar growth of 9.6%, reaching $1,019,000.
- Average Sales Price: October’s average was $1,390,930, marking a 9.3% increase. Year-to-date figures reflect a 9.5% rise, averaging $1,358,451.
Market Dynamics
- Days on Market Until Sale: Homes are taking a bit longer to sell, with an average of 28 days on the market, up 27.3% from last October. However, year-to-date, the average days on the market have slightly decreased to 23 days.
- List Price Dynamics: The percent of original list price received dropped to 97.8% in October, a slight decline from 98.7% the previous year.
- Inventory and Supply: The inventory of homes for sale grew by 9.2% to 2,998. This equates to a supply of 2.4 months, suggesting a balanced market.
Detached and Attached Homes Price Trends
- Detached Homes Median Price: Continues its steady rise with a rolling 12-month median price approaching $1 million.
- Attached Homes Median Price: Steady growth, reflecting sustained demand in the attached segment, with the rolling median nearing $700,000.
What This Means for Buyers and Sellers
- For Sellers: Rising prices and a steady demand offer a favorable environment. However, expect a more competitive landscape due to the increase in listings and longer selling times.
- For Buyers: While prices have risen, the increase in inventory provides more options. Buyers may find opportunities as market time lengthens, creating potential for negotiations.
This market report is based on data provided by the North San Diego County REALTORS® and CRMLS, current as of November 4, 2024.
Sources: Realtors Property Resource and North San Diego County Association of Realtors HomeDex
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