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Monthly Market Update San Diego home sales pick up; Mortgage refinance demand surges
It's time to look at the San Diego Housing Market Monthly Numbers. Whether you are a homeowner watching their equity, or thinking about buying a home, the housing market can keep you informed about the financial decisions that matter most to you. The biggest changes are in days on market and list price to sold price ratios. Both are indicating the San Diego Housing Market has slowed way down.
Home Prices in San Diego
San Diego home prices continue to rise throughout the county year over year, with home prices up 4.9% for detached, single family homes and 2.3% for attached homes.
Home prices have exceeded a million dollars with a median home price of $1,005,694.
North County $1,084,500
Metro $950,000
East County. $845,000 South County $960,000
As always prices vary greatly from one area to another and one zip code to another. Carlsbad 92008 has seen a 14% drop in home prices, while Carlsbad 92011 has gone UP 29%.
Homes are on Market Longer
Homes in San Diego are seeing longer time on market. Since the election, the housing market in San Diego has slowed down considerably. With the combination of the election and moving into the holidays, areas that homes were flying off the shelf and come to a screeching halt.
The biggest sector of homes that got hit is the luxury market. Homes priced over $2,000,000 have seen a rise in days on market. This is when pricing your home is incredibly important. The combination of higher interest rates and more inventory can keep a house sitting on the market for longer than a seller would like.
Homes that are priced right are still moving quickly, whereas homes that are perceived as overpriced are moving slowly.
Overall the median is 33 days, however many San Diego areas are seeing well over 100 days on market until an offer. Carlsbad and San Marcos are seeing over 60 days on market, while areas in East San Diego and Metro San Diego are hovering around 50. It is not unusual to see homes sitting on the market for over 100 days. Most homes that listed prior to the election suffered as home buyers were waiting until the election results were in. Now, the holidays have homes sitting on the market again.
Mortgage Rates
Areas such as Applications to refinance a home loan surged 27% week to week and were 42% higher than the same week one year ago. Mortgage rates fell again last week, and while the drop wasn’t huge, it was enough to spur current homeowners to look for some savings. The surge in refinances was behind a 5.4% increase in total mortgage demand compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
Applications for a mortgage to purchase a home were 4% higher than the same week one year ago. Demand from homebuyers had been gaining over the last several weeks
What does this mean for you? We can rarely time the market. Usually we buy or sell a home because something happens in our life. But, we can stay informed. If you can wait to sell until the spring of 2025 you may fair better as more home buyers will be shopping.
Thinking about buying a home? This could be a GREAT time to buy. Homes are sitting longer on the market and sellers are getting more anxious. This is the perfect time to make a lower offer!
What will happen in 2025? Stay tuned for experts and my housing market predictions!
As a real estate agent I am passionate about listening to your needs and dreams. When we work together we will create the perfect plan for your future buying and selling dreams.
