🏡✨ Dive Into San Diego’s Housing Market with Our 2024 Overview! ✨🏡
Hey there, San Diego! 🌞 Whether you’re a seasoned homeowner, a curious buyer, or just love keeping up with the local market trends, I’ve got some sparkling updates for you. The Greater San Diego Association of REALTORS® has just released a current housing supply overview, and it’s brimming with insights straight from the San Diego MLS. Let’s dive in!
🏠2024 Quick FactsÂ
Here’s what’s happening in the San Diego housing market:
- Luxury Home Market: For properties in the $2,000,001 to $5,000,000 range, there’s been a notable uptick in activity. Homes here are generously sized, ranging from 4,001 to 6,000 square feet. We saw 2 homes go pending and 3 close their deals, with a median sales price of a dazzling $4,001,000. On average, these homes were on the market for about 60 days before finding their new owners.
- Median Sales Price: Overall, the median sales price in San Diego has climbed to $885,000, marking a 9.3% increase. Single-family homes have seen an even bigger jump, with prices rising by 11.2% to $1,025,000.
- Market Speed: Homes priced between $750,001 and $1,000,000 are selling the quickest, taking just 26 days to close. On the other end, properties over $5,000,001 are taking around 70 days to find their buyers.
- Inventory Insights: There’s been a significant rise in inventory—up 50.4% overall! Condos and townhomes have seen an impressive 85.9% increase in availability. We’re currently looking at a 2.3-month supply for single-family homes and a 2.6-month supply for condos.
🌟 National & Local Trends
Here’s a broader look at the trends affecting the market:
- National Trends: U.S. sales of new single-family homes have dipped to a 7-month low, with a 0.6% decrease month-over-month and a 7.4% decrease year-over-year. The median sales price for new homes has risen to $417,300, with a 9.3-month supply of inventory.
- San Diego Specifics: For the 12-month period ending in July 2024, pending sales in San Diego fell by 3.7%. However, the luxury price range ($2,000,001 to $5,000,000) saw a stellar 23.2% increase in sales. Condos and townhomes are also thriving, with a 50.4% increase in inventory.
- Monthly Indicators: Closed sales of detached homes have risen by 7.2%, and attached homes by 0.7%. Inventory for detached homes is up 33.8%, and for attached homes, it’s surged by 85.9%. The median sales prices are also on the rise, with detached homes up by 6.9% and attached homes by 9.2%.
🔍 Get a Closer Look
Curious for more details? 📊 Dive into the SDAR Fast Stats, Housing Supply Overview Report or SDAR Monthly Indicators Report yourself for a deeper look at these trends and insights. A special thanks to Tim Garlin, a trusted sales manager at Alliance Escrow, for providing this invaluable information and keeping us all informed!
If you have questions about how these changes affect you or if you'd like a complimentary, no-obligation consultation, give me a call at 858-945-2692 or email me!
Stay tuned for more updates as we continue to track the ever-evolving San Diego real estate market. Here’s to navigating the housing landscape with all the latest insights!
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Report © 2024 ShowingTime Plus, LLC. Data current as of August 5, 2024. All information sourced from the San Diego MLS.