San Diego Housing Market Update: May 2024 Analysis and Tips
Wondering how our San Diego housing market is doing?
Check out this quick snapshot from last month, May 2024. Here's what I see: inventory is up (which is really good) - and it's that time of year. The list-to-sold price has slightly decreased, but homes are still going over asking price on the whole. The median sales price has also gone down a tad.
Here are my thoughts: the Fed didn't decrease rates this week when they met. There's talk of A potential rate reduction later this year, but it was originally forecasted for multiple cuts, which haven't happened yet.
The San Diego market remains tight. I experienced this personally in March when I bought a fixer-upper and remodeled it. We made offers on 6 different homes before finally winning the multiple offer battle, competing against cash buyers and investors.
Again, San Diego's market is tight with low inventory. If I were seriously considering buying, I'd start looking now. My decision was based on the idea of entering the market before potential rate reductions increase demand.
Many sellers are holding onto the historically low COVID interest rates of 2-3%, and who can blame them? The threshold for when sellers may start listing more aggressively is around 5%, but this is a moving target.
A few months ago, nearly every seller I encountered had a compelling reason to sell. We bought our home at a trustee sale due to the owner's passing. Five out of the six properties we bid on were similarly situational, involving trustee sales or housing changes for elderly parents.
While sellers await potential rate drops, the seasonal increase in homes on the market has slightly opened up opportunities for buyers. If I were a buyer, I'd start looking now. Competition in the San Diego housing (and rental) market is significant.
Remember, not all markets are equal, even within the same city. It takes research and strategy to navigate these nuances.
If you want to discuss your scenario, feel free to CONTACT me. I'm also happy to provide a comparative market analysis for your own home.
Not in San Diego, that's totally fine, too. Or thinking of relocating to or from San Diego? Happy to have a chat and see how we can support you. I now have access to market details and properties across the country through our JMG team!
Debby Eubank, Realtor, SRES
Nest & Invest Host / Real Estate Maven
Jason Mitchell Group
DRE# 01332306
619-820-9999
