San Diego

Market Pulse

Monthly Update

Thomas Aleksander | June 5, 2024

COUNTY OVERVIEW
Average 30-year mortgage rates have recently topped 7%, while the San Diego County median sales price in May increased from the same time last year for both detached and attached homes. Higher interest rates and elevated prices continue to keep some prospective buyers on the sidelines. Market-wide, inventory levels have been increasing since December and will likely continue to grow until they peak between July and August. If the interest rates drop with a slowing economy, the inventory will have an issue rising just like it did last year and in 2021.

SELLING TODAY
San Diego County homeowners continue to "hunker down" in their homes, unwilling to move due to their underlying low fixed-rate mortgage. However, more sellers are finally opting to sell compared to the previous year. All homes above $2 million account for 21% of the inventory and 10% of demand. Luxury home sellers must ignore the noise that the market is hot in the lower price ranges and have a calculated approach to the selling process — a smart pricing strategy, extraordinary marketing, and patience.

KEY METRICS
The following two charts give us a historical and current look at the key market metrics in San Diego County.

SUPPLY OF INVENTORY
The chart below shows the latest Months Supply of Inventory in San Diego County by price range. Historically, 4–6 months has been associated with a neutral market. Less than 4 months typically favors the sellers, whereas more than 6 usually favors the buyers.

Charts and table provided by the Greater Association of Realtors®. All data from the San Diego MLS. Percent changes calculated using rounded figures. Deemed reliable but not guaranteed.

News & Tips

JUST LISTED BY JAY BECKER
A Rare Oceanfront Residence — Two combined units, a stunning remodel, front row/center on the most highly desirable west-facing side of La Jolla's coveted landmark building at 939 Coast Blvd.
VIEW LISTING

JUST SOLD BY OUR TEAM
A bright fully-remodeled 2-bdr condo in La Jolla near near the beach, shops, and UCSD. Our team represented the sellers in this transaction. Sold above the asking price with multiple offers!
VIEW LISTING

PENTHOUSE AT THE PARK
The Park in Bankers Hills represents the merging of modern architecture, sophisticated interior design, and spectacular views. We recently sold a sub-penthouse in this building. Here is a builder video of a rarely available top-floor unit.

RARE WATERFRONT GEM
A Record Sale by Jay Becker — This sale still remains intact as the highest sold price of all homes in the history of Coronado Cays (out of approximately 1000 homes). A stunning waterfront point lot property and a beautiful video!

HISTORIC PROPERTIES
California's Mills Act encourages restoration and preservation of historic properties. Owners of qualified houses and condos in San Diego may receive substantial property tax reduction.
LEARN MORE

PROPERTY JOURNEY
When a listing is marketed through the Sotheby's International Realty network, it immediately begins a journey to worldwide exposure. Watch this video if you are considering selling your property.
WHY SELL WITH US

Your Questions

LET’S GET IN TOUCH
If you have any questions about the market or other real estate matters, please don’t hesitate to contact us using this inquiry form. You can also call/text Jay at 858-335-4235 or Thomas at 619-693-6463.

San Diego Market Inquiry

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