San Diego
Market PulseMonthly Update
Thomas Aleksander | July 5, 2024
COUNTY OVERVIEW
Heading into July, the number of available homes for sale in San Diego County was up 44.4% from the same time last year (based on one month of activity). However, the increase in supply has yet to temper home prices, which have continued to rise. The overall Median Sales Price was up 9.3% (see the chart below). Due to rising sales prices and higher mortgage rates, the demand is not keeping up with the spike in inventory. The market is throttling back and slowing from week to week.
SELLING TODAY
More homeowners are finally opting to sell compared to the previous year, and the extra listings are accumulating over time. 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. All homes above $2 million account for about 20% of the inventory and 10% of demand.
SUPPLY OF INVENTORY
Historically, 4–6 months supply of inventory (MSI) has been associated with a neutral market — not favoring sellers or buyers. Less than 4 months typically favors the sellers, whereas more than 6 usually favors the buyers. The latest MSI in San Diego County for detached and attached properties combined amounts to 2.2. However, as the chart below shows, the MSI varies by price range.
Charts provided by the Greater Association of Realtors®. All data from the San Diego MLS. Residential real estate activity in San Diego County comprised of single-family properties, townhomes, and condominiums. Percent changes are calculated using rounded figures. Information 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.