San Diego Real Estate Update - 4S Ranch and Del Sur - September 2024

Home inventory is creeping up and pending sales have slipped slightly in 4S Ranch and Del Sur. Hang around for the next few minutes and I will show you what's going on. Today is September 23rd, 2024, and this is a 4S Ranch and Del Sur real estate market update. If you're new to this channel, please hit that like button. Consider subscribing so you don't miss any of these neighborhood updates. We do lots of neighborhood updates every single week and once a week we bring you San Diego Market Watch where we look at the entire San Diego real estate market. So subscribe and comment and let us know where you're watching from and we'll get your zip code done next. Let's jump right into 4S Ranch and Del Sur. Not a whole lot has actually changed. Last, about a month ago when we looked at this, there were 24 active listings, currently 30. So there's six more active listings and then when we looked last month, there were 19 pending, currently only 13, and 13 of those 19 that were pending last month have closed in the last 30 days. So demand is very, very level here in 4S Ranch and Del Sur and inventory is creeping up slightly. I am happy to say that one of the pending listings is ours. So we priced it well and it did sell. So if you've got a home to sell out here, we know how to get this done for you. You just have to be better than the rest and more competitive right now to make it happen. You can still get a super, super strong sale price. So with that, let's jump over to the long-term trends and take a look at the InfoSparks graphic and see what's going on with median price. We have 4S Ranch, Del Sur, and San Diego County tracking here. You can see that 4S Ranch and Del Sur run largely together with a few variations. Back in January of 2021, 4S Ranch was beating Del Sur. Del Sur was at 989, 4S was at 1.267. You know, then if you look at March of 2022, Del Sur was at 1615, 4S Ranch at 2.1. And then by May of 2022, Del Sur had exceeded 4S Ranch. So you can see there's a interplay going on here. And frankly, these are smaller communities. And so not as many data points. So the data does look a bit more jagged. Giant separation here in January of 2024 must have been one whopping property or two that sold in 4S Ranch to push that up. And look where we are today. In August of 2024, Del Sur at 2215, 4S Ranch at 2214. So those medians are right on top of each other right now. When we look at percent of original list price to final closed sale price, this looks a lot like the rest of the county. In March of 2022, that magic month, properties were selling 13.1% over asking in 4S and 107.8 in Del Sur and have never come back to those dizzying high exuberant buyer over asking price bidding war prices. Now, earlier this year, we had a pretty good month, 4S at 106.9, Del Sur at 104. And currently sitting right now, 4S Ranch on average is selling at 96.1% of asking price. And in August, Del Sur was reporting 103.2. So these are still very strong indicators of a good market for sellers. Just not quite as crazy as it was back in 2022. Now, when we look at market time, very quick, 4S Ranch at 23 days, Del Sur at 13, San Diego County at 28. So no real earth shattering news there. But by and large, not a lot has changed in the past month in these two communities. Although we do see that the listing inventory is creeping up while pending sales and closed in the last 30 days is really staying the same. Will recent interest rate reductions be enough to bring those pending sales up and eat up all that active inventory? Time will tell. In 2022, that's exactly what happened. And rates didn't change even as much in 2022 as they just did over the last couple of weeks here in 2024. So in the past, the market has been extremely rate sensitive and when rates go down, pending sales go up, absorbing active inventory and causing prices to take off again. We will see what happens next. Just about every zip code in San Diego County is hanging on and waiting to see what these most recent rate reductions will do to sales. So that's what's going on. If you like this content, remember to like, share, subscribe and comment. And we will be back later this week with more neighborhood real estate updates and on Thursday for San Diego Market Watch. So stay tuned for that and we will talk to you soon.