San Diego Real Estate Update - Rancho Bernardo East - October 2024

Sales are sluggish in Rancho Bernardo 92128. Hang out for the next few minutes and I will show you what's going on. Today is October 1st, 2024 and this is a Rancho Bernardo 92128 real estate market update. If you're new to this channel, please give us a like and subscribe so you don't miss any of these updates. Leave us a comment, let us know where you're watching from and which zip code or community you would like to see us do next. With that, let's get right in to Rancho Bernardo 92128. We are looking at 75 total properties and why do I think sales are sluggish? Well, look at this. Currently 16 properties pending in Rancho Bernardo and 20 sold in the last 30 days. So less currently pending than has closed in the last 30 days which means because not all pendings close generally. So there should be 30 days from now 16 or less closed in the last 30 days unless sales pick up here really fast and a bunch of things close really fast. So sales are slowing a bit despite dropping interest rates and 39 properties currently active which means that there are about half of those. Yeah, about half that will not go under contract in the next 20 days which is the current average market time in Rancho Bernardo. So you're not going under contract, all of you, because only 16 currently pending and 20 sold in the last 30 days, 39 active. There's a few properties that are going to be left dangling so please pay attention to what's happening in the market and give us a call if you want to talk about pricing your home properly so that it sells quickly and for top dollar and if you'd like to buy in Rancho Bernardo we can help you with that too. All right, so let's go ahead and check out the longer term trend here on the InfoSparks chart going back to January of 2021. The median sale price in Rancho Bernardo 92128 was a mere $961,500. Fast forward to the summer of 2022. This area saw its peak in the summer of 2022. This was about, well, this was the same month that rates jumped up so you can see what happened right after that. Down the hill it went so peaking in 2022 at 1.75 and we had a peak in 2023 at 1.795 and we had another peak here in 2024 at 1.888 million and it has been down below that 2022 peak ever since then. Currently sitting at 1.64 million, still not too shabby, but prices everywhere have kind of struggled to get back to this crazy level that they were at in 2022 and in a lot of cases they have come back. In most cases, however, they really haven't stayed back. Median price keeps popping up and dropping down. So when we look at the buyer excitement or buyer exuberance chart, as I like to call it, otherwise known as percent of final closed sale price to original asking price, again we see spring of 2022 was the hottest time when buyers were the most excited and bidding the most on properties. Also there was not much to bid on at that time but there were just more buyers in the marketplace and rates were super super low. 112.1% which means the average seller in Rancho Bernardo 92128 at that time was getting 12.1% over their asking price and that was the average and we've never come back to that crazy level of buyer excitement partially because that's not normal. So don't think I'm saying that it should be that. It's not and it shouldn't be and rarely is. Just an interesting data point and it will fade into obscurity as time goes by and moves its way off the graph after a few months or about a year or so. We probably won't see that spike anymore unless it happens again. In any case currently 99% which is still pretty darn good. This means that the average seller that is going under contract in Rancho Bernardo is priced well to sell because they are getting 99% on average of original asking price. So that's not too bad. I mentioned earlier the average market time being 20 days. It is. So again those properties that are well priced are selling within 20 days and those that aren't are not. So price it well if you want to sell as I always say. And that's what's going on in Rancho Bernardo 92128. If you like the content please remember to like, share, subscribe, and comment. We appreciate your support and we look forward to seeing you again later this week with more great real estate information. So stay tuned for that and we will talk to you soon.