San Diego Market Watch - Real Estate Update For October 18, 2024

Real estate market activity is up across the board in San Diego County as we head into the fourth quarter. Today is October 18th, 2024, and you are watching San Diego Market Watch. Thank you for tuning in. If you're new to this channel, please give us a like and subscribe so you don't miss any of these updates. We do this countywide update every single week, and we do several neighborhood zip code updates in between so you don't wanna miss any of those. Subscribe and get notified. With that, let's check out what's happening in San Diego County real estate this week. Over the last seven days, the number of homes for sale has climbed over 5,000 for the first time this year, and I believe for the first time since the summer of 2022. Inventory is higher than it's been in a couple of years, and this is due to an increase in new listing activity over the last seven to 14 days, and then a corresponding rise in pending sales, but not nearly as much of a bump in pending sales as we saw in new listings, and pending sales and new listings have been separated from each other for the last three months. More new listings than pending sales, so that is pushing this number of homes for sale higher, and sellers must pay attention to this. If you put your home on the market and buyers perceive it to be overpriced, it will not sell within that average market time period because there are more listings on the market than there are listings selling each and every week, so you must price it well if you wanna sell, and if you're a buyer right now, this is an opportunity to grab a property in the fourth quarter of 2024. Let's go buy one of those properties that's been sitting on the market for 30 or 40 days. It's overpriced, but that seller needs to sell, and we can write an offer and get it done for you, so if you have a property you'd like to talk about selling in San Diego County, or a property you'd like to talk about buying in San Diego County, send us a message or give us a call. Now, let's check out what's going on with interest rates. Those are up over the last two weeks. Now, back up into the mid-sixes here, after a few weeks of flirting with the high fives, never quite got there on average, although we did have at least one buyer that locked a rate at 5.75, which is the lowest that we have seen in a couple of years. Now, up over the past couple of weeks, but we do expect that it's going to be bouncing back and forth between the low sixes, high fives, and lower mid-sixes over the next three months, and possibly even coming back down below six for a while, so pay attention to that. If rates stay below six for very long, there will be more new listings, and there will be more buyers in the marketplace, but again, we have that separation between new listings and pending sales, and it's gonna take a lot of new pending sales to soak up the inventory that we've got now, so the market is still leaning towards a seller's market, because if you do put a property out there at a good price, it will get competitive bids, but if you're even the slightest bit overpriced right now, you're not gonna sell, at least not until you do something to attract more buyers, and generally, that means you gotta get that price just right, so speaking of price, let's take a look at what's going on. The median price has dropped two months in a row before recovering just a tiny bit between August and September, and this is not great news for sellers, and it is pretty good news for buyers, although seller's prices are still up there, so it's still really good for you, and if you price well, you are gonna get multiple bids and be on and off the market very quickly, but if you're not priced well, you're gonna sit, so again, if you've got a property to sell, give us a call. Let's talk about how we price that thing to sell quickly and for top dollar, and if you're a buyer, boy, now is the time to take advantage of what's going on, so with that, I will say see you later. If you like the content, please remember, like, share, subscribe, comment. We'll be back again next week with another edition of San Diego Market Watch and more neighborhood real estate update, so we'll talk to you soon. Have a great weekend.