San Diego Real Estate Update - Rancho Peñasquitos - November 2024

Real estate activity has slowed to a crawl in 92129 Rancho Penasquitos. Hang out till the end and I'll show you what's happening. Today is November 4th, 2024 and you are watching a 92129 Rancho Penasquitos real estate market update. If you're new to this channel, please give us a like, subscribe so you don't miss any of these updates. We are all over the county every single week bringing you the latest and greatest real estate numbers. So if you are interested in seeing your zip code, just let us know where you're watching from and we'll either tell you where to find our latest update or we'll get one on the air for you. And also if you're thinking about buying a home or selling a home anywhere in San Diego County, send us a message, give us a call. We know these markets and we know the numbers, so let's get right into those numbers for Rancho Penasquitos. Looking at what's going on right now, we have 121 total listings that we are talking about. Of that 101, 52 of these are active and only 18 are pending. And that is why I say activity has slowed to a crawl. Look at that, only 18 pending after selling 31 in the last 30 days. So in the last 30 days, 31 properties have closed escrow and now we only have 18 pending. And with 18 pending, you're probably only going to see about 15 or so close in the next 30 days when we come back and do this zip code again. So really, really light on activity right now, fairly heavy on listings. I say this all the time, there are a bunch of sellers out there that are not going under contract in the average market time, just based on these numbers right here. So let's get a look at the longer term trend by checking out the InfoSparks chart here. Going back to January of 2021, 92129 was at 951,000. And look what happened just a little more than a year later, all the way up to 1.6 million. A staggering increase, one of the most robust zip codes in San Diego County when it comes to that price increase between January of 21 and the spring of 2022. Fast forward to this year and April, we were at 1.656. In February, 1.627. Currently, the median price in Rancho Peniscitos for a single family home is $1.51 million. So a little bit under that high from May of 2022. Now, when we look at percent of original list price to final closed sale price, Rancho Peniscitos, again, was one of the most robust performing zip codes in 2022 at 114.3% in February. And March and April, a little lower, but still very, very high. And then by the fall of 22, all the way down to 93.1%. Currently outpacing San Diego County by just a bit, Rancho Peniscitos is at 99.6%, San Diego County at 97.7%. So sellers who are selling in Rancho Peniscitos are still doing very, very well. It's just that we've got a whole bunch of listings that are not going to sell in the average market time based on what's currently pending and what has sold in the last 30 days. So a bit of an oversupply issue there. Now, when we look at market times, again, for those that are selling, it is fast. 15 days, half the average market time of San Diego County. So when you get it on the market in Rancho Peniscitos and you price it well, it will sell and it will sell quickly. So that's what's going on in Rancho Peniscitos right now. If you like this content, please remember to like, share, subscribe, and comment. We'll be back later this week with more great real estate information. So stay tuned for that and I will talk to you soon.