San Diego Market Watch - Real Estate Update For November 21, 2024

The number of homes for sale in San Diego County continues to decline as new listings sink just a little bit and pending sales remain about the same. Hang out for the next few minutes and I will show you what is in the numbers. Today is November 21st, 2024 and you are watching everybody's favorite real estate information program in San Diego County, San Diego Market Watch. Welcome, if you're new to this channel, please like, subscribe, share, comment, let us know where you're watching from and what questions you might have. If you have a home to sell or buy anywhere in San Diego County, send us a message or give us a call. We know your zip code and we know the numbers. So let's get right into those numbers. The number of homes for sale again declines this week, now dropping below 4,800. I've had a lot of people ask me, isn't this just seasonal? And yes, it is seasonal, although there are more homes on the market right now than there were in 2023 or in 2022 this same week because we have been tracking it for that long. This program goes back to sometime in the summer of 2022, I believe. But last year at this time, we had 3,200 homes on the market and in 2022, there were 4,200. So inventory, even though it's come down quite a bit over the last few weeks, is higher than it's been the last two years. New listings, actually about the same. We're looking a little bit above 450 for the past seven days. Same time for the last two years, it's been around 400. So the amount of new listing activity is pretty constant over the last three years. And then looking at pending sales, those are, let's see, in 2023, we had about 320 pending sales in this same week. And in 2022, we had about 400. So here we sit right about 400. So buyer demand has remained relatively constant over at least the last three years and even beyond. We've been tracking it for longer than that. However, as far as San Diego Market Watch goes, this is the time period that we are talking about. So all of these metrics are looking really, really similar, although the number of homes for sale is higher than it's been in the last three years, which is interesting for sellers because those homes with the number of pendings remaining that constant, more homes on the market means longer market times, lower list-to-sale price ratios, and in a lot of cases, price reductions, although we have not seen median price come down all that much over the past couple of months. It's been up and down, but the last couple of months, it's been slightly up. Looking at interest rates here, this is kind of the reason for the lackluster performance of the real estate market overall in terms of new listings, in terms of pending sales. 6.84% is the Freddie Mac average over the last seven days, and that is up from the previous week, and it's way up from the low that we saw just a couple of months ago. Everybody got very excited that rates had come down and we were starting to dip into the fives and then, whoop, right back up we go again. And yes, of course, I will speak now to those who are gonna tell me in the 80s, it was much worse. It was, interest rates were crazy high back in the early and mid-1980s, up into the 14s, 15s, 16s even. However, that was a very different economy and very, very different world at that time. Right now, for the San Diego real estate market, for our purposes here today, rates close to seven are going to hold that number of pending sales down and it's going to keep a lot of sellers from putting properties on the market because most sellers also become buyers. So, that is what's happening in San Diego real estate this week. If you like this content, again, please remember to like, share, subscribe, and comment. We've been bringing you this content for years and we'll continue to bring it to you and inform you. And if there's anything else you wanna know about real estate in San Diego County, send us a message or give us a call. We are here and we will be back next week with more Zip Code by Zip Code Real Estate updates and again, with San Diego Market Watch. And if you just wanna have some fun, tune into YouTube, hit that notification bell on your subscription to our channel so you get notified when we go live because we do go live just about every Friday evening and we like to talk a little bit about real estate, but mostly just about life in San Diego, interesting things going on in San Diego, fun things happening in the world. It's a good way to just hang out with us for a little bit, get your favorite drink, and just hang out with us for 20 or 30 minutes and we will try to entertain you. So, with that, I will say see you later. Have a great day. We'll talk to you soon.