San Diego Real Estate Update - Poway - November 2024

The number of homes for sale in Poway continues to rise as pending sales stay flat. Hang out with me for a few minutes and I will show you what's happening. Today is November 5th, 2024, and you are watching a Poway 92064 real estate market update. If you're new to this channel, please remember to give us a like and subscribe so you don't miss any of these updates. We're all over San Diego County every single month doing the zip codes that you wanna see done. And if you have a home to sell, or if you wanna talk about buying a home anywhere in San Diego County, send us a message, give us a call. We know these communities and we know the numbers. So speaking of numbers, let's get right in to Poway and see what's going on. We are talking about 174 total listings. And of that 174, 110 are active listings with only 31 pending and only 31 sold in the last 30 days. So the number of pending and the number of sold in the last 30 days is identical, really cementing what the demand looks like in Poway right now. And that is not great news for 2 3rds of these active listings, even more than 2 3rds. There are a whole bunch of sellers in Poway that are not going to go under contract within the average market time, or maybe not at all, without some sort of either change in the market or a change in strategy. And again, if you have a home in Poway that you wanna talk about, we can show you how to be one of the 31 and not one of the other 2 3rds of active properties that aren't going to sell right now. The key right now is to price it well. It'll sell with great marketing and great pricing. And we can show you all about that. Now, let's check out the longer term trend in Poway. Going back to January of 2021, the median was 830. And then by the spring of 2022, so a mere, oh, what is that? About 12, 13, 16 months later or so, 1.58 million. So what a run-up in median price there between 2021 and the middle of 2022, 1.58. And I don't think that Poway has ever returned to that high. We had 1.526 in January, 1.562 in May, 1.56 in August, all the way down to 1.11 last month. And then, or actually month before last, September, up a little bit to 1149,995 in October. However, Poway has never returned the median price to this point that it was in the spring of 2022. And not surprisingly, that was also the peak of buyer enthusiasm and exuberance to overbid the price back in the spring of 2022 when the average list-to-sale price ratio was 111.3%, all the way down to 92.6 just by the fall of 2022. So what a tremendous difference this made, and it was all about interest rates. And now here we sit at 95.6, and that is not surprising given the ratio of active listings to pending sales. There are sellers out there cutting prices and cutting deals, and that is reflecting in this percent of original list price to final closed sale price number. Now let's take a look at market time. And I also suspected the market time might be a little elevated relative to the rest of the county. It is by two days. So the average market time from active to pending right now in Poway is 32 days. So if you wanna get your home sold within that average market time, you've gotta price it well so it will sell, and you've gotta have great marketing and great representation to make sure that happens. And once it does happen, to make sure it sticks. That's why you need great representation. So with that, I will say if you enjoy this content, please remember to like, share, subscribe, and comment. We will be back later this week with more great real estate information. And then look for our Friday evening show on YouTube Live where we talk a little bit about the real estate market in San Diego County and a whole bunch about what's going on in San Diego County this weekend and the world in general. So that's always a great time for everyone. Come on by, check it out, or watch the replay later. In any event, we appreciate you and look forward to talking with you again soon. Have a great day. ♪♪