San Diego Market Watch - Real Estate Update For November 14, 2024

The number of homes for sale in San Diego County continued to decline over the last seven days, although that decline appears to be leveling out. Hang out for the next few minutes and I'll show you what's going on. Today is November 14, 2024 and you are watching San Diego County's favorite real estate information program, 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. And if you have questions about buying or selling a home anywhere in San Diego County, send us a message, give us a call. We know the zip codes and we know the numbers. Let's get right into those weekly numbers here. Looking at the number of homes for sale that continue to decline, although the decline appears to be flattening as the number of new listings last week stabilized after going down sharply over the past couple of weeks. And of course, a lot of this is due to the normal seasonal decline in new listings. And the last time we saw a pattern like this emerge was in 2022, when the number of listings in San Diego County ballooned up to a similar number, 5,000, which is still very historically low if you look over the last 20 years or so. But more recently, 5,000 has been a big number for San Diego County listings in terms of the overall activity. When the listings get up to around 5,000, that's when things start to sit on the market and prices start to shift. Now in 2022, what happened is we had a similar decline going into the fall and winter months. And then by January of 23, prices were right back up again because new listings were declining. High interest rates were keeping sellers off the market. Most sellers also want to become buyers and they're not interested in buying when rates are up near 7% where they are now. So those have stabilized at least over the last seven days, 6.78% according to the Freddie Mac seven day average. Now this is not great news for buyers. Although what's happening right now is you have more new listings hitting the market, more property on the market than property selling, which is creating some unique pockets of opportunity for buyers. So pay attention to that buyers because even if you buy now at the higher rates, you can refinance later at a lower rate. And I know a lot of people say that and people say, yeah, yeah, yeah. But that is, that is historically what folks have done in high interest rate environments. Creative financing comes into play sometimes, but more often than not, it's just about getting in where you fit in and then refinancing later when rates come down. And that's just kind of how things work in the real estate world sometimes. But what's really important is your buying in point. And right now there are some great opportunities to negotiate deals on properties that have been sitting on the market longer. So that's what's going on with rates. When we look at median price, that was up again over the last 30 days. So we've had two months in a row of median price increase despite increasing numbers of homes for sale. And now of course we see that declining and we should see median price continue to go up as we head into 2025, although that remains to be seen. So that's what's going on in San Diego real estate this week. As always, if you like this content, please remember to like, share, subscribe and comment. We will be back next week with more great real estate information, zip code by zip code. And on Thursday, another edition of San Diego Market Watch. So stay tuned for that. We'll talk to you soon. Have a great weekend.