Where Homes Are Sitting on the Market in San Diego

What if I told you that some homes in San Diego are sitting on the market for months while others are selling in just days. If you're a buyer looking for a deal or a seller trying to avoid a long wait, you need to know which areas have the longest days on market. So today we're diving into 10 areas in San Diego that are taking the longest to sell. So if you're thinking about buying, there could be some serious opportunity and deals for you in some of these areas. While if you're thinking about selling, it's important to know how to price and how to market in some of these areas. So let's get into it. By the way, my name is Nick and you guys are reaching out all the time and we love helping you out. So if you're thinking about making a move in or around San Diego, just shoot us a text, shoot us an email or just straight up and give us a call so we can help you save a ton of time and help you with your real estate goals right here in San Diego. Now before we get into some of these areas that are taking a bit longer to sell, it is really important that you guys understand what days on market means because I'm going to bring it up quite a bit and it basically just reflects the supply, the demand and some of the pricing strategies in these markets. And obviously the longer days on market on a home that you see listed, that usually means you have a little bit more negotiation room and there's probably a little bit more motivation from the seller. Now this can vary on so many different things on why the days on market are longer in some of these areas. It could be anything from pricing, you know, a smaller pool of buyers, just so many things. So we're going to break this down on every area, but let's get into number 10 which is going to be North Park with the average days on market being at about 35 days currently. Now there's a lot of great things about North Park, especially if you don't really know it. It's more than the central San Diego area. It's very urban place. So if you'd like to have coffee shops, walkability to restaurants and just things to do like that, this is an awesome location. Now there's a few things on why I think the days on market is higher over here. I mean for one, you have older properties and a lot of them need to be updated and a lot of buyers right now want something that's completely turnkey. So I will say there still is a good high demand over here, but pricing is key and a lot of people over in North Park, they have those historic homes and it's not for every buyer. And another thing you have to keep in mind is this is a hotspot for young professionals and affordability can be a major concern when it comes to that. So when your buyer is a younger professional and they need to come up with 1.3, 1.4 million for a house, it's going to take a little bit longer. Next up we have Solana beach with the average home selling in about 41 days. Now obviously the prices over here are part of the bigger reason on why homes are sitting on the market a bit longer. You have a big luxury market over here with some just amazing homes, but this is a smaller exclusive area with limited inventory. So you think the days on market would be a little bit quicker. But the thing with this is buyers have time at this price point that are usually not in any rush to go buy something. They're looking for their next forever home and it's something that they're willing to be patient and wait around for. Number eight is La Jolla with an average days on market at about 42 days. Yes, homes are sitting for about on average a day longer here in La Jolla than they are in Solana beach. Now, obviously this is a luxury price point over here. The homes over here come at a high price tag, which means a smaller pool of buyers and many of the homes are very unique and very custom, which requires the right match between buyer and the right property. And once we get to these higher price points, like three, four, five, $6 million for a single family home. Well, guess what? The buyers usually have a lot more negotiation leverage and they really are not in a rush to buy so they can sit around and wait for not just the perfect home, but the perfect deal. Next up is Vista at about 47 days on market. And to be honest, I was very surprised to see the days on market that long because to me, Vista is a very hot market, but according to the data, this is why I love the data. It is not that hot. So Vista overall is one of those areas where you do have a little bit of new properties happening, but it's mostly older homes. A lot of this stuff was built in the sixties and seventies and a lot of it needs renovations. I like to call them a time capsule. Bones are good, but guess what? The inside and the interior, it needs to be completely gutted. And a lot of buyers honestly, frankly, don't have time for that. They want something completely turnkey that they don't have to do that. And obviously Vista is still in North County, but it's still about 25 minutes from the beach. So it's not as high in demand is some of these coastal areas where they're just selling a lot faster homes. If they're not priced aggressively in Vista, especially depending on condition are going to sit for a little bit longer. But if you're okay with finding something that needs a little bit of love and has character, Vista is going to be an awesome place to look for a home. We're going to head back over to the beach and land in Del Mar with the average days on market being at about 47 days before there is a sold sign in the front yard. Now that is the same days on market as Vista. And it's two different calibers when it comes to the prices and the properties. Now for Del Mar, one thing that I've noticed over here with the longer days on market is every home is so custom. You could be at a Spanish colonial house, and then the next door neighbor is a beautiful modern brand new build home. So there's just so much customization over here, which just leads to those longer days on market. Another thing I've noticed is seasonality, especially in these luxury price points, there is seasonal buyers that are looking in the spring and in the summer. And then once the winter hits, it's just dead. The days on market go up. And by the way, guys, if you are getting any value from this video would mean the world to us. If you just go down there, hit that like button. And if you have any questions on real estate here in San Diego, we would love to be your real estate resource of choice. All of our information is right there down below. Number five is Escondido with an average days on market at about 48 days. Now Escondido is a very cute town and there is a ton of diversity going on. You have a very cool historic area with cute older bungalows that is just right outside of the downtown area, or you have these very Epic semi-rural homes on the, you know, kind of on the outskirts of Escondido that are just amazing pools, views, guest house, you name it, you can find it. So there's a lot of diversity over here, but I would say that the large inventory and just these longer days on market is because there's kind of a lot of development going on here. You have some new construction happening, and then you have your older homes that were built back in the fifties and sixties. And keep in mind, Escondido is one of the more affordable areas, especially here in North County, San Diego, as you get closer to the coast, that unaffordability just kind of goes out the drain. So, you know, Escondido is a big area as well. So you do have a lot more homes, which means more homes for sale at any given time, which means higher days on market. Number four is Imperial beach with an average days on market being at about 49 days right now. And this is pretty interesting to me because this is one of the more up and coming coastal towns in San Diego. So I thought there'd be kind of a less days on market, but maybe that's the reason is it is kind of a transitioning market. I mean, prices have gone up so much in the past three to four years over here. So there's probably a lot of sticker shock on some of these homes. People are like, Oh, this seems like a lot and they're thinking about it for a little bit longer. And with an area that's very up and coming like Imperial beach, I think it brings in kind of a mix of buyers. You have a lot of investors and primary buyers as well, but I think kind of the two audiences over here maybe don't mix. So it's just taking a little bit longer for some of these properties to sell in Imperial beach. Next we're going to go just a little North and land in downtown San Diego with the average days on market being at about 53 days. Now this makes a lot of sense to me because first off condos will always have a longer days on market. They just take a little bit longer to sell, but here in downtown, guess what? Everything that's for sale is a condo. It's in a condo building. So when you have that much inventory, then you're going to just have a longer days on market, especially with HOA costs over here. It takes a long time for people to learn what is actually involved in the HOA and some of these buildings, cause they all have different amenities. The fees can be different. I've seen as low as $400 going all the way up to $2,000 a month in some of these buildings. So that takes a little bit longer of just a learning curve. And then I think post pandemic, a lot of people went from this condo downtown urban lifestyle to wanting to be in some of these more suburban lifestyles. Number two is Coronado with the average home selling in about 59 days. Now hopefully you've been to Coronado or you go down there, you know, every now and then if you do live in San Diego, because it's a really Epic spot and it's just a cool place to hang out. Now this is going to be an area that is primarily for second homes. People that live here usually don't live here full time. It's usually a second home or maybe it is a primary home for some people, but it is a luxury market. So those longer days on market are definitely going to happen in an area like this. Coming in at number one is Rancho Santa Fe with the average days on market being at about 93 days. So about three months it's going to take for the average homeowner to sell a home here. And why is that? Well, if you know anything about Rancho Santa Fe, it is a ultra luxury market, absolutely insane homes out here that are selling for $4 million on the low end going all the way up to about $20 million right now. Most of the homes over here are very large estates and have very custom finishes that are just unique to every type of buyer or family looking to purchase over here. So buyers over here, again, are going to have time to kind of go through their options because there is more inventory. So unless people are priced very aggressively and you know, it looks like a major deal to potential buyers out there, homes are going to sit for closer to three months. So what does this all mean for buyers and sellers? Well, for my buyers out there, this means that you have more negotiation leverage and more negotiating power. Longer days on market equal potential price reductions and or seller concessions. So my advice is to just be patient and make fair offers. You know, have somebody representing you that knows what they're doing. Look into comps, be able to convey why you're offering a certain price so you can get that better deal. And for my sellers, if you're in any of these areas or even if you're not in any of these areas, pricing and presentation is everything right now. You want to get out there and blow your competition away and look like the best price and the best option out there for your buyer, because you will have buyers lining up for your house and just multiple offer situation. And you're going to get a lot more than you really thought you could have. So knowing the data is going to be very, very important. And of course, timing the market and learning a lot more about the seasonal demand is going to be key in most of these areas or anywhere in San Diego. So hopefully that was helpful. And if you guys have any questions at all and looking to buy or sell anywhere in San Diego County, we would love to be a real estate resource of choice for you guys. All of our information is this right there down below hit us up anytime. And we also have a couple other videos right here. That'll probably be helpful as well. I'll see you there.