San Diego
Market WatchMonthly Update
November 5, 2024 | Thomas Aleksander
SD COUNTY OVERVIEW
When mortgage rates fell below 6.5% at the end of August and hit their lowest point in mid-September, demand increased, more homeowners decided to sell, and the housing market began to heat up. The inventory peak, which usually occurs between July and August, has been delayed. With fewer new listings coming to market and a wave of unsuccessful sellers giving up just in time for the holidays, the supply of available homes finally begins to dwindle as the year draws to a close. In several price ranges, there are signs that negotiations have increasingly shifted in favor of buyers as demand declines faster than supply.
SELLING TODAY
Many sellers are realizing that the current market is not as instant as it once was. Luxury home sellers must ignore the noise that the market is hot in the lower price ranges and have a calculated approach to the selling process — a smart pricing strategy, extraordinary marketing, and patience. Winter can be an excellent time to sell a home, as there’s less competition from other sellers, and many buyers are more serious and motivated to close a deal.
SUPPLY OF INVENTORY
Historically, 4–6 months supply of inventory (MSI) has been associated with a neutral market — not favoring sellers or buyers. Less than 4 months typically favors the sellers, whereas more than 6 usually favors the buyers. The latest MSI in San Diego County for detached and attached properties combined amounts to 2.5. However, as the chart below shows, the MSI can vary significantly by price range.
Charts provided by the Greater Association of Realtors®. All data from the San Diego MLS. Residential real estate activity in San Diego County comprised of single-family properties, townhomes, and condominiums. Percent changes are calculated using rounded figures. Information deemed reliable but not guaranteed.
News & Tips
STUNNING OCEANFRONT RESIDENCE
Two combined units recently remodeled, front row/center on the most highly desirable west-facing side of La Jolla’s coveted landmark building at 939 Coast Blvd. Listed by Jay Becker.
VIEW LISTING
DEL MAR OPPORTUNITY
A rare ocean view lot (nearly 1/2 acre) recently listed by our team. Currently featuring a 1949 cottage, this property is ready for your vision — whether that’s a renovation or a new build.
VIEW LISTING
PENTHOUSE AT THE PARK
The Park in Bankers Hills represents the merging of modern architecture, sophisticated interior design, and spectacular views. We recently sold a sub-penthouse in this building. Here is a builder video of a rarely available top-floor unit.
RARE WATERFRONT GEM
A Record Sale by Jay Becker — This sale still remains intact as the highest sold price of all homes in the history of Coronado Cays (out of approximately 1000 homes). A stunning waterfront point lot property and a beautiful video!
HISTORIC PROPERTIES
California’s Mills Act encourages restoration and preservation of historic properties. Owners of qualified houses and condos in San Diego may receive substantial property tax reduction.
LEARN MORE
PROPERTY JOURNEY
When a listing is marketed through the Sotheby’s International Realty network, it immediately begins a journey to worldwide exposure. Watch this video if you are considering selling your property.
WHY SELL WITH US
Your Questions
LET’S GET IN TOUCH
If you have any questions about the market or other real estate matters, please don’t hesitate to contact us using this inquiry form. You can also call/text Jay at 858-335-4235 or Thomas at 619-693-6463.