San Diego Housing Market Analysis - August 2024
The San Diego, CA metro area housing market in August 2024 presents a nuanced picture with several key indicators showing both positive and negative trends. This analysis delves into the various metrics to provide a comprehensive overview of the current state of the market.
Price Metrics
The Median Sales Price for homes in San Diego stands at $895,000, reflecting a year-over-year (YoY) decrease of 2.7%. Similarly, the Median List Price has also seen a decline, albeit a smaller one, at $939,000, down by 1.1% YoY. Despite these decreases, the median Price Per Square Foot has increased by 4.9% YoY to $613.28, indicating that while overall prices may be slightly down, the value per unit area has appreciated. The Median List Price per square foot has also risen by 4.1% YoY to $609.64.
Sales and Inventory
The number of Homes Sold in August 2024 was 2,222, marking a modest YoY increase of 0.8%. Pending Sales have shown a more robust growth, up by 4.7% YoY to 2,363. New Listings have surged significantly, with a YoY increase of 11.5%, bringing the total to 2,688. Inventory levels have seen a dramatic rise, up by 52.9% YoY to 4,513 homes. This increase in inventory has contributed to a higher Months of Supply, now at 2.0 months, a substantial 70.0% YoY increase.
Market Dynamics
The Median Days on Market for homes in San Diego is currently 25 days, which is an 11.0% YoY increase, indicating that homes are taking slightly longer to sell. The average sale to list ratio has decreased by 1.2% YoY to 99.6%, suggesting that homes are selling closer to their list prices. The percentage of Homes Sold above list price has dropped by 10.0% YoY to 39.1%, while the percentage of Price Drops has increased by 6.7% YoY to 33.9%. Additionally, the percentage of homes going Off Market Within Two Weeks has decreased by 15.6% YoY to 36.0%.
Conclusion
In summary, the San Diego housing market in August 2024 is characterized by a slight decline in median sales and list prices, but an increase in Price Per Square Foot. Sales activity remains relatively stable with a slight increase in Homes Sold and a more significant rise in Pending Sales. The market is experiencing a substantial increase in inventory and Months of Supply, which may be contributing to longer days on market and a higher incidence of Price Drops. These dynamics suggest a market that is adjusting to increased supply and slightly cooling demand.
