San Diego Housing Market: November 2024 Analysis
The San Diego, CA metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has slightly decreased by 1.1% year-over-year, settling at $890,000. In contrast, the Median List Price has risen by 3.2% to $917,615, indicating a potential gap between seller expectations and buyer willingness.
Price Per Square Foot metrics show a similar divergence. The median Price Per Square Foot has increased by 2.7% to $594.45, while the Median List Price per square foot has seen a more significant rise of 4.9%, reaching $604.74. This suggests that while sellers are optimistic about pricing, buyers are more cautious, possibly due to economic factors or market saturation.
Sales activity has been robust, with Homes Sold increasing by 15.2% year-over-year to 1,785 units. Pending Sales also reflect this upward trend, rising by 14.1% to 1,904 units. However, New Listings have decreased by 4.6%, totaling 1,718, which could indicate a tightening supply in the market.
Inventory levels have surged by 27.8% to 4,106 units, contributing to a 20% increase in Months of Supply, now at 2.3 months. This rise in inventory suggests that while demand is strong, the market is becoming more balanced, potentially easing the competitive pressure seen in previous months.
The Median Days on Market have increased by 14% to 32 days, reflecting a slower pace in sales compared to last year. The average sale to list ratio has slightly decreased by 0.4% to 99.2%, indicating that homes are selling closer to their list prices, but with less frequency of bidding wars.
The percentage of Homes Sold above list price has dropped by 5.6% to 35%, further highlighting the shift towards a more balanced market. Price Drops have increased by 1.3% to 28%, suggesting that sellers are adjusting their expectations to align with market realities.
Finally, the percentage of homes going off the market within two weeks has decreased by 10.6% to 28.8%, indicating that buyers are taking more time to make purchasing decisions, possibly due to the increased inventory and changing market dynamics.
