San Diego Housing Market: September 2024 Analysis
The San Diego, CA metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes stands at $890,000, reflecting a modest year-over-year increase of 0.2%. In contrast, the Median List Price has decreased by 2.8% to $899,000, indicating a potential shift in seller expectations or market dynamics.
Price Per Square Foot metrics show a positive trend, with the median Price Per Square Foot rising by 2.9% to $584.73. The Median List Price per square foot has seen an even more significant increase of 5.4%, reaching $597.41. These figures suggest a continued demand for space, despite the overall decrease in list prices.
Sales activity in the region has been robust, with 1,798 Homes Sold, marking a 5.3% increase from the previous year. Pending Sales have also risen by 7.2%, totaling 2,066. This uptick in sales activity is supported by a 10.7% increase in New Listings, which now number 2,326. However, the inventory has surged by 50.2% to 4,481 homes, contributing to an 80.0% increase in Months of Supply, now at 2.5 months. This significant rise in inventory and supply may indicate a shift towards a more balanced market.
The Median Days on Market have increased by 11.0% to 27 days, suggesting that homes are taking longer to sell compared to last year. The average sale to list ratio has slightly decreased by 1.0% to 99.5%, while the percentage of Homes Sold above list price has dropped by 10.1% to 36.9%. These changes imply a cooling in competitive bidding scenarios.
Price Drops have become more common, with a 3.8% increase, affecting 33.4% of listings. Additionally, the percentage of homes going off the market within two weeks has decreased by 15.3% to 34.0%, further indicating a slowdown in the pace of sales.
Overall, the San Diego housing market in September 2024 is characterized by increased inventory and supply, alongside a slight cooling in sales dynamics. While prices per square foot continue to rise, the decrease in list prices and longer time on the market suggest a shift towards a more balanced environment for buyers and sellers alike.
