Resale home inventory in San Diego County is still extremely low which is keeping prices up. As of the end of last week we only had 2557 homes listed in the San Diego multiple listing service. By comparison for the week ending December 23, 2022 we had 3286 (which was also historically low) and the week ending August 12, 2022 we had 4974 homes on the market which was also considered very low. The home price is up from an August 12 median of $805,000.
Some overall take aways when looking through the larger data for May:
- Prices: The median sold price of existing single-family homes experienced a slight increase from the previous month but declined compared to May 2022. Similarly, the median sold price of condos and town-homes decreased both month-over-month and year-over-year. These figures suggest a softening of prices in the market.
- Sales Activity: While there was a modest increase in sales for condos and town-homes on a month-to-month basis, both property types saw a significant decline in sales compared to May 2022. This indicates a slowdown in the market, potentially due to factors such as affordability or changing buyer preferences.
- Supply and Demand: The unsold inventory index decreased slightly, indicating a tighter market with fewer homes available for sale. However, the median time on the market for homes has increased compared to the previous year, suggesting that properties are taking slightly longer to sell. It still isn't a long period though as desirable homes are receiving multiple offers well over ask in less than one week. Depending on which stats you look at the average is from 11 - 19 days. In the entry-level market that time frame is even shorter.
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