San Diego Coastal Real Estate Market Update October 2024

​​San Diego Coastal Real Estate Update: October Trends to Watch

This month, we haven't seen a major shift in San Diego coastal real estate prices, but there are a few key indicators suggesting that changes may be on the horizon. Let’s dive into what’s happening in the market and what you should be aware of.

Median Prices Hold Steady

The median price for detached homes along the San Diego coast remained mostly flat compared to last month. Currently, the median price sits at $1.65 million to $1.7 million for detached homes. Condos saw a slight decrease, with the median price dropping from $750,000 to $745,000.

Days on Market: A Key Indicator

One leading indicator showing some movement is the number of days properties are spending on the market. For detached homes, we saw a notable increase—up from 26 days last month to 34 days. Condos followed a similar trend, with the average days on market rising from 31 days to 35 days. This is significant because an increase in days on market can signal a softening in demand, which could influence prices in the near future.

Percent of Asking Price Drops Again

For the second month in a row, the percentage of asking price that sellers are receiving has dropped. Detached homes are now selling at 96.3% of the asking price, while condos are closing at 97.5%. This downward trend might indicate that buyers have more negotiating power, which could lead to further softening in the market.

What’s Next for San Diego Coastal Real Estate?

While inventory levels have remained relatively stable, and interest rates are hovering around 6.2%, the combination of increased days on market and reduced percentage of asking price suggests that we could see price adjustments in the coming months. If you're considering buying or selling, now is a great time to evaluate your options and make a strategic plan.

Let’s Talk About Your Real Estate Goals

Every property and situation is unique, and your real estate goals are specific to you. Whether you're looking to buy or sell, I can help you navigate the market. Contact me today to discuss how we can make your real estate goals a reality.

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John Collins is twenty year resident of the San Diego coastal community, and a successful residential real estate agent and Realtor® since 2013. He specializes in the sale and purchase of San Diego real estate including luxury homes, condos, townhomes, investment properties, and first time buyers. John Collins is licensed with the State of California, CalRE# 01948818 and holds professional designations in real estate negotiation, real estate luxury home marketing, and handling distressed properties.

John Collins runs Collins Coastal, and is affiliated with Coldwell Banker realty. He is a highly rated San Diego Real Estate Agent. See His Google Business Profile And Reviews Here.