San Diego Coastal Real Estate Update November 2024

​​​​​​​As we wrap up November, the San Diego coastal real estate market presents an interesting mix of stability and shifting dynamics. Prices are holding steady despite a continued decline in inventory. Here’s a detailed look at what’s happening in the market and what it could mean for buyers and sellers as we head into 2025.

November Market Highlights

• Median Home Prices:
  Detached homes remain at a median price of $1.65 million, while attached homes (condos and townhomes) are holding steady around $750,000. This marks the second consecutive month of flat pricing in San Diego’s coastal neighborhoods.

• Days on Market:
  Homes are typically selling within 4-5 weeks, reflecting consistent demand in the area.

• Seller Success Rates:
  Sellers are achieving 97-98% of their asking prices, showing that the market remains strong for those pricing their homes realistically.

• Inventory Decline:
  Inventory has dropped another 4%, falling below 1,500 active listings for the coastal neighborhoods—a significant milestone that could further impact market trends.

• Interest Rates:
  Mortgage rates dipped slightly, with a 30-year fixed rate landing at 6.9%, finally breaking below the 7% mark.

What Do These Trends Mean?

The market is in an intriguing position. Despite shrinking inventory—usually a factor that pushes prices upward—home prices are remaining steady. This suggests that the market may have found a price ceiling for now.

Looking ahead, an important question emerges:

What happens when inventory begins to increase in the new year?

Basic economics would suggest that as supply grows, prices may soften. However, San Diego’s consistently high demand for coastal properties could offset this effect. It’s a dynamic worth watching closely.

How This Impacts You

Whether you’re planning to buy or sell, these trends have important implications:

• For Sellers:
  Now is still a strong time to sell, as properties are moving quickly, and sellers are receiving near-asking prices.

• For Buyers:
  Slightly lower interest rates offer some relief, but the shrinking inventory means competition for properties remains fierce.

Planning for Real Estate Success in 2025

As we approach the new year, it’s the perfect time to think about your real estate goals. Whether you're considering buying, selling, or investing, understanding market trends is key to making informed decisions.

I’m here to help you navigate the San Diego coastal real estate market and achieve your specific objectives. Reach out today, and let’s start planning for your success in 2025.

Let’s Talk About Your Real Estate Goals

Have questions about the market? Want to discuss your property or future plans? Contact me to explore how we can make your real estate dreams a reality.

John Collins
Collins Coastal | Coldwell Banker Realty
CalRE #01948188 / #00616212

Contact Me Today

• San Diego coastal real estate
• San Diego home prices November 2024
• Coastal real estate trends
• San Diego housing market update
• Buying a home in San Diego
• Selling a home in San Diego
• San Diego real estate 2025