San Diego Coastal Real Estate Update October 2024

These numbers might seem a bit confusing at first, so let's break them down and work through it together. You know the drill—90 seconds to cover everything you need to know about San Diego coastal real estate.

From September to October, the median price, days on market, and percentage of ask price to close price all stayed the same. Here’s the breakdown:

• Median price for detached homes: $1.65 million
• Condos: $750,000
• Days on market: Hovering between four to five weeks for both
• Percentage of ask price to close price: In the 97% to 98% range

​​​​​​​What’s confusing is that inventory dropped by 8% during the same period. Normally, supply and demand would suggest that if supply goes down, prices should go up. So, why aren’t we seeing that?

There could be a couple of reasons:

1. Demand might be decreasing for the same reason supply is—heading into the holidays.
2. The numbers haven’t caught up yet, and that drop in inventory could reflect in next month’s figures.

Interest rates didn’t help either, rising into the mid-7% range. We’ll keep a close eye on the numbers next month to see how this plays out.

If you’re buying or selling during the holiday season, remember it can be a great time. Sellers are typically motivated—people don’t list during the holidays unless they have to. Buyers who are out there are also motivated, and with fewer listings, there’s less competition.

Every situation is unique. Your home, your neighborhood, and your goals are specific to you. Let’s talk and see how we can help you achieve your real estate goals.