Now That THe Elections Are Over… Whats Next For SD Real Estate?

Optimistic Window For Buyers To Close Out 2024

While many buyers and would-be sellers have taken a back seat to their home transition dreams over the last few months due to economic and political uncertainties, now that the elections are over, and consumers can start making more confident decisions, the current buying opportunity window should be closing fast.

 The October 2024 market data reveals important trends for buyers and sellers of single-family detached homes in North County San Diego. Here’s what the numbers show:

• Median Price: The median sales price for single-family detached homes in October 2024 was $1,157,500, representing a modest 0.7% increase year-over-year. This suggests that while prices are holding steady, the rapid appreciation seen in previous years has slowed. Compared to September 2024, the median price pulled back about 3.5% reinforcing market stability yet more attractive pricing for buyers.

• Inventory Levels: Inventory levels continue to rise, with 1,474 homes available in October, an 11.8% increase from the same time last year. However, inventory saw a slight decrease from September, when 1,519 homes were on the market. This indicates that while more sellers are entering the market than last year, the pace of new listings is slowing month-over-month as we approach the year-end. Increased inventory gives buyers more options, reducing competition compared to earlier in the year.

• Days on Market: Homes are taking longer to sell, with the average time on market climbing to 30 days, up from 26 days in September and a 15.4% increase compared to October 2023. This trend reflects a shift toward a more balanced market, where buyers have more time to consider their options without the pressure of quick decisions.

• Closed Sales: Closed sales for detached homes rose to 593 in October, an 11.7% increase year-over-year and a solid gain from 531 closed sales in September 2024. This shows that despite longer days on market, buyer activity remains strong, with many transactions still reaching completion and showing that despite rising interest rates and other market influences, the demand for San Diego real estate keeps rising…

What This Means for You

For buyers, the current market dynamics offer a promising environment. With higher inventory levels and longer days on market, buyers have more choices and time to make informed decisions. This could also create opportunities for negotiation on price and terms.  With the expectation of lower interest rates ahead and new found clarity in the political arena that has been hold in back many would be buyers, the next 30 days creates an amazing opportunity for buyers to secure their dream home ahead of the next wave.

For sellers, while demand remains steady, the slower pace of sales means pricing your home competitively and presenting it in its best condition are more important than ever. Homes that are priced strategically and marketed effectively are still selling, but sellers should be prepared for a slightly longer timeline, or… wait until just after the new year to take advantage of the shifting market environment