What’s happening in our San Diego market in these dog days of summer? Find out in today’s update.
Happy summer! Today I’m spending some time at the beach here in Del Mar, and I’d also like to update you on our San Diego market.
New detached home listings across the county fell by 12% this past June. In addition, closed sales were down 16% and average days on market rose to 27 days.
What do these numbers tell us?Well, fewer homes are coming on the market, and buyers aren’t as effortlessly finding the right home for them, which, in turn, is causing homes to sit on the market for longer periods before they’re snapped up by buyers.
We actually saw similar market statistics when it comes to attached properties, condos, and townhomes in June. Year over year, new listings were down 10%, closed sales have gone through a 20% dropoff, and the average days on market has shot up to 32 days—a 39% increase.
Year-over-year median prices are up slightly for both detached properties and attached properties, condos, and townhomes—3.2% and 4.8%, respectively. Keep in mind that these figures are averages, and some areas could be flat or up even higher.
Our interest rates have stayed at 3.8%, which is greatly incentivizing buyers to enter the market and act on their desire to get into a home this summer.
If you’d like more specific statistics for your neighborhood, please reach out to me. I’d be happy to retrieve them for you using my brand-new market snapshot tool. And please send me any ideas you have for future video topics. I look forward to our next conversation!