Hey, San Diego! If you’ve been curious about what’s going on with home prices and the market overall, you’re in the right place. Whether you’re thinking about buying, selling, or just keeping an eye on the trends, let’s break down what’s been happening in August 2024.
Home Prices: Slight Dip but Steady
In July 2024, the median home price in San Diego was sitting at $890,000. Now, in August, we’ve seen it drop a touch to $875,000—that’s about a 2.9% dip. So, if you’re thinking the sky’s falling, it’s not. The market’s still strong, but we’re seeing a little correction, which is pretty normal, especially during this time of year.
On the flip side, the average home price has also nudged down a bit, going from $1,153,946 to $1,129,041, a 2.1% decrease. Again, this isn’t a reason to panic—it’s more like the market catching its breath after running at a fast pace earlier this year.
Price Per Square Foot: Still on the Rise
One stat that might surprise you: the price per square foot has increased by 4.3%! In July, homes were priced at $644 per square foot, and now in August, it’s at $653. What does this mean? Homes might be priced slightly lower overall, but buyers are willing to pay more per square foot for homes in good condition or in prime locations.
Homes Selling Just as Fast
If you’re selling, the good news is that homes are still moving quickly. The average market time is holding steady at 30 days, so even with fewer sales, homes are still selling in about a month. That’s a great indicator of a healthy market.
Listings and Sales: A Little Slowdown
Here’s where things get interesting. New listings have dropped by 19.2%, with only 3,268 homes hitting the market in August, compared to 3,315 in July. This drop in new listings might explain why some buyers are having a harder time finding their perfect home.
On top of that, pending sales have taken a hit, dropping by 5%, with 2,157 homes currently under contract. As for closed sales, we’re seeing a 2.6% drop from 2,346 in July to 2,230 in August.
Active Listings: A Tiny Bump
We’ve got just a slight increase in active listings, with 5,154 homes currently on the market, compared to 5,151 in July. This means there’s still some inventory out there, but if you’re shopping around, don’t expect a flood of new options right away.
More Showings
Here’s a little nugget for the buyers out there: showings per home are up, going from 3.4 to 3.5. Buyers are checking out more homes before making a decision, which could mean the competition is easing just a tad, giving you a little more breathing room.
Final Thoughts
In a nutshell, the San Diego real estate market is still in solid shape, but we’re seeing some small adjustments. Whether you’re thinking about buying or selling, it’s all about timing and strategy. If you’re looking to sell, now’s the time to highlight your home’s unique features to stand out in a slightly cooler market. And if you’re looking to buy, don’t let the price per square foot scare you—there are still good deals to be found.
If you want more details about the market or need some help navigating your real estate journey, feel free to reach out. I’m here to guide you, no pushy sales pitch—just real talk to help you make the best decisions.