JUNE 2024 SAN DIEGO REAL ESTATE MARKET

by Iryna Iniguez Snehirova

OPEN HOUSES ARE BACK! San Diego Real Estate Market, June 2024

The active listing inventory increased and now sits at 4,259, matching its largest rise of the year. It is the first time the inventory has surpassed 4,000 homes since November 2022. Last year, the inventory was 2,457 homes, 42% lower, or 1,802 fewer. Demand has been muted due to the high cost of housing and rates that have remained stubbornly above the 7% threshold.

Many sellers approach housing as if nothing has changed. They stretch the asking price and test the market. Unfortunately, OVERPRICED homes are much more common today. As market times grow longer, the number of price reductions will increase. The increasing number of OPEN HOUSE directional arrows illustrates the evolving market and necessitates a much different strategy to secure success.

ATTENTION SELLERS: Carefully arriving at the Fair Market Value by scrutinizing the most recent comparable and pending sales is essential to be successful, meticulously considering the condition, location, upgrades, and amenities. Accurate pricing is absolutely crucial. Overzealous sellers who require future price reductions will procure fewer interested buyers, fewer offers to purchase, and, ultimately, will net less money.

ATTENTION BUYERS: While the market is slower than at the start of the year, it is NOT a Buyer’s Market where prices are crumbling lower. Upgraded, nicely appointed, in good condition, and appropriately priced homes will fly off the market with plenty of activity and multiple offers. The longer a home has been on the market, the more willing a seller is to negotiate.