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The Housing Market is Slipping! San Diego Housing Market January 2023
The housing market numbers are out for last month here in San Diego.
While housing market crash is on every one's mind, let's see how we are doing here in San Diego...
and stay tuned to hear the latest national numbers from realtor.com
As always if. youare curious about your zip code, i'm happy to customize the report and send it to you,-
Overall what the housing market in San Diego is seeing is either a VERY small increase in median prices or some areas staying flat at no gain. Detached homes continue to out perform attached homes in median price gain, however some areas are still seeing good numbers. North County detached homes have decreased 8%, which is the biggest decrease we are seeing. New listings are down on average of 44% as more people stay put in a wait and see. Days on market are averaging 35 days.
The biggest shift in the numbers is the percent of list price sellers are receiving In the height of the housing craze sellers were getting 108% of their list price, but now we are seeing closer to 94%- showing that sellers are reducing prices and accepting lower than listed offers.
Many experts agree prices will continue to increase but at a much more slow rate this year. Waiting to buy could cost you in the equity you could build.
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Houaing Market Numbers
San Diego County Median Sales Price* $830,000 $850,000 + 2.4%
attached Median Sales Price* $585,000 $585,000 0.0% FLAT
DOM 35
New Listings Down 40%
East County
SFR Median Sales Price* $715,000 $715,000 0.0% FLAT
Attached Median Sales Price* $460,000 $469,000 + 2.0%
DOM 33
New Listings are down 44%
Metro
Median Sales Price* $931,000 $980,000 + 5.3%
attachedMedian Sales Price* $622,500 $599,500 - 3.7%
DOM up to 39 days
New listings down an average of 40%
North County
Median Sales Price* $900,000 $950,000 + 5.6%
attached Median Sales Price* $652,000 $600,000 - 8.0% DOWN
DOM 36
New listings down 40% average
The national numbers are showing a 8% increase in national housing numbers according to realtor.com - link below and a 55% increase in listings, very different from our local san diego real estate market.
Interest rates are a bit of a wild card. With capital market volatility expected to continue, mortgage rates will maintain a seesaw trajectory over the short term, likely staying within the 6% – 7% range we have seen over the past five months. For buyers who find a home to purchase, shopping for a mortgage with multiple lenders to secure the lowest rate and fees could result not only in a lower monthly payment, but also in tens of thousands of dollars saved over the life of the loan. This is especially important considering that at today’s rate, the monthly payment for a median-priced home is $1,990, not including taxes and insurance, a 51% increase from last January.
Housing Market Continues to See Increase in Inventory
There were 54.7% more homes for sale in December compared to the same time in 2021. This means that there were 244,000 more homes available to buy this past month compared to one year ago. While the number of homes for sale is increasing, it is still 38.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.
The percentage of homes with price reductions increased from 7.1% in December of last year to 13.6% this year. This percentage is still higher than it was before the pandemic, but it is lower than the percentage seen in 2018 (14.5%).
Links to Articles:
Tristen Campanella s a top producing, holistic realtor in San Diego. She believes in empowring people with education. By taking a holistic approach to her clients real estate goals, she is able to guide them to make their dreams come true.
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