San Diego Market Recap - Jan 2024

[Steve Meyers]

With the first month of 2024 in the books, we're definitely seeing a lot more buyer activity in the market as well as increased supply numbers for both single family detached homes as well as condos/townhomes. As we head into the Spring market we will begin to see some more inventory (I hope).

2024 New Listings for Detached Single Family Houses

Jan 2024 - 1,484 compared to 1,425 last January, up about 4.1%

2024 New Listings for Condos/Townhomes

Jan 2024 - 933 compared to 811 last January, up about 15%

2024 Median Sales Price for Detached Single Family Houses

January 2024: $980,000 is the current median sales price last month for a house.

January 2023: $849,000 to December 2023: $949,000 - Median price for a house went up by $100K in 2023!


2024 Median Sales Price for Condos/Townhomes

January 2024: $650,000 is the current median sales price last month for a condo/townhome

January 2023: $590,000 to December 2023: $650,000 - Median price for a condo/townhome went up by $60K in 2023!

2024 Days On Market for Detached Single Family Houses

37 compared to 43 days this time last year

2024 Days On Market for Condo/Townhomes

34 compared to 40 days this time last year

2024 Pending (Under Contract) for Detached Single Family Houses

Down about 2% compared to this time last year

2024 Pending (Under Contract) for Condos/Townhomes

Up about 13.9% compared to this time last year

2024 Closed Sales for Detached Single Family Houses

Down about 5.5% compared to this time last year

2024 Closed Sales for Condos/Townhomes

Up about 11.9% compared to this time last year

Today's Rates

Looking Ahead:

The biggest trend I've noticed with this data is that house sales compared to this time last year are down slightly but condo/townhome sales are up. Days on market are less as well which shows me that demand is still very much there.

With affordability and inflation playing the biggest factors into why a lot of buyers are settling with a condo or townhome to start in hopes of moving up to something bigger and better as the market continues to appreciate and trend upward.

I fully anticapte the remainder of this year to be a very busy one with a lot of buyers entering back into the market with talks of rates coming down in the Spring.

Buyers who are shopping right now are able to leverage 3-2-1 and 2-1 buydowns to get their rates lower on certain properties that have been on the market for 4+ weeks, although we are still seeing mutiple offers in a lot of the popular zip codes and good school district areas.

I'll be posting on this thread monthly to keep up with how the market is trending for all who are interested. If you are wanting info on a certain zip code just send me a PM