March San Diego Market Update 2
Hello San Diego! Good news, the market is normalizing. We are seeing homes sell more quickly and the buyers are more active since interest rates decreased a bit from their high point in 2022. For more info about the housing market be sure to check out my monthly real estate market series which lets you know what’s happening both locally and nationally. But for now, let's look at what’s happening right here in San Diego.
At the time of this recording, there were 658 listings, 671 pending homes, and 531 homes that sold in February. Homes sold for an average of $1,004M and were on the market an average of 38 days. Currently, with the shortage of homes on the market, coupled with lower rates, we are now seeing multiple offers again, and that is great news for sellers!
In fact, based on several of our most recent home sales, we’ve been able to negotiate sales prices that have been $40,000+ more than what the sellers ever thought there home would sell for, or what similar comps recently sold for. It is too early to tell just yet, if this is a new trend developing, or just a window of opportunity for sellers.
With the constant shifts, you need an experienced agent to help guide you through your next moves in real estate. I’ve personally successfully sold over 2,200 homes throughout 67 different communities, across all of greater San Diego. Connect with my team today to get more information, and we can strategize what to do with your home.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!