San Diego Real Estate Market Update: April and May 2024 Insights

Hey San Diego real estate enthusiasts! Whether you're considering moving to San Diego, selling your home, or simply staying informed about market trends, this update is for you. Let’s dive into the latest stats from April and May 2024 and uncover what they mean for our vibrant real estate market.

April 2024 Recap

In April, the median sales price for homes in San Diego rose to $895,000, up from $862,500 in March. The average sales price also increased to $1,190,674 from $1,172,629, indicating a competitive market. Homes sold faster, with market time dropping to 27 days from 31 days in March, showing strong buyer interest.

Inventory saw an uptick with 4,103 active listings, up from 3,605 in March, giving buyers more options. However, new listings decreased slightly to 3,270 from 3,398. Pending sales were strong at 2,189, and while the number of sold homes decreased to 2,181 from 2,313, the increase in shows to contract from 4.3 to 5 suggests buyers are taking their time to make informed decisions.

May 2024 Insights

May continued the trend with the median sales price nudging up to $900,000. The average sales price saw a slight decrease to $1,168,255 from April’s $1,190,674, balancing high and low-end sales. Market time remained brisk at 27 days, and the price per square foot increased to $657 from $654.

Active listings grew to 4,395, offering even more choices. New listings rose to 3,398, reflecting homeowners' confidence in market conditions. Pending sales increased to 2,366, and sold homes rose to 2,313, indicating healthy market activity. Shows to contract decreased to 3.8, suggesting more decisive buyers or competitively priced homes.

What These Trends Mean for You

For Buyers

If you're thinking about moving to San Diego, act quickly. With rising median prices and a consistent decrease in market time, competition is fierce, and desirable properties are moving fast.

For Sellers

Selling your San Diego home? The market is in your favor with rising prices and quick sales. With more active and new listings, pricing your home right is key to attracting serious buyers.

Long-Term Outlook

San Diego’s real estate market remains robust and competitive. The steady increase in median prices and the consistent decrease in market time reflect strong demand and limited supply. Fluctuations in average prices and showings per contract highlight the need for strategic decisions.

Stay tuned for more updates. Let's navigate this dynamic market together and achieve your real estate goals! If you have any questions or need personalized advice, feel free to reach out.