August Market Statistics & Insights

August was a solid month in the San Diego real estate market.  New listings continued to drop by 4%, and we saw a slight increase in the median sales price. These two stats are directly correlated; the sales price likely went up due to lack of inventory. If we continue to see low inventory, we’ll continue to see the median price go up.  Inventory continues to be down likely due to high interest rates (seller's don't want to give up that 3% they got a few years ago).

For sellers - take advantage of the low inventory (lack of competition)! Buyer's are still shopping, however, they aren't willing to "go crazy" over a list price anymore.

For buyers - keep looking for the "right home". Even if interest rates aren't what you want them to be, with inventory tight, you have to be ready when the right home comes on the market... or you might be waiting several more years for something similar. Remember - you can always refinance if rates go down!