San Diego Market Statistics for October 23

With low inventory and high interest rates, there wasn't a lot of change in the San Diego market from September to October, however, we did see some significant changes year-over-year. I've mentioned before how the San Diego market can be very different from what we're seeing nationally; the San Diego market experienced a 10% increase in median sales price (year-over-year), while the national market remained flat (no change). Typically (almost always, haha) the San Diego market will have a higher median sales price as well as shorter market time. Our city is considered a "destination" town and despite the high cost of living, has been ranked as the "#1 Most Fun Place to Live in the US", by US News. 

I expect the next two months to be relatively stable as we head into the "slow" time for real estate. If  interest rates drop next year (into the 6%'s) I'd expect an increase in sales, which would likely raise prices again. If you are considering buying when interest rates drop, start looking now! There are fewer buyers (less competition), and sellers are more likely to negotiate with slightly longer market times.  If interest rates later drop, refinance. 

If you'd like to help figuring out when is a good time for your next move, contact me today!