San Diego is once again leading the nation, though not necessarily in a good way.
Home sales are down 20% year over year. As a result, we have more inventory than last year; currently, there are 1,900 more homes on the market than we had at this time in 2018. This is a good thing for homebuyers, but if you’re a seller, you can expect the market to be a bit slower.
Home prices are actually still up, having increased 2.5% over last year. As of January, the median home price was $542,000, which is down from last summer’s peak of $583,000. We expect those numbers to adjust with the seasons, so it remains to be seen how the spring and fall markets will play out this year.
Keep in mind that real estate is always hyperlocal here in San Diego, and we’re subject to big swings. The higher-end homes in areas like Rancho, Santa Fe, and La Jolla are actually down 28% in terms of price. On the flip side, Oceanside is up 39% year over year. Here in Bay Park, we’re down about 8% from January of 2018.
Mind you, those are very small sample sizes, and home prices can change dramatically, which is why we tend to look at San Diego County as a whole. I wouldn’t give too much credence to those figures.
If you have any questions, you’re thinking of buying or selling a home, or would like to have a more in-depth discussion of market trends, please feel free to reach out to us. We’d love to be your real estate resource.