Last year the San Diego county real estate market was crazy with sky-rocketing prices and fierce competition. Thus far this year, not so much.

Year-over-year the median price for a single-family home is down 3.5% to $849,000 and up .9% to $590,000 for attached homes.

In comparison to January 2022:

The number of closed sales for detached homes is down by 36.9%. Attached home sales are down 40.5%.

New listings are down by 31% for both detached and attached homes.

And, the average number of days on market for detached homes has risen from 24 to 43, and 19 to 40 for attached homes.

So, will the market just creep along at this sluggish pace or can we expect to see things pick-up? I’m predicting an uptick in activity even before we fully hit the spring buying season. Interest rates are at their lowest point since September and that seems to be the primary motivating factor. We are also seeing more sellers offer concessions such as a credit for closing costs or an interest rate buy-down. Both factors combined with more stabilized prices make buying more affordable for some would-be buyers.

And speaking of affordable, we have a price improvement on my La Mesa listing, now offered at $1,125,000. Please call for more information about this great property.