What’s going on in our North San Diego County market?
Overall, things are about the same as they were during our last market update. Back then, we talked about how low inventory had been pushing prices up, and we’re still seeing that effect.
According to the most recent data, we have 2.2 months’ worth of inventory, or slightly more than 2,000 homes for sale. That’s pretty low—a balanced market in our county is closer to three or four months, and nationwide, it’s closer to six months.
I don’t see this level of inventory changing. What’s interesting, though, is that the upward pressure on prices has stagnated a bit. At the end of July, the median sale price was $705,000 and the average sale price was $880,000. At the end of August, the median sale price was down to $690,000 and the average sale price was down to $866,000. Year over year, those numbers are still up quite a bit, but month over month, they’ve tapered off.
The lower-priced homes near the average price points in our area that are marketed well are selling quickly. In the higher price points, the market is a little more stagnant. It’s hard to know whether that trend is seasonal or it’s here to stay.
In the meantime, if you have any questions about our market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.