Housing Market Slow Down in San Diego?

The housing market numbers are in for last month- and although we are seeing a ‘slow down’ it’s not reflecting in the numbers yet.

In fact, the average median price for single family home is 7% from August 2021 and 15.9% for rolling 12 months for single family homes.  Attached homes or condos for sale are up 12.5% from August 2021 and 19% for rolling 12 months.

The numbers that have changed are the days on market and percent of list price received.  Days on market is up to 22 days, although I am seeing more like 30 days.  And our list price received is down from 102% to 95.5%.  This tells us that offers are no longer over asking and the bidding wars are in the past.

San Diego housing market is still low in inventory, with only 1.7 months of inventory currently.

An d consider that Apple has acquired the existing Rancho Vista Corporate Center in San Diego, as part of its continued plan to expand hardware and software engineering in the region, we will have more competition for homes soon.

In 2019, Apple committed to adding 1,200 new technology jobs in San Diego by 2022, and saying it hoped to establish a new campus there. Since then, it has reportedly been leasing buildings across University City and Rancho Bernardo, but it has now bought the 67-acre Rancho Vista Corporate Center for $445 million.

Until San Diego builds more homes or prices fall due to the current high mortgage rates, home prices in San Diego will continue to hold steady, even if they drop a little.

Looking to the future – in the next 5-10 years home prices will continue to appreciate.  Waiting to cause the dream of buying a home to be unattainable.

Tristen Campanella is a Holistic, Top Producing Realtor in San Diego.  Using traditional methods combined with law of attraction and manifestation, she helps her home buyers and sellers make their dreams come true.