What is the current state of the San Diego housing market? San Diego realtor Jeremy Mchone, goes over the leading indicators that are affecting the current state of the housing market.

San Diego Housing Market Update October 2021

This is your October 2021 San Diego County market update. Hi! I'm Jeremy McHone, with the Whissel Realty Group. I just was to real quick dig into the numbers, the most recent numbers for San Diego County's housing market. It might come as no surprise, that inventory is still low.

So year over year, inventory in San Diego County is down 45%. That means there are 45% fewer homes for sale now than there were this time last year. So it probably makes sense that median home price is up 15% in San Diego County, due to the low, drop in inventory. Now, if we zoom in a little bit and look at some of the month-over-month numbers, instead of just the year-over-year numbers, we can get a little bit better idea of where the market is headed. So month over month, we've seen the number of homes coming on the market decrease and the pending homes increase.

So that means there are fewer homes coming on the market, more homes coming off the market into escrow. So it probably makes sense that active listings, So that total number of homes on the market is going down as well. So, what does that mean? You'd probably expect it to mean that days on market have also gone down as the inventory started to shrink.

But interestingly, from last month to this month, we've actually seen the number of days on the market tick up a tiny bit, which probably means that there are some buyers that got frustrated with the low inventory market and the multiple offers and decided to go back to renting and give up on buying a home. So, we're still seeing homes come off the market pretty quickly. We're still seeing multiple offers on most homes. We're just seeing slightly less buyer activity. Still very low inventory seller’s market. We're still at one month's supply.

That means in just one month, if nobody else puts their home on the market, we will run out of homes for sale, it'll all dry up. So it's still a hot market, but if you're a buyer, this might be that sweet spot where some of the buyers are sitting out of the market. You might be able to get into a home, lock down a nice low-interest rate right now before both rates and prices continue to tick up a little bit. So it might be that sweet spot. If you're a seller, it's still a good time to sell. There are still more buyers out there than there are homes for them, so you're most likely if you price your home right, going to get multiple offers and get a nice sales price. It's not a bad time to do a move up or a move down.

If you're thinking about selling and moving into a rental, probably not the best time for that though, because we're still seeing property prices rise. And just in 2021 alone, we've seen rental costs increase by 11%, so probably not the best time to sell your home and move into a rental, but if you're looking to get into a home and you're renting right now, probably a good sweet spot to get in there right now. So if you have questions about the market, if you're thinking about buying or selling and you just kind of want to weigh your options, drop a comment below, shoot me a DM, or just give me a call or a text at the phone number below.

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