In this quick video recap, Jeremy McHone from the Whissel Realty Group delves into the San Diego real estate market's dynamics in 2023. Let's break down the key insights:

2022 Overview

In 2022, home prices experienced a peak in May, followed by a decline from June to December. This set the stage for the market's trajectory in the coming year.

January 2023 Rebound

As January 2023 rolled in, the market witnessed a resurgence with an influx of buyers, propelling prices upward until August. Despite a decline in the last few months of the year, San Diego finished 2023 with a remarkable 10% increase in the median sold price compared to 2022.

Surprising Inventory Increase

December 2023 stood out with double the number of houses on the market compared to the same period in 2022. Despite expectations of price decreases due to increased inventory, January 2024 brought a surprising uptick in prices, showcasing the market's resilience.

Factors Driving 2024

Looking ahead to 2024, McCom points out two crucial factors. Firstly, an anticipated more competitive market, driven by an increase in buyer activity and seasonality. Secondly, the Federal Reserve's plan to lower interest rates in 2024, positively influencing buyer sentiment.

Seller and Buyer Strategies

Sellers contemplating listing their homes may find 2024 more favorable, with an expected rise in prices and increased buyer activity. For buyers, McCom advises acting sooner rather than later. Even if interest rates drop, high demand may lead to fierce competition, making early purchases a strategic move.

Final Considerations

Whether you're a buyer or seller, McHone emphasizes the importance of timing. Buyers aiming to secure a good deal should act promptly, while sellers may benefit from waiting a couple of months to capitalize on a potentially more competitive market.

For more insights and to join the conversation, drop a comment below or connect with Jeremy Mchone directly. As the real estate landscape evolves, staying informed is the key to making smart decisions in San Diego's dynamic market.

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