November is here!

As November ushers in the season of gratitude, it’s a perfect time to reflect on what matters most. Here's what tops my list:

• my amazing family (both by nature and those chosen),

• good health,

• a fulfilling career that gives me the opportunity to take care of the most outstanding and appreciative clients, and,

• of course, having the privilege to call the beautiful city of San Diego my home top my list.

I would love to hear what tops your gratitude list!

Trivia answer and winner revealed!

Have you ever woken up and wondered how ZIP codes came to be?

I did - and that curiosity inspired last month's trivia question!

Congratulations to Dan Edge for being the first person to call in with the correct answer and claim the $100 prize! He knew that Mr. ZIP™ was introduced by the Post Office Department at a convention of postmasters in October 1962. Mr. ZIP appeared in many public service announcements and ads to encourage Americans to use the five-digit Zone Improvement Plan (ZIP) Code that was initiated on July 1, 1963.

Click here to read the history and to see some of the original sketches used in the 1960s campaign.

And a special shout out to Jenni and Olivia Riecke for being in close second place!

San Diego Real Estate

Last month’s brief drop in interest rates to a two-year low of 6.12% sparked excitement in the market, but it was short-lived, with rates now back up close to 7%. This temporary dip, however, provided a clear view of just how sensitive buyer demand is to rate changes—a valuable insight as we approach year-end.

1. Mortgage Rates and Demand

Mortgage rates have had a major influence on the market this year. After fluctuating above 7% for much of 2023, rates dipped below 6.5% in mid-September, sparking a brief increase in buyer demand. However, October brought rates back up to 7%, slowing demand once again. This pattern highlights how sensitive buyers are to mortgage rates – when they dip, activity picks up; when they rise, the market cools. As we look to the coming months, rates are expected to remain volatile, but any sustained drop could stimulate renewed buyer interest.

Key Insight: Buyers and sellers alike should keep an eye on mortgage rates. A drop below 6.5% could mean more competition and quicker sales, while higher rates may create more favorable conditions for buyers to negotiate.

2. Inventory Trends

The peak inventory this year has been delayed, with active listings in San Diego rising 14% since July. Typically, inventory starts to decline after the summer as the holiday season approaches. But with fewer homes going into contract due to high rates, inventory has lingered longer than usual. We expect it to peak soon, mirroring last year’s seasonal patterns, and gradually decrease through the holidays as unsuccessful sellers withdraw their listings.

Key Insight: This prolonged inventory offers buyers more options and leverage, especially as the market cools toward the year’s end. Sellers must stay competitive with accurate pricing or consider waiting until demand picks up.

3. A Shift Toward a Buyer’s Market

As the year progresses, buyers are gaining negotiating power. The Expected Market Time – the average number of days it takes to sell a home – has increased from a brisk 44 days in March to 82 days now. Demand has softened, and around 35% of listings have seen price reductions, with a median cut of 4.35%. This trend, coupled with the seasonal slowdown, creates one of the most buyer-friendly markets we’ve seen in San Diego since late 2022.

Key Insight:  For buyers, this is a prime time to explore options and negotiate terms. Sellers who have been on the market longer may be more willing to make concessions to close a deal.

With higher inventory, moderating demand, and potential for rate fluctuations, the current market offers unique opportunities for both buyers and sellers. As always, I’m here to help you navigate these trends with insights tailored to your goals. Reach out anytime to discuss how these shifts might impact your real estate plans in San Diego.

- Steven Thomas, Reports on Housing

Local Happenings

November 21st - January 7th

Hotel del Coronado

Skating by the Sea®

Take a spin around Hotel del Coronado's famous beachfront ice rink featuring stunning views of the Pacific and benefitting Make-A-Wish® San Diego.

November 24th 9am - 4pm

Encinitas Holiday

Street Fair

In the Holiday Street Fair, continuous since 1989, children’s rides, two stages of live entertainment and food and drink refreshments provide an attractive setting for the public and a great boon to our vendors.

November 28th

Thanksgiving Day

Turkey Trots

Thanksgiving 5Ks are low-pressure events that aim to foster community spirit and benefit good causes. You don’t have to be a marathon runner to take part—many people simply walk the courses, making it a great activity for seniors.

Lifestyle Tips and Tricks

11 Outdoor Home Maintenance tasks to tackle before Winter

Winter will be here soon enough. Prepare your home's exterior to prevent damage and bring peace of mind as you settle indoors.

Courtesy of U.S. News

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