July 2024 Newsletter

July is the perfect month to get outside, soak up the sun, watch the fireworks sparkle and enjoy all that San Diego has to offer with friends and family. Read on for real estate updates, things to do throughout the county and lifestyle tips to make summer unforgettable!

San Diego Real Estate

As we transition from the spring market, typically the busiest season for real estate activity and enter the summer market, normally when the market tends to cool, let's take a closer look at the trends we are seeing in the San Diego County housing market.

One noticeable shift is the increase in expected market time—the duration between when a property is listed and when it goes under contract. This has risen from 43 days in February 2024 to 67 days today, marking the highest level for this time of year since 2019. Additionally, 31% of active listings have reduced their asking prices at least once. Currently, 22% of available homes have been on the market for 30 days or more, and 23% have been listed for at least 60 days.

So, what has changed over the past few months? Surprisingly, it’s not buyer demand, which remains nearly identical (up 3%) compared to last year due to housing affordability challenges, nor is it the mortgage interest rates, which have been hovering around 7% for a 30-year fixed loan. Instead, these new trends are driven by an increase in homes for sale throughout the county. Homeowners who were previously hesitant to sell due to their locked-in low fixed-rate mortgages are now starting to make a move if necessary, leading to an accumulation of inventory over time. Relative to this time last year, there is a 42% increase (+1,802 homes for sale) in available inventory for buyers as illustrated in the chart below. Although inventory levels are still low compared to the pre-COVID three-year average, they are significantly higher than this time last year.

In today's market, it's crucial for sellers to consider these changes and to price their properties accurately avoiding price reductions and prolonged market times. While buyers may have more options, there will be competition for homes that are priced correctly and situated in favorable locations.

If you are planning to make a move and want more information on how these trends apply to your specific circumstances, please contact us. We can help create a personalized strategy to achieve your real estate goals!

Recent Activity

SOLD
Otay Mesa West

3622 Agosto Street

3 BD   3 BA   1300 SF   $799,000

Local Happenings

thu, july 4th

San Diego Celebrations

Fireworks, parades, and 4th of July celebrations are happening all over the county. Embrace this colorful time of the year with family and friends at a celebration near you. All events and additional inforamtion are linked below. 

Click Here for More Info

july 20th - 21st

San Diego Pride Festival

Enjoy the city’s biggest celebration with thousands of your closest friends
while dancing to live performances from over 100+ artists at 5 phenomenal
entertainment zones. Don't miss the Pride Parade on July 20th in Hillcreast from 10am-3pm

Click Here for More Info

sat, july 20th

San Diego Bayfest

This is the city's best display of reggae music in the comfort of beautiful Waterfront Park. Don't miss amazing musicians (Sublime will be headlining), taco stands, craft cocktails and beers, and vendors.

Click Here for Tickets

july 25th - 28th

Comic-Con International: San Diego

Welcome the iconic Comic-Con back to San Diego for this annual gathering of fans, industry professionals, and celebrities, featuring a wide range of pop culture events, including panel discussions, exclusive previews, cosplay, and autograph signings.

Click Here for More Info

Lifestyle Tips and Tricks

The Hottest Summer Ever Is Coming: What Extreme Heat Can Do to Your Home - And How to Prevent the Damage

The Realtor.com® 2024 climate risk study found that nearly a third of all homes in the U.S. are located in areas that are prone to extreme heat exposure.

Courtesy of Realtor.com

Common Seller and Buyer Mistakes

Buying and selling real estate is littered with costly obstacles, but you can steer clear of many of them.

Courtesy of U.S. News

Houzz Emerging Summer Design Trends Reports Reveals What's Hot

Houzz has released its Emerging Summer Design Trends Report, which includes organic modern style, reading rooms, Japanese influence, and more!

Courtesy of Forbes

Click to view past news and more

Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.