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60.9 F
San Diego
Saturday, May 18, 2024

SD’s Home Buying Frenzy Fades

Home prices are rising at a slower rate than they were earlier this year as the buying frenzy of just a few months ago fades, according to the Greater San Diego Association of Realtors.

Some sellers are still getting multiple offers, but not to the point where potential buyers are making offers far in excess of the asking price, said Carla Farley, association president.

“You’re starting to see a little bit of negotiating going on,” Farley said. “We’re not seeing people going 40 or 50 grand over (asking price). Maybe you’ll get 10.”

According to the Association of Realtors, the median price of a single family home in October was $860,000 compared to $750,000 in October 2020, with the median price of condominium units $565,000 compared to $476,250 a year ago.

Faster sales

Even in the pricier San Diego markets, there are bargains to be found, although they tend to be snapped up quickly.

Two San Diego County homes, a condominium unit in Del Mar and one in Coronado made a list of the least expensive homes in the country’s top 100 most expensive zip codes.

PropertyShark, a real estate search company, found a 1,299-square-foot unit in Del Mar that was priced at $995,000 in a zip code where the median price of a home was just shy of $1.9 million.

The company also found a condominium unit in Coronado that was priced at $1.3 million in a zip code where the median price was $1.9 million.

California had 70% of the most expensive homes in the country, including six of the top 10 priciest, according to Property Shark.

Rancho Santa Fe was among them, with a median sales price of nearly $3.4 million for homes in the 92067 zip code.

Across the country, only 17 zip codes had a higher median price, according to PropertyShark.

The best buy in the 92067 zip code was a house price at nearly $2 million.

Homes also aren’t selling as fast as they were, with single family homes and condominium units taking 22 days to sell on average in San Diego County.

“That’s still fast,” Farley said, but not the one to two weeks that was earlier in the year.

Shortfall in Inventory

Helping to buoy home prices is an inventory that remains low.

The number of single-family homes on the market is 55.6% below what it was a year ago, and the number of condominium units on the market 33.8% below what it was last year.

New listings also are down, 21% lower than they were last year at this time for single-family homes and 32.8% lower for condominium units.

Home construction is booming in San Diego and elsewhere, according to Zillow, an online housing marketplace, but not to the point where it is having much effect because the demand is so high and construction isn’t keeping up with population growth.

In San Diego, there’s a shortfall of 64,625 homes, according to Zillow.

Nationally, there’s a shortage of more than 1.3 million homes.


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