Hey there, San Diego! It’s your favorite realtor, and I’m back with some juicy updates about the San Diego real estate market. As we start off Q2, let’s take a quick look back at the last 30 days. We’ve only seen 1100 homes come on the market, which is lower than usual, and we’ve seen more homes being sold than new listings. This means that the demand for homes is outpacing the supply, and it’s affecting our pricing.
But fear not, my dear friends, because the first quarter of this year has been great news for homeowners. After the rough end of 2022, where interest rates were high, buyer confidence was low, and prices came down, we’ve seen a significant improvement. Buyer confidence has come back, and we’ve seen an increase in sales, which has led to a rise in the median sales price across San Diego County to $800,000. So, if you’re a homeowner, this is excellent news because we’re seeing the value of your property go up.
Speaking of interest rates, the Fed has recently done its last increase of the federal rate, and interest rates have been hovering around 6.25% to 6.5%. It’s projected to stay this way for the remainder of the year, and we could potentially see interest rates coming down towards the end of the year or the beginning of next year. So, it’s an excellent time to buy a property because interest rates are stable, and when they come down, you can always refinance.
Now, what can we expect going forward? Springtime is here, and we usually see a flood of inventory coming to the market. However, we’re currently experiencing a shortage of inventory, and the demand is high, which means that we’re seeing multiple offers on properties. I’m hopeful that the supply will meet demand and that we’ll stay in a healthy market without seeing any significant changes in pricing.
To wrap things up, it’s a great time to be a homeowner, and it’s also an excellent time to buy a property. Interest rates are stable, and the demand is high, which means that it’s a seller’s market. However, with the potential for interest rates to come down, it’s also a great time for buyers. So, whether you’re looking to buy or sell, contact your favorite San Diego realtor and let’s make your real estate dreams come true!
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