San Diego Real Estate Update – September 2023

It’s that time of the month again, where we dive into the nitty-gritty of our local real estate market. I’m here to break down Septembers Real Estate stats and give you the lowdown on what’s happening in sunny San Diego. But before you start panicking over those doom and gloom headlines we’ve all read, let me assure you, it’s not all bad news.

Low Inventory, High Sales

For the eighth month in a row, we’ve seen really low new listing inventory come on the market. We’re talking only 1,377 new listings, but here’s the kicker: 1,977 homes have sold and closed escrow. Yep, more sales than inventory, folks! This trend is driving appreciation, with values up over 10% compared to this time last year. 

So, when you see headlines about a 19.5% dip in home sales, remember, they’re talking about transactions, not values – especially here in San Diego!

Follow the Money!

Now, you might wonder why I’m not sweating the headlines. It’s because I keep a close eye on where the big money is going. And guess what? We’ve got more all-cash buyers in the market than ever before. High-interest rates aren’t scaring them away because they see real estate as a safe bet.

Plus, we’re witnessing the sale of some seriously high-end properties, a sure sign that big money is flowing into our market. Even the biggest players in the game, like our builders, are making moves. New home sales are up by 4.4%, and there’s a whopping 6.7% increase in new home starts. Heck, even Warren Buffett himself is placing his bets on real estate by investing in 3 major builders. That tells us something, doesn’t it?

Buyer Advice

Buyers: Brace yourselves for slightly higher payments with those 7% interest rates. Don’t expect them to drop anytime soon. If you find a home you love and can handle the mortgage, go for it now! You can always plan on refinancing around 2025 when rates are likely to be down to a more comfortable 5%.

Sellers Advice

Listen up! The holiday season is just around the corner, and it’s usually a slow time for selling. To maximize your chances, get your home on the market by mid-October. Once November hits, we tend to see a slowdown, especially with current interest rates. Many buyers might decide to wait until next year.

Remember, I’m here to answer any questions you might have. Reach out to me or anyone on the True Local team, and we’ll guide you through the exciting world of San Diego real estate. 

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