What will the San Diego Housing Market look like in 2024?
George Lorimer
Thursday, December 28, 2023
There are three likely scenarios for the San Diego Housing market in 2024. One is better for sellers, and two are better for buyers.
Watch the video and download the free report to be in the know. To talk about buying or selling a San Diego home, call me today at 619-846-1244.
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George Lorimer
619-846-1244
DRE# 01146839
ProWest Properties
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San Diego County Housing Report: A 2024 Forecast, December 27, 2023
HAPPY NEW YEAR!!! Now, what does that mean for San Diego County real estate?
First, look back at what happened in 2023 regarding inventory, demand, luxury properties, and the Expected Market Time.
Active Inventory - The inventory remained extremely low all year and barely eclipsed January levels.
The year started with an active inventory of 2,779 homes, the third lowest level to start a year since tracking began in 2012, only behind 2021 and 2022’s anemic starts. The average start before the pandemic was 5,283 homes, a revealing 90% higher. A lack of available homes to purchase has been the mantra for the housing market since the pandemic hit nearly four years ago. After the initial reading in January, the inventory did not rise until the end of April after dropping to 2,025, down 30%.
It appeared that San Diego County was going to hit its peak towards the end of July at 2,611 homes; but, with rates stubbornly remaining above 7% since the end of July and even eclipsing 8% in October, the peak was not reached until the start of November at 3,055 homes, growing by 51% since April. The 3-year average peak before COVID (2017 to 2019) was 7,354 homes, 141% higher than this year. From November through year’s end, the number of available homes decreased to 2,506, an unprecedented low level only surpassed by the end of 2021’s 1,408 level. The end to 2023 was 53% below the 3-year average pre-COVID end to December of 5,365.
During the Holiday Market, as rates dropped below 7% for the first time since July and hit levels last seen in May to 6?%, the inventory dropped by 549 homes in the last six weeks of the year, down 18%. The inventory is poised to drop below 2,200 upon ringing in a New Year, a depleted number of available homes. To get the complete report for free visit, www.GLStats.com
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