San Diego home supply up, demand down

San Diego County Housing Summary

Call/text George Lorimer at 619-846-1244
 

Find Out What Your Home Is Worth

•           Demand, the number of pending sales over the prior month, plunged by 268 pending sales in the past two weeks, down 19%, and now totals 1,110, its second lowest start to the year since tracking began in 2012, only behind 2024. Last year, there were 1,077 pending sales, 3% fewer. The 3-year average before COVID (2017 to 2019) was 1,907, or 72% more.



•           With demand falling much faster than supply, the Expected Market Time, the number of days to sell all San Diego County listings at the current buying pace, increased from 82 to 90 days in the past couple of weeks. It was 66 days last year, substantially faster than today. The 3-year average before COVID (2017 to 2019) was 86 days, similar to today.

Download San Diego Home Sale Charts

•           In the past two weeks, the Expected Market Time for homes priced below $750,000 increased from 83 to 86 days. This range represents 34% of the active inventory and 35% of demand.

•           The Expected Market Time for homes priced between $750,000 and $1 million increased from 63 to 78 days. This range represents 21% of the active inventory and 25% of demand.

•           The Expected Market Time for homes priced between $1 million and $1.25 million decreased from 71 to 66 days. This range represents 10% of the active inventory and 14% of demand.

•           The Expected Market Time for homes priced between $1.25 million and $1.5 million increased from 71 to 77 days. This range represents 9% of the active inventory and 10% of demand.

•           The Expected Market Time for homes priced between $1.5 million and $2 million increased from 85 to 109 days. This range represents 8% of the active inventory and 7% of demand.

•           In the past two weeks, the expected market time for homes priced between $2 million and $4 million increased from 122 to 135 days. For homes priced between $4 million and $6 million, the Expected Market Time decreased from 214 to 208 days. For homes priced above $6 million, the Expected Market Time increased from 304 to 461 days.

•           The luxury end, all homes above $2 million, account for 18% of the inventory and 9% of demand.

Multiple Cash Offers without Listing 

•           Distressed homes, both short sales and foreclosures combined, comprised only 0.5% of all listings and 0.5% of demand. Only seven foreclosures and nine short sales are available today in San Diego County, with 16 total distressed homes on the active market, up two from two weeks ago. Last year, 13 distressed homes were on the market, similar to today.

•           There were 1,740 closed residential resales in November, up 15% from November 2023’s 1,516 closed sales. November marked a 14% decrease compared to October 2024. The sales-to-list price ratio was 99.1% for all of San Diego County. There were no foreclosure last month, and short sales accounted for 0.1% of all closed sales. That means that 99.9% of all sales were good ol’ fashioned sellers with equity.