A Recession Looks Less Likely Thanks to Increased Job Gains and a Lower Unemployment Rate
According to Economist Alan Nevin, “as expected, July 2022 had substantially fewer closings than July 2020 and July 2021. Closings were off 43% from one year ago. Listings, however, were only off 16.3%.” People still want to buy and sell homes in San Diego.
Buyers now have more options as supply has increased and to mitigate the increase in mortgage rates, lenders are getting creative and offering different types of incentives to get buyers on board.
Let’s take a look at the numbers in north county coastal San Diego
In Carmel Valley, San Diego 92130, we saw an increase in supply of homes on market compared to June and July, and an increase in sales. The median sale price was $1,650,000 compared to a median list price of $1,719,000.
In Del Mar, California, the data for August also shows an increase in supply as well as sales. There were 38 active listings and 19 sales versus 22 active listings and 10 sales in July. The median sale price in the month of August was $2,232,500 versus a median list price of $2,300,000.
Solana Beach, Cardiff by the Sea, & Encinitas seem to be following suit. In August there were 109 active listings and 63 closings versus 63 active listings and 53 closings for the month of July. The median sale price in August was $1,695,000, the same as the median list price, although days on market was up a bit.
The San Diego real estate market is a bit different than other regions throughout the US, mainly due to higher-wage employment and the weather. Although mortgage interest rates have caused some buyers to rent for the foreseeable future, there are many more buyers in the market who see the positive in owning a home in San Diego. What this means to you? People are still making moves; sellers are selling with a ton of equity and buyers still have an opportunity to build equity of their own.
I’m always available to answer your questions. Feel free to reach out!
Ashley Peterson, REALTOR
Pacific Sotheby’s International Realty
330 S. Cedros Avenue | Solana Beach, CA 92075