The Shifting Real Estate Market in San Diego
All the recent talk about changes in the real estate market can cause some confusion as to what is really happening. Keep in mind the source of your information and how general or localized the information is. Information that takes into account nationwide trends is often very different from what's happening here in San Diego County.
There's no doubt we have shifted to a "summer cooldown". With kids at home, trips to camps, beaches and waterparks and family vacations summer distractions typically means a slight decrease in demand. Combine that with increases in mortgage rates and higher-than expected Consumer Price Index it's expected that demand will continue to cool.
But make no mistake we are still in a HOT SELLER'S MARKET! An average market time under 60 days for an active listing is generally considered to be a hot market for sellers and it's not until market time reaches more than 90 days that we reach a balanced market. While San Diego's average market time is now up to 42 days (including multi-million dollar properties) we are far from a buyer's or even a balanced market.
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This summary will breakdown the recent statistics even further :
