Buyer demand has increased but where are the listings?
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Hello March! Spring time is in the air! March welcomes us by breathing life into the season as it brings us the Spring Equinox, St. Patricks Day, and kicks off the busiest time of the year in real estate: the Spring Market! Read on for real estate news, local events, and seasonal tips, curated just for you.
San Diego Real Estate
Over the last month we experienced demand surging higher and inventory falling throughout the county. Below is a current snapshot of the San Diego real estate market:
Buyer demand (measured by the number of pending listings) is 2,293 units, a 35% increase over the past month – a level we haven’t seen since September 2022. Although demand is up since last month it is still at a significantly lower level compared to historical February data. Last year at this time, demand was 10% more than today and the 3-year average before COVID (2017 to 2019) was 3052 units, or 33% more than today. The most significant variable causing lower February demand: Fewer sellers are listing their homes creating low supply levels (buyers cannot purchase what is not available). We expect demand to continue increasing until it peaks around mid-May.
Active inventory continued to fall throughout February, contrary to the historical trend of inventory increasing in February as illustrated below.
Active inventory now sits at 2,137 units for sale across the County at all price points – levels we haven’t experienced since April 2022. For perspective, the 3-year average before COVID is more than double current levels. In March, as housing transitions into the Spring Market, more sellers will list their homes for sale, but it will be muted as homeowners continue to “hunker down,” unwilling to move due to their current underlying, low fixed-rate mortgage.
With demand surging higher and the supply falling, the Expected Market Time (the number of days to sell all San Diego County listings at the current buying pace) decreased from 45 to 39 days in the past couple of weeks, its lowest level since May 2022.
Mortgage interest rates heavily impact the real estate market, not only in affordability for buyers but also the number of homeowners willing to sell. If you are a buyer who has been searching for a home and are feeling discouraged with limited options, reach out to me to learn more about our private exclusive inventory at Compass. These are listings for sale that are not marketed to the public (you won’t find these on Zillow, Redfin, or Truila). The home you have been searching for may be for sale after all. If you have been considering selling, now may be a great opportunity to list your home with far less competition. I’d be happy to discuss your personal circumstances and create a plan to achieve your next real estate goals!
Thank you to our wonderful clients and friends for trusting us to help you achieve your real estate goals!
PENDING COLLEGE AREA
3 BD 2 BA 1935 SF
PENDING CASA DE ORO-MOUNT HELIX
5 BD 4 BA 2978 SF
PENDING COLLEGE AREA
8 BD | 4 BA | 2970 SF
6271-6273 Stewart St
PENDING COLLEGE AREA
Front House: 2 BD 4 BA 884 SF Back House: 4 BD 2 BA 1,170 SF
2 Homes on 1 Lot
Front Home: 2 BD | 1.25 BA | 719 SF
Back Home: 1 BD | 1 BA | 540 SF
Offered at $1,800,000
I am excited to participate in my first Trailblaze Challenge on June 2-4. This is a 1 day, 28-mile hike on the Pacific Crest Trail to raise awareness and money for San Diego kids with critical illnesses waiting for a special wish to be granted. Make-A-Wish Foundation grants more than 15,000 wishes nationwide every year. But that’s only 50% of the eligible kids. On average, every hour of every day three children are diagnosed with a critical illness. Every one of these kids needs a wish to give them strength and hope to help them heal. I’m fundraising so more deserving kids and their families can know the true happiness, relief, and renewal a wish can bring. These essential wishes are only possible because of supporters like you. Make A Wish receives no federal or state funds.
If you would like to track my journey click here for photos from my weekend training hikes. Will you help me support Make-A-Wish on behalf of kids like Nicole, Jade, and Zayden by donating today?
MARCH 1ST - MAY 14TH
Carlsbad Flower Fields
The nearly fifty acres of Giant Tecolote Ranunculus flowers that make up the Flower Fields at Carlsbad Ranch in Carlsbad, California, are in bloom for approximately six to eight weeks each year. This annual burst of color is one of nature’s official ways of announcing the arrival of spring here in Southern California. Click here for more info.
St. Patrick's Day
Gather up your favorite lads and lasses and celebrate the one day a year where everyone's Irish. San Diego offers parades and celebrations suitable for the family and your little leprechauns, and late night parties and pub crawls with ever-flowing green beer for the grown-ups. Click here for more info.
MARCH 18TH, 12:30-6:00PM
Barks and Brews
Enjoy a day with your family and friends filled with craft beer tastings, great food, furry friends. Featuring a variety of local vendors, breweries, and some of San Diego's best eats at Waterfront park in downtown San Diego. Dog contests include most talented and best dressed in St. Patrick's theme. Click here for more info.
MARCH 30TH, 1:10PM
Padres Opening Day
Our very own playoff-vetted Padres are ready to hit the field! The Padres 2023 Opening Day is set for Thursday, March 30 at 1:10 PM when the Padres host the Colorado Rockies. Click here for more info.
Lifestyle Tips & Tricks
Best Irish Food Recipes for Celebrating St. Patricks Day
Honor the patron saint of Ireland with a homemade meal!
Ultimate Spring Guide to Stay Healthy this Season
Find out how staying healthy this spring can be as breezy as the refreshing springtime air!