Rates are high and inventory is low… But what if Joe Rogan were to give the San Diego market report? Well, it might sound something like this…
Alright, folks, buckle up because we’re diving into the wild world of the San Diego real estate market!
If you’re on the hunt for a new home and need a mortgage, let’s face it, that payment can really sting. But hold on, there’s a glimmer of hope for those who can swing it or even go all-in without financing. Here’s why this housing rollercoaster is worth the ride:
Single-family home prices hit an all-time high
First off, let’s talk about single-family home prices, my friends. Brace yourselves, because they’re high! San Diego County has always been in high demand, and while homes are still relatively affordable (at least by California standards), more and more folks are jumping into the market. Despite a decline in inventory, which usually spells trouble, the classic supply and demand problem is in full swing here. With dwindling supply and steady or increasing demand, prices are not dropping like some might hope. It’s like magic; the prices just keep rising!
Total inventory continued 10-month trend lower
Now, normally, in the first half of the year, we’d see new listings popping up like daisies, outpacing sales and boosting inventory from its winter lows. Demand also tends to spike during this time, and the increased supply usually benefits everyone. Buyers have more options to choose from, and that means they can find homes that truly speak to their hearts. But, my friends, this year was different. The inventory stayed low, and new listings remained stagnant. It’s a challenging situation for buyers, but for those lucky sellers who fully own their properties, oh boy, they’re in the catbird seat! As long as sellers are realistic in their pricing, this low-inventory market means they still have the slight upper hand, if they don’t blow it by getting too greedy. With lower buyer affordability, overpriced homes will miss their 15 minutes of fame. 
Months of Supply Inventory remained low in June
Now, let’s talk about this nifty thing called “Months of Supply Inventory” (MSI). It’s like a secret decoder ring for the supply and demand relationship. An MSI of around three months is the sweet spot, indicating a balanced market. But guess what, folks? We’ve dipped below that magic number! The MSI fell significantly this year, pushing the market into seller’s territory during the first quarter. And guess what? It’s still hanging low like a chandelier in the second quarter! Buyers, be in your fighting stance, it’s a seller’s market, but there are opportunities to strike if you stay focused. 
So, there you have it, the San Diego real estate market in all its glory. Prices hanging on to highs, inventory on a downward trend, and sellers enjoying the spotlight. If you’re ready to dive into this wild ride, now is the time! So, tighten your seatbelts, grab your calculators, and let’s see if you can conquer the San Diego real estate market! Good luck, my friends!