What’s Going on in San Diego County Real Estate?
Here’s what’s going on in San Diego County real estate.
Today I’m bringing you our latest update on the San Diego County real estate market so that you know how you can make better decisions for yourself and your financial wellbeing. For specific data from your area, speak to a local real estate professional.
First, know that homes are selling quickly. The average days on market for San Diego County as a whole is 17 days, which represents how long it takes after a house goes live on the MLS to the time an offer is submitted. The average for El Cajon is 11 days, nine days for Santee, and 11 days for La Mesa. The median days on average is a bit lower, around five or six days.
In terms of inventory, remember that a normal market would have around six months of inventory, meaning that if no new houses went on the market, it would take six months to sell all of what we currently have. In San Diego County, we only have 0.8 months of inventory available, 0.7 months in El Cajon, 0.6 months in Santee, and 0.5 in La Mesa. That shows that we’re in an extreme seller’s market.
The median price per square foot for San Diego County is $447, $392 for El Cajon, $415 for Santee, and $444 for La Mesa.
"Everything in the market is moving in the seller’s favor."
Next, let’s look at the median percentage of the original list price that homes sold for on the market. Homes in San Diego County sold for 102.1% of their list price, meaning that if a house was on the market for, say, $100,000, it would sell for $102,100. The median for El Cajon is 103.3%, 102.9% for Santee, and 103.3% for La Mesa.
In terms of sales price, the median for San Diego County is $690,500, $645,000 in El Cajon, $620,000 in Santee, and $707,500 in La Mesa. The average price, on the other hand, is even higher: $867,000 in San Diego County, $656,000 in El Cajon, $601,000 in Santee, and $707,000 in La Mesa. As most people have noticed by now, home prices have been on the rise.
Regarding active listings, inventory is still extremely low, but remember that at any given time in San Diego County, 3% of the population is looking to move. Currently, we only have 2,651 active listings in San Diego County, 110 in El Cajon, 47 in Santee, and 39 in La Mesa. That’s just further evidence of homes selling quickly. Pending sales are a bit higher: 3,815 in San Diego County, 169 in El Cajon, 92 in Santee, and 78 in La Mesa.
In summary, with our low inventory and low interest rates, everything in the market is moving in the seller’s favor. However, it’s not all bad news for buyers! Here at the Kimo Quance Group, we have multiple options to help our buyers get their offers accepted right now. As many sellers tend to become homebuyers themselves, that’s information that everyone should take advantage of.
If you have any questions about buying or selling homes or the real estate market in general, don’t hesitate to reach out to us. We’d love to help you.