The real estate market continues to suffer and with the holiday season in full swing, San Diego County home sales took another dive in November.
This is according to the Greater San Diego Association of Realtors, which compiles data on the current home sale market through the San Diego Multiple Listing Service.
Single-family resale home sales fell by more than 17 percent in November, compared to October, while attached properties (condominiums and townhomes) were nearly 15 percent lower than the previous month. Total sales were also about 14 percent lower than in November of 2022. Homes were spending an average of 28 days on the market in November before the closing of escrow.
The median price of single-family homes ticked up by 2 percent in November to $980,000, which is more than 11 percent higher than a year ago. The condo and townhome median price was $667,500, just over a 1 percent increase over October, and 11 percent over November of last year.
“Home sales dropping as we enter the December holiday season is a very typical phenomenon in a yearly housing market cycle,” stated Frank Powell, SDAR president. “While families begin to spend more on travel and gifts, home buyers and sellers become busier and more cash strapped, creating an anticipated demand shortfall. As the Fed mulls lowering interest rates going into 2024, we continue to urge buyers and sellers to remain diligent and continue to look for a chance to create generational familial wealth with the purchase of a home.”
In November, the zip codes in San Diego County with the most single-family home sales were:
- 92028 (Fallbrook) with 34
- 92117 (Clairemont) with 31
- 92057 (Oceanside North) with 26
- 92056 (Oceanside East) with 23
- 92064 (Poway) and 92126 (Mira Mesa), both with 22
The most expensive single-family property sold in November in San Diego County was a newly built estate in Rancho Santa Fe on Linea Del Cielo. On 10 acres, the architectural marvel includes a great room with a 21-foot cathedral ceiling, a 130-foot infinity pool, and a detached guest house. With 12,800 square feet, 7 bedrooms, and 8 baths, the property sold on Nov. 27 for $23.5 million.
SDAR’s housing statistics are compiled monthly from the Multiple Listing Service (MLS). Click here for a detailed look at the numbers. The following is a summary of the latest results:
TOTAL SOLD LISTINGS Comparing November 2023 to October 2023 (month over month)
Single-Family: 17.2 percent DECREASE
November 2023 = 916
October 2023 = 1,106
Condos/Townhomes: 14.5 percent DECREASE
November 2023 = 529
October 2023 = 619
TOTAL SOLD LISTINGS Comparing November 2023 to November 2022 (year over year)
Single-Family: 16.6 percent DECREASE
November 2023 = 916
November 2022 = 1,098
Condos/Townhomes: 9.9 percent DECREASE
November 2023 = 529
November 2022 = 587
MEDIAN SALES PRICE Comparing November 2023 to October 2023 (month over month)
Single-Family: 2.1 percent INCREASE
November 2023 = $980,000
October 2023 = $960,050
Condos/Townhomes: 1.3 percent INCREASE
November 2023 = $667,500
October 2023 = $659,000
MEDIAN SALES PRICE Comparing November 2023 to November 2022 (year over year)
Single-Family: 11.4 percent INCREASE
November 2023 = $980,000
November 2022 = $880,000
Condos/Townhomes: 11.3 percent INCREASE
November 2023 = $667,500
November 2022 = $600,000
