Exclusive Third Quarter Market Report

Hello and welcome to my video blog! This is Richard Elias with Century 21 Award. I’ll be creating short, educational videos twice a month just for you to give you insights into buying or selling your home. Today, I wanted to take a quick look at the San Diego real estate market.

We’ve seen a change in the San Diego real estate market going into the fourth quarter from earlier in the year. The first and second quarter saw a market that was in favor of buyers. Properties were generating multiple offers and over-bids while inventory was low, dipping below 3,000 homes. We also saw many people removing their appraisal contingencies to remain competitive. In the last few months, we have seen a stabilization of the market. We now have over 7,000 homes on the market in the San Diego area. Though interest rates have risen and inventory has increased, it is still a great time to buy a home, especially in contrast to renting. Owning is still 35% cheaper than renting!

If you have any additional questions about the state of the current San Diego market, or if you or someone you know is looking to buy or sell your home, give me a call at (619) 562-6800 or you can email me at Richard@RichardElias.com. Thanks and I look forward to speaking with you!