Compass recently came out with a comprehensive report packed with hundreds of data points, charts, and graphs on U.S. and local real estate markets.
Different parts of the country are experiencing the market shift in varying degrees.
It’s part of our job to stay on top of these shifts, and we love having our finger on the pulse so we can truly understand what’s driving the market and best advise our clients. Click to see the full report
Here in San Diego, the data reflects exactly what we’re seeing daily: a slower, grinding market. Flat prices, slower sales, and slightly higher inventory. A few points stood out:
🏠 Single Family Home Prices - Down 2.4% YoY
🏙️ Condo Prices - Down 4.4% YoY
📄 Multiple Offers are down
💸 Affordability is really bad compared to history
🐻 California is one of 5 states that has population decline, although it was quite nominal
📊 Total Homes Sales are down quite a bit by historical standards
Overall, to really get the market flowing with more sales, it will be some combination of lower rates, lower prices and increase in income. This is cyclical and could take several years to just work through. Barring a major recession that could cause rates and values to drop concurrently.
Reach out to us directly if you want to know more about your neighborhood specifically and what we are seeing in each hyper local market.
