Throughout 2024, we have seen a stable market, although it has been slow and often frustrating for home buyers. The high rates are keeping many would-be sellers from losing their below 3% mortgages. At the same time, the 7% rates are limiting choices for would-be buyers.
Looking at November 2024 sales numbers, and, same as last month, North San Diego County hasn’t set any new price records. Still, prices remain high, and inventory has dropped by 20% from last month. At the same time, today’s inventory is 56% higher from one year ago.
Compared to October sales, the number of days on market for November sales was slightly higher. Earlier this year, most homes were on the market for less than 10 days. Today, most listings have an accepted offer within 30 days.
While many buyers and homeowners wait for interest rates to drop, properties continue to sell at near-record prices. Check out the graphs below to see how steady the market remains, in spite of high rates.
Here are the November 2024 median detached home sales prices, and detached inventory numbers as of 12/17/24:
Carlsbad – $1,925,000
Last all-time high: $1,940,000 – September 2024
Encinitas/Cardiff-by-the-Sea – $2,500,000
All-time high: $3,100,000 – September 2023
San Marcos – $1,180,000
Last all-time high: $1,297,000 – September 2024
Vista – $857,450
All-time high: $985,000 – March 2024
Oceanside – $905,000
Last record: $1,017,000 – August 2024
Escondido – $965,000
Last all-time high: $1,040,000 – June 2024
Interest Rates
Interest rates haven’t changed much throughout the year. Many rejoiced when the Federal Reserve dropped the federal funds rate by .5% in September. Then, on November 7, they dropped the rate another .25%. Finally on December 18, they dropped the rate by another .25%. However, mortgage interest rates haven’t responded so far. Rates for 30-year fixed loans still hover around 6.5-7%.
More than ever, your credit score makes a huge difference. If you’re considering buying or refinancing, start with a credit check, to make sure you can secure the best rate possible.
If you own a home, it’s probably worth more than you think. Contact me for a free personalized home valuation, or if you have any other real estate questions. I would love to hear from you!