Happy Halloween! The weather is finally showing signs of cooling off, just in time for the beginning of the holiday season. As usual, though, the San Diego real estate market doesn’t show any signs of slowing down or cooling off. Last month, Carlsbad and San Marcos set NEW records for detached home sales prices!
In spite of high sales prices, one number has changed over the past two months. The number of days on market has been creeping up. Earlier this year, most homes were on the market for less than ten days. Today, most listings have an accepted offer within three weeks.
But what about interest rates? In spite of many predictions, there hasn’t been a significant change yet. The good news is that the Federal Reserve dropped the federal funds rate by .5% last month. However, mortgage interest rates didn’t respond right away. Rates for 30-year fixed loans currently hover between 6.5 and 7%.
Of course, we all hope for a cut in interest rates. It increases both demand, and buying power. Also, people who recently bought a home can refinance to lower their monthly payment.
Here are the September 2024 median detached home sales prices, and detached inventory numbers as of 10/25/24:
Carlsbad – NEW RECORD – $1,940,000
Last all-time high: $1,930,000 – April 2022
Encinitas/Cardiff-by-the-Sea – $2,400,000
All-time high: $3,100,000 – September 2023
San Marcos – NEW RECORD – $1,297,000
Last all-time high: $1,275,000 – June 2024
Vista – $929,027
All-time high: $985,000 – March 2024
Oceanside – $999,500
Last record: $1,017,000 – August 2024
Escondido – $886,000
Last all-time high: $1,040,000 – June 2024
Interest Rates
Rates continue to hover around 6.5 – 7.0%. 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!