San Diego Real Estate & Housing Market Update (May 2024)

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San Diego real estate update for May 2024. Find out what you can expect from the San Diego housing market over the next 90 days...
0:00 - Intro
1:22 - How we are in a seller's market and why values will trend up
4:32 - Why homes will sell in 13 days (maybe slightly more)
7:22 - Why homes will sell above asking price
9:30 - Why record median sales prices will peak soon
12:12 - Recap
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🏆 Top Rated as One of The Best Real Estate Agents in San Diego 🏆
Jesse Morrison
San Diego Realtor - DRE# 01476958
Brokered by HomeSmart Realty West - CA DRE: 01905908
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[@JesseMorrisonGroup]

🤔👇 COMMENT BELOW → What is your biggest question or concern about today's San Diego housing market❓

[@amermoiduddin6745]

How long do you think we have before we see a buyers market with 5-6 months supply of homes again?

[@JesseMorrisonGroup]

That's an excellent question, Amer. Historically, when inventory is on a steady rise, it takes 18-24 months to increase supply by 3 months of inventory (which is what is needed now to get to that 5-6 months worth of inventory). However, during the great housing crash when short sales and foreclosures flooded the market, supply increased by 3 months of inventory within every 6 month increment. If we see another "black swan event" like the housing crash back in 2007-2008, then we could see inventory spike up before the end of 2024. However, my guess (AND LET ME KNOW IF YOU AGREE OR DISAGREE WITH ME) is that we will have a window of at least 18-24 months of watching inventory rise. I personally don't think that window is starting anytime soon as so many homeowners have locked in historically low mortgage rates and are sitting on so much equity that there just isn't much urgent distress... However, once that starts to change, then that 18-24 month clock will start.

[@mandimatera9312]

No inventory bc seniors are hell bent on dying in their homes and not going to assisted nursing facilities that cost over 10K per month.

[@JesseMorrisonGroup]

Yes. Senior living facilities are definitely super expensive and a big reason why they don't want to sell their homes. The primary reason I've been seeing for lack of inventory is what they are calling the "locked in effect". People with lower mortgage rates (in the 3%s) don't want to trade that for today's higher rates in the 7%s.

[@freshtelovision3664]

Hello I’m here in San Diego Do you have any advice or course looking to become a agent.

[@JesseMorrisonGroup]

Feel free to email me and I’d be happy to point you in the right direction: [e-mail]