December 2022 San Diego County Market Report

• December 2022 Update on San Diego Real Estate Trends in Early Winter •

San Diego home sales hit a low point in December, closing out a turbulent year for the housing marketing, with inflation, interest rates, and affordability taking their toll. Data on the current resale market is compiled by the Greater San Diego Association of REALTORS® (SDAR) through the San Diego Multiple Listing Service.

Sales of single-family homes fell 46 percent compared to December of last year, while sales for all of 2022 were down 27 percent compared to 2021. Attached properties (condominiums and townhomes) saw a drop of 54 percent in sales in December, year over year, and were down 30 percent for the entire year. Inventory of homes on the market is better than a year ago, up more than 50 percent. The median price of all resale homes in San Diego County was unchanged from one year ago, and for the year ending December 31, prices overall were up nearly 11 percent. The single-family home price in December was nearly $870,000, and attached properties saw a median price of $585,000 last month.

“The slowdown of sales we saw in December reflects the hesitancy that buyers are feeling right now due to high borrowing costs and home prices,” said SDAR President Frank Powell. “The good news is that our inventory is up over last year, a trend we hope will continue as local policymakers explore bold solutions to boost our housing supply. As REALTORS® we will also continue advocating for programs to create greater homeownership opportunities that help to provide economic stability and build stronger communities.”

Home Sales at Historic Low, Median Prices Hardly Changed

In December, the zip codes in San Diego County with the most single-family home sales were:

• 92071 (Santee) with 36
• 92114 (Encanto) with 35
• 92026 (Fallbrook) and 92082 (Valley Center), both with 33
• 92056 (Oceanside East) with 27
• 92040 (Lakeside) with 25

The most expensive single-family property sold in December in San Diego County was a coastal home in the Windansea neighborhood of La Jolla. With 5 bedrooms and 4 baths, the property has ocean frontage and panoramic views off Neptune Place. The 4,000-square-foot home was built in 1980, and sold on December 14th for $15 million. SDAR’s housing statistics are compiled monthly from the Multiple Listing Service (MLS). Click here for a detailed look at the numbers. The following is a summary of the latest results:

TOTAL SOLD LISTINGS Comparing December 2022 to November 2022 (month over month)
Single-Family: 2.2 percent DECREASE
December 2022 = 1,065
November 2022 = 1,089

Condos/Townhomes: 14.4 percent DECREASE
December 2022 = 501
November 2022 = 585

TOTAL SOLD LISTINGS Comparing December 2022 to December 2021 (year over year)
Single-Family: 46.2 percent DECREASE
December 2022 = 1,065
December 2021 = 1,978

Condos/Townhomes: 53.9percent DECREASE
December 2022 = 501
December 2021 = 1,086

MEDIAN SALES PRICE Comparing December 2022 to November 2022 (month over month)
Single-Family: 1.2 percent DECREASE
December 2022 = $869,900
November 2022 = $880,000

Condos/Townhomes: 2.5 percent DECREASE
December 2022 = $585,000
November 2022 = $600,000

MEDIAN SALES PRICE Comparing December 2022 to December 2021 (year over year)
Single-Family: 2.3 percent INCREASE
December 2022 = $869,900
December 2021 = $850,000

Condos/Townhomes: 0.9 percent DECREASE
December 2022 = $585,000
December 2021 = $590,000