October 2022 San Diego County Market Report

• October 2022 Update on San Diego Real Estate Trends in Mid-Fall •

While home prices in San Diego County are maintaining most of their value, the number of sales are falling significantly, according to the Greater San Diego Association of REALTORS®. SDAR compiles housing statistics through the San Diego Multiple Listing Service.

Single-family number of homes sold dropped nearly 20 percent in October, compared to September, and are down 43 percent from a year ago. Condominiums and townhomes (attached properties) slowed by a similar rate month-over-month (22 percent) and are 44 percent lower than a year ago. So far this year, the number of resale homes sold have fallen 25 percent over 2021.

Median home sale prices continue to be in flux. October’s single-family median price settled on $884,000, down about 2.5% from last month, but still higher than a year ago by nearly 3 percent. Attached properties, on the other hand, saw an increase of 2.7 percent month-over-month, or
$616,000. Prices for attached properties are almost 10 percent higher than at this time in 2021.

“While the market continues to evolve over the next year, we expect that San Diego will remain one of the most expensive markets in the nation, as severely limited housing inventory will prevent large home price drops,” said SDAR President Chris Anderson.

“Owning a home is still one of the best ways to create economic opportunities and build generational wealth, but for first-time homebuyers looking for the right time or the right price to get into the market, it can be a very confusing time,” Anderson added. “Working hand-in-hand with a licensed REALTOR® to help you navigate through the process and direct you to the best financing opportunities (such as grants and 3-2-1 buy-downs) is the best way to make sure you are prepared and informed when you are ready to purchase.”

Home Prices in Flux as Sales Numbers Continue to Drop

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

• 92028 (Fallbrook) with 46
• 92071 (Santee) with 39
• 91977 (Spring Valley) with 38
• 92065 (Ramona) with 32
• 92040 (Lakeside) with 30

The most expensive single-family property sold in October in San Diego County was a recent construction (built 2016) on the ocean bluff of La Jolla Farms. With a gated entrance and single-level living, the 5 bedroom, 7 bath home with more than 7,500 square feet features a courtyard and pool, and sold on October 12th for $18,450,000.

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 October 2022 to September 2022 (month over month)
Single-Family: 19.8 percent DECREASE
October 2022 = 1,188
September 2022 = 1,481

Condos/Townhomes: 21.6 percent DECREASE
October 2022 = 634
September 2022 = 809

TOTAL SOLD LISTINGS Comparing October 2022 to October 2021 (year over year)
Single-Family: 42.8 percent DECREASE
October 2022 = 1,188
October 2021 = 2,078

Condos/Townhomes: 44.3percent DECREASE
October 2022 = 634
October 2021 = 1,139

MEDIAN SALES PRICE Comparing October 2022 to September 2022 (month over month)
Single-Family: 2.5 percent DECREASE
October 2022 = $884,000
September 2022 = $907,000

Condos/Townhomes: 2.7 percent INCREASE
October 2022 = $616,000
September 2022 = $600,000

MEDIAN SALES PRICE Comparing October 2022 to October 2021 (year over year)
Single-Family: 2.8 percent INCREASE
October 2022 = $884,000
October 2021 = $860,000

Condos/Townhomes: 9.7 percent INCREASE
October 2022 = $616,000
October 2021 = $561,750

The Bottom Line

Call us at 858.880.0195 or email portia.green@compass.com for deeper insights on this market data. Click or call to get started with Compass today.