September 2022 San Diego County Market Report

By in News

• September 2022 Update on San Diego Real Estate Trends in Early Fall •

Sales of previously owned homes pulled back in September compared to the previous month, according to housing statistics compiled from the San Diego Multiple Listing Service by the Greater San Diego Association of REALTORS® (SDAR).

Single-family home sales fell by more than 10 percent month-to-month and were 36 percent lower than in September of 2021. Condominiums and townhomes (attached properties) saw a 15 percent decrease last month and are down 39 percent from the same month last year. So far in 2022, San Diego County resale home sales are off by 24 percent compared to the same nine months of 2021.

Despite a dearth of inventory and rising interest rates, median home sale prices have not shifted significantly. September single-family home prices edged up to $915,000, while condos and townhomes saw a decrease of 3.5 percent to an even $600,000. Collectively, prices are nearly 14
percent higher year-to-date over 2021. Resale properties were closing escrow in an average of 31 days last month, compared to 21 days last September.

“Rising interest rates combined with a severe lack of inventory are pushing many prospective buyers out of the market until inflation is under control and rates steady,” said SDAR President Chris Anderson. “While slower price appreciation should lead to increased sales over the next year, our housing supply shortage is the fundamental issue affecting affordability. We are calling on local leaders to make building housing less costly and restrictive by cutting down on the red tape and fees that are driving prospective homebuyers and developers out of San Diego.”

Home Sales Slow in September, Prices See Little Change

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

• 91913 (Eastlake) and 92056 (Oceanside East), both with 39
• 92128 (Rancho Bernardo East) with 38
• 92028 (Fallbrook) with 37
• 92025 (Escondido North) with 34
• 92057 (Oceanside North), 92024 (Poway), and 92065 (Ramona), all with 33

The most expensive single-family property sold in September in San Diego County was an oceanfront custom home built in 1980 on Sea Ridge Drive in La Jolla. Sold on September 21 for $9.5 million, the 4,800 square-foot property has 5 bedrooms and 5 bathrooms with a heated spa that overlooks the Pacific Ocean.

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 September 2022 to August 2022 (month over month)
Single-Family: 10.7 percent DECREASE

September 2022 = 1,433
August 2022 = 1,605

Condos/Townhomes: 15.3 percent DECREASE
September 2022 = 785
August 2022 = 927

TOTAL SOLD LISTINGS Comparing September 2022 to September 2021 (year over year)
Single-Family: 36.1 percent DECREASE
September 2022 = 1,433
September 2021 = 2,242

Condos/Townhomes: 39.0 percent DECREASE
September 2022 = 785
September 2021 = 1,287

MEDIAN SALES PRICE Comparing September 2022 to August 2022 (month over month)
Single-Family: 1.7 percent INCREASE
September 2022 = $915,000
August 2022 = $900,000

Condos/Townhomes: 3.5 percent DECREASE
September 2022 = $600,000
August 2022 = $622,000

MEDIAN SALES PRICE Comparing September 2022 to September 2021 (year over year)
Single-Family: 7.2 percent INCREASE
September 2022 = $915,000
September 2021 = $853,500

Condos/Townhomes: 6.2 percent INCREASE
September 2022 = $600,000
September 2021 = $565,000

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.

 

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About The Author
Portia Green, REALTOR®

Portia's clients all have a similar story. She feels like a friend and most likely you met her at the kitchen table or huddled up in the living room. Her personable nature and easy going approach attract sellers and buyers alike, in what can be a stressful and emotionally charged experience. An experienced REALTOR® with 15 years experience, she is just as excited about real estate today as she was with her first transaction. Portia remains ever-committed to helping her clients find their place in the world and helping busy people navigate this crazy real estate market like a pro.