Good Morning and Happy Month of March!🎇



🏠 Welcome to the March Edition of Our Real Estate Newsletter! 🏠



As spring blossoms around us, we're excited to bring you the latest updates from the vibrant San Diego housing market. 



This month, as we celebrate the arrival of spring and the spirit of renewal it brings, we also wish you a happy St. Patrick's Day filled with luck and good fortune. 🍀



Stay tuned for insights, market trends, and exciting opportunities as we navigate the ever-changing landscape of real estate together. Here's to a season of growth, prosperity, and new beginnings!

So, let’s get started!

News Update





Read article below for more info. 

🏡 Starter Home Evolution: The concept of a starter home has evolved dramatically. A two-bedroom house in San Jose, once considered a modest beginning, is now valued at a whopping $839,000! 📈💰



High costs of land, materials, and labor make it difficult for builders to profit from smaller homes. This leads to a scarcity of affordable starter homes. It’s like trying to find a needle in a haystack! 🌾🔍



Project Approval: 🏘️The Candlelight project in Otay Mesa got a green light! 🚦 It’s all set to build 450 townhouses, thanks to unanimous approval from San Diego planners. 👏



These townhouses will be near the U.S.-Mexico border. With prices between $550,000 to $600,000, they’re aimed at working-class families. 💰👨‍👩‍👧‍👦



San Diego Home Prices Rising: The tortoise wins the race, they say, and San Diego’s housing market is proving it right. 🐢



Despite a slow market, the city’s home prices are climbing faster than any other city in the U.S. It’s a steady uphill journey, but the view from the top is worth it! 📊🆙



Find out more in the article below.

According to the latest report from the National Association of REALTORS® (NAR), U.S. existing-home sales rose 3.1% in January to an annual rate of 4.00 million, the highest level since August 2023. This result surpassed the forecasts of economists and reflected the positive impact of lower interest rates and more available inventory on the housing market. The sales growth was driven by the Midwest, South, and West regions, while the Northeast region saw a slight decline.



The report also showed that Closed Sales increased 2.3% for Detached homes and 14.3% for Attached homes, while Pending Sales increased 1.0% for Detached homes and 2.5% for Attached homes. Inventory decreased 11.5% for Detached homes but increased 20.5% for Attached homes.



The Median Sales Price was up 16.1% to $1,043,900 for Detached homes and 7.0% to $662,000 for Attached homes. Days on Market decreased 27.9% for Detached homes and 20.5% for Attached homes. Supply increased 7.7% for Detached homes and 45.5% for Attached homes.



The total inventory at the end of January was 1.01 million units, a 2% increase from December and a 3.1% increase from January 2023, for a 3 months’ supply at the current sales pace, as per NAR. However, this level of inventory is still below the 5-6 months’ supply that indicates a balanced market, and demand is still outpacing supply. Consequently, existing-home sales prices have continued to rise, reaching $379,100 in January, a 5.1% increase from a year ago.

Latest Stats released from SDMLS (as of March 12, 2024):



New listings came on the market in February in the amount of 1,345 which is a increase of 0.8% compared to the same time last year.



Home prices have increased 16.1% last February compared to the same time last year.



Housing inventory has decreased with 1,601 currently on the market, that’s an decrease of 11.5% compared to February ‘23. Last year we had inventory of 1,809 homes for sale.



Months of supply of inventory is at 1.4 months which is over one month of inventory. That’s a 7.7% increase compared to February ‘23.

Featured Listing

Situated on a quarter acre lot awaits this 3 bedroom 2 bathroom home plus bonus attached ADU with 1 bedroom 1 bathroom in the Fletcher Hills neighborhood! A true masterpiece with designer finishes and luxurious features throughout!

The spacious living room, dining room, and kitchen opens up to a large deck that overlooks your backyard. From the deck you will enjoy the serene views of your pool and lush canyon beside the property for ultimate privacy. Venture downstairs and you will discover the ADU with its own kitchen and living room with direct access to the pool area, making it versatile for guests, extended family, or a rental opportunity



Brought to you by: Honest Agent Team with Big Block Realty.

Homes For Sale by Area

*Click Photos Below for Listings