The OC and San Diego County February 2024 Real Estate Market Report

February 8, 2024 - According to recent real estate market data, the Expected Market Time (EMT) throughout both Orange County (O.C.) and San Diego County is going up... slowly. With that said, Orange County just moved from a Strong Seller’s Market into a “Seller’s Market” 🟧, while San Diego County has settled into a "Seller's Market" 🟧 too.

To clarify EMT Status

🟥 Strong Seller’s Market: < 30 days

🟧 Seller’s Market: 30-60 days

🟨 Slight Seller’s Market: 60-90 days

⬜️ Balanced Market: 90-120 days

🟩 Slight Buyer's Market: 120-150 days

🟪 Buyer’s Market: 150-180 days

🟦 Strong Buyer’s Market: > 180 days

EMT is defined as the amount of time it takes to place a home on the market today and then open up escrow later on.

Currently, and as of the end of January 2024, the real estate markets in Orange and San Diego counties reported 32 and 36 days of EMT, respectively. Orange County went up 3 days of EMT, while San Diego County went up 5 days, that was reported the month prior.

U.S. existing-home sales slipped 1% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.

Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.

For the latest trends about the O.C. and San Diego County real estate markets, please visit our website CosteraRealty.com.