Continuing with our local market reports I wanted to discuss the neighborhood of San Carlos, San Diego 92119, and recap real estate activity in 2023.
As we noted on last year’s market report, 2022 was a down year for values in San Carlos due to multiple interest rate hikes making it more expensive for buyers to borrow on purchase money loans.
Despite interest rates remaining high, 2023 showed a renewed resurgence of sales prices as San Carlos had a 12-month increase of 8%. When looking at the change in price per square foot, there was a more modest increase of 5%. The average days on the market for a home to sell was 19 days during this period.
There were 175 single-family detached sales in 2023 (compared to 215 total sales in 2022). This is consistent with what we noticed in nearby Del Cerro (found here https://michaelwillisre.com/del-cerro-san-diego-market-report-2023/) with fewer home sales due to sellers not wanting to sell and give up their historically low interest rates to trade it for a new home with a much higher interest rate. With the Fed hinting towards multiple interest rate cuts in 2024, and sellers waiting for the best time to sell, where do you think the market will head this year?
With the market changing so rapidly, it’s important to hire a local Realtor who is aware of these changes and is watching it closely so that it puts you in the best position to make the right decision. Connect with me anytime and let’s chat!
