Happy New Year!  Now that we are a couple of weeks into 2024 and following through with our New Year’s resolutions, I wanted to take a moment to reflect on real estate activity in 2023 for Del Cerro, San Diego, 92120.  Only single-family detached homes for this analysis. In 2023, there were 114 sales with an average price of $1,306,000.  This is an increase of 9% over 12 months! When we look at the change in price per square foot, there is a more modest increase of only 4%.  The average days on market for a home in Del Cerro was 23 days in 2023. It is a nice surprise for sellers to see values continue to rise despite having higher interest rates in 2023 compared to the historic lows we saw during previous years. This is an example of how supply and demand can be a bigger factor in determining value than interest rates in highly desirable neighborhoods like Del Cerro.  Del Cerro tends to have more demand for homes than supply which should keep values strong.  114 total single-family sales are lower than the 149 sales we had last year in 2022 (2022 Blog Post).  Many sellers who wanted to sell in 2023 mentioned that they were tied to their low interest rates, or didn’t want to sell because inventory across the region is low while interest rates for new purchase loans remain high. With the Fed hinting at multiple interest rate cuts in 2024, it will be interesting to see the effect on our housing market in Del Cerro.

Data for this blog post was pulled from San Diego MLS and created by Michael Willis.  Michael Willis is a San Diego-based Realtor who serves Del Cerro, San Carlos, and Allied Gardens.