The real estate market in San Diego is heating up, with buyers showing strong competition for available properties.

As an experienced real estate agent, I have witnessed firsthand the increasing number of multiple offers on homes. The demand is high, and buyers are eager to secure their dream homes. In fact, one of my buyers recently experienced the intensity of the market when they lost out on a condo in the sought-after Mission Valley area. The condo was listed at $500,000 and received an astounding 23 offers! This level of competition is indicative of the current market conditions.

Similar scenes are playing out throughout the region. Just last month, I listed a house in San Carlos, and we were overwhelmed with interest. We received 12 outstanding offers, and every single one of them exceeded the asking price! This trend begs the question: what is driving this increased competition among buyers?

Spring has arrived, and with it, an influx of eager homebuyers. The focus has shifted from interest rates to the monthly payments buyers can comfortably manage in order to attain their desired properties. Additionally, there is pent-up buyer demand from the fall and winter months, when many buyers temporarily left the market due to the sudden surge in interest rates. Now that the rates have stabilized, buyers are reentering the market with renewed enthusiasm.

However, the primary factor contributing to the intense competition is the lack of available inventory.

The number of homes hitting the market remains remarkably low. In April 2023, only 1,312 single-family homes were listed for sale throughout San Diego County. This figure represents a nearly 50% decrease from April 2022, when 2,613 homes were listed. To put it into perspective, the 92115 zip-code saw a mere 24 new homes listed in April 2023, while 92119 and 92120 had 14 and 24 listings, respectively. With such limited options, numerous buyers find themselves vying for just a handful of houses.

As a result of this fierce competition, housing prices are beginning to climb once again across San Diego. I expect this upward trend to continue throughout the year.

If you are considering selling your home, now is an excellent time to take advantage of the market conditions during spring and summer. Bidding wars, high sale prices, and multiple offers from well-qualified buyers are becoming the norm. Moreover, industry experts predict a potential decrease in interest rates this summer, which would likely prompt even more buyers to enter the market.

It’s worth noting that there is currently a high demand for turnkey single-family homes priced under $1,000,000. If you are thinking about selling, investing in property preparation to make your house as turnkey as possible is crucial. I specialize in helping sellers prepare their property with the best bang-for-your-buck improvements to get them top dollar. If you want to sell, I can help you get your property as turnkey as possible and help you sell for absolute top dollar.

For buyers looking to navigate this competitive market successfully, having professional representation is essential. With my expertise, I can assist you in crafting clean and strong offers that stand out in multiple offer situations.

If you are thinking about buying or selling real estate in San Diego, give me a call for a no-obligation consultation.

– Sarah Ward is a REALTOR with Coldwell Banker West. Reach her at: [email protected].