SAN DIEGO, Calif. (KGTV) — The median price of a single-family home in San Diego County passed $1 million last month, according to the Greater San Diego Association of Realtors.
Additionally, prices for condos and townhomes hit a record $677,000 over the summer — almost 9% higher than a year ago.
Despite the high prices and high-interest rates, demand for San Diego homes remains high due to low inventory.
“The market is still very competitive. We’re seeing multiple offers even on million-dollar homes,” said Dan Sirota, a real estate broker and general building contractor, Brookeshire Real Estate.
Sirota gave ABC 10News a tour of a four-bedroom/1,989 square foot Tierrasanta townhome one of his clients just purchased for $835,000 — a snapshot of the San Diego market right now.
“It’s the extremely low inventory. With people having three and four-percent interest rates, nobody really wants to sell right now because you don’t want to sell with a three percent interest and buy with a seven percent interest. So we’re sort of stuck right now,” he explained.
However, Sirota says for those with homes on the market right now, they’re seeing listings go as fast as five to seven days.
“Homes that are priced properly are going very fast with multiple offers…so it is challenging as a buyer,” he said.
If you are looking to buy, he says it is possible with proper planning and patience. And for those who need to sell: “My advice is to prepare the home for sale no matter what market we’re in. The nicer the presentation, the more money you’re going to get.”
And while Sirota says it’s hard to predict exactly when interest rates may fall, taking a look at San Diego’s real estate history may help when it comes to comforting prospective buyers.
“My grandparents bought a house in Kensington in 1942 for $11,000. And at the time, that felt like a million dollars. Today it seems ridiculous how expensive they are, but in our history it always goes up. Real estate in the end…even though it seems expensive, it’s one of the best purchases I think you can make.”
