A two-bedroom condo on Fern Street in South Park just sat for 18 days before getting an offer. A year ago, that listing would've had multiple offers in a weekend. That's the kind of shift I'm seeing across San Diego right now, and if you're a first-time buyer, it matters.
Inventory in San Diego County has been climbing. According to what I pulled from the MLS last week, active listings are up roughly 30% compared to this time last year. That doesn't mean there's suddenly a flood of homes available. It means there are more options than you've had in a while, and sellers aren't holding all the cards anymore.
Here's what that actually looks like on the ground. Homes priced right are still moving. But homes priced even a little aggressively are sitting. Sellers who listed in February expecting 2022 energy are doing price reductions in April. I've watched it happen in Normal Heights, North Park, Clairemont. The pattern's consistent.
For first-time buyers, this is a better environment than what we've had. You can actually tour a place, sleep on it, and come back without it being gone. That breathing room changes everything about how you make decisions. You're less likely to overpay because you panicked.
I do want to be honest about one thing. Interest rates are still in the high 6s as I write this, and that keeps monthly payments high relative to a few years ago. Some agents will tell you to just wait for rates to drop. I disagree. If you can afford the payment now, buying in a less competitive market and refinancing later is a stronger play than waiting for rates to come down while every other sidelined buyer floods back in and drives prices up again.
The median home price in San Diego is still hovering around $900k, give or take, depending on the data source. That number scares people. But condos and townhomes in places like City Heights or Mira Mesa are coming in well below that. The $500k to $650k range has real options right now.
If you've been sitting on the sideline watching listings on Zillow every night (I know you have), this is a good quarter to actually get pre-approved and start making moves. Reach out if you want to talk through what's realistic for your budget. No pressure, just numbers.