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According toBrightMLS May Market Report:

  • Housing Market Trends Inventory continues to increase, as new listings outpace new pending sales.
  • Del/Mar Coastal buyers have seen expanding options as inventory has increased each month in 2024.
  • The number of new listings coming onto the market is up 15.5% year-to-date.
  • More inventory has meant more opportunity for buyers. The number of new pending sales increased 4.5% in May. Though closed sales were a bit lower year-over-year in May (-1.0%), year-to-date they remain up slightly (+1.1%).
  • Prices in the region hit a new record high in May. The median closed price was $421,000, up 8.5% over last year. Despite higher prices, buyer interest has remained strong.
  • The number of showings in the Del/Mar Coastal region was up 8.0% year-over-year. However, with more inventory, the speed of the market isn’t as brisk as 2023. The median days on market in May 2024 was 19 days, compared to 15 days in May 2023.

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