Is Borrego Springs, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Borrego Springs has remained a Seller's Market.
Key Takeaway
Borrego Springs is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Borrego Springs, CA
How much do homes in Borrego Springs, CA cost?
Median Sold Price
$325,000
$238/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Borrego Springs have sold for 1.6% more than they did a year ago.
Summary: The median home sold price in Borrego Springs was $325,000 in May 2024, up 1.6% from last year, and the median price per square foot was $238.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $93.7K | $152K | +62.1% |
| 2 Bedrooms | $286K | $282K | -1.4% |
| 3 Bedrooms | $465K | $345K | -25.8% |
| 4 Bedrooms | $923K | $430K | -53.4% |
| 5+ Bedrooms | - | $325K | N/A |
Summary: Borrego Springs housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 62.1%, 2 bedroom homes decreased by 1.4%, 3 bedroom homes decreased by 25.8%, 4 bedroom homes decreased by 53.4%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Julian | $539.5K | $625K | +15.8% |
| Palomar-Julian | $549.5K | $594K | +8.1% |
| Laguna-Pine Valley | $618.7K | $636K | +2.8% |
| Borrego Springs | $320K | $325K | +1.6% |
Housing Supply in Borrego Springs, CA
How many homes are available in Borrego Springs, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 61 | 51 | -16.4% |
Summary: The Borrego Springs real estate market had 51 homes for sale in May 2024, a 16.4% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 4 | +100.0% |
| 2 Bedrooms | 31 | 26 | -16.1% |
| 3 Bedrooms | 24 | 16 | -33.3% |
| 4 Bedrooms | 3 | 3 | 0.0% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Borrego Springs housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 16.1%, 3 bedroom homes decreased by 33.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 13 | 11 | -15.4% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Borrego Springs, you may be able to get a good deal. 72.7% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Borrego Springs in May 2024, down by 15.4% month-over-month. Of the 11 sold homes, 73% were sold under asking, 18% were sold at asking, and 9% were sold over asking.
Days on Market for Borrego Springs, CA
How long does it take to sell a home in Borrego Springs, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 46 Days | 26 Days | -43.9% |
Summary: Homes in Borrego Springs had an average of 26 days on market in May 2024, down by 43.9% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Borrego Springs are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 11 homes were sold in Borrego Springs; 73% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.