Here’s where the San Diego market is heading in the second half of 2021.
Since we’re halfway done with 2021, I thought it would be a good idea to address both the June numbers and the numbers from the first half of the year as a whole.
As most of you already know, the San Diego housing market has been on a rapid pace this year. Back in January, we started with about 3,400 active listings. In January 2020, we had over 6,000. Inventory has bumped up slightly in April and May, but has dropped since. June had the lowest inventory levels since 2004.
I normally talk about the median price as opposed to the average price because it’s a more realistic number. The average includes some multi-million dollar sales and isn’t the most accurate. The median home price is up from $645,000 in January to $755,000 today. That is an incredible 25% jump in just six months.
If you’re a homeowner here in San Diego County who is thinking about selling, what can you expect? At the start of the year, you would have gotten around 100% of your asking price and sold within 26 days. Today you can expect to get 104% of your asking price and sell in just 18 days.
“The median home price is up from $645,000 to $755,000 this year alone.”
On the other hand, things are tough for buyers. Bidding wars are commonplace, and many are becoming frustrated. At the same time, interest rates remain right around 3%, which is driving this high demand from buyers.
If you’re a buyer who is having a difficult time or a seller who wants to cash out on your incredible equity, don’t hesitate to reach out to us with any questions. We‘d love to help you out.