Today I want to talk to you about the statistics for San Diego County real estate. I can’t believe there are only a few weeks left in this decade! The 2010s have flown by.
With the arrival of the holidays, many sellers have been waiting to list their property so there’s been a decline in new listings on the market, unfortunately, both for detached and unattached homes. However, the number of pending sales (homes going under contract) is up. This means there are many prospective buyers out there looking at properties and finding the home they want to make an offer on.
One factor contributing to consumer confidence and affordability is that the interest rates have been lowered again. A year ago, the rates were closer to 4.5%, and today they’re around 3.5%. This is making it possible for buyers to afford a larger or more expensive home.
For detached homes, the median sales price for November 2019 was 4.9%—an extremely healthy appreciation. For attached homes (i.e. condos, townhomes) median sales price was up 8.8%. Earlier in the year, we saw things flatten out, and now we’re seeing more appreciation. For detached homes, the inventory was down 37.8% from a year ago.
Pending sales are up 14.6%. Our months’ supply of inventory is down by 1.7 months due to this. This is still an extremely strong seller’s market. If your home is on the market during the holidays this year, you made a wonderful decision!
As we enter into the holiday season housing market, things usually slow down. However, there’s a ton of demand right now and the future is uncertain as we enter into an election year.
Start the next decade of your life on an excellent note: Let’s discuss your real estate goals. Reach out to me by phone or email. I look forward to speaking with you!