Here’s the latest news on the San Diego real estate market.
The year is already moving along fast, but I’ve got a quick update for you on the San Diego real estate market, how we ended 2020, and how we’re starting 2021.
With historically low interest rates, high demand, and low inventory, the 4th quarter of 2020 was quite active. For detached homes in December, new listings were down by 25% year over year while the median sale price rose a staggering 15.3% to $755,000. Inventory was down 50% from where it was in December 2019. For attached homes, new listings were down 21% year over year, and the median sale price was up 14%.
“You can choose your own terms as a home seller in this market.”
We have a lot of buyers looking to buy and a severe shortage of homes to sell. This is the best market in recent years to sell in. You’re in a unique position to choose your terms as a seller. You get to be in charge of the price, closing period, rentbacks, timeline, and much more. With such low interest rates, buyers aren’t priced out of the market either.
In this kind of market, having an agent to help guide you through negotiations is imperative.It’s not enough to list your home and hope for the best. You need to put together a competitive strategy that ensures your success.
I don’t have a crystal ball, but I do know we have a high number of qualified buyers and a big shortage of inventory. The COVID-19 pandemic will be something we need to continue to contend with, we have a new administration, and we’ll need to watch how the job market plays out. But right now, rates are low and demand is high. If you’re looking for a sign, this is it.
If you have any questions for me about buying or selling a home, don’t hesitate to reach out via phone or email today. I look forward to hearing from you soon.
