While quite busy in October, the North County and San Diego real estate markets did see some slowdown in November. But because new listings dropped more than pending listings and sales, inventory levels plummeted. They’re lower now than I can ever remember seeing. This severely limited inventory paired with historically low interest rates has created an incredibly competitive market for home buyers. Due to these factors, we continued to see strong year-over price gains.
The California Association of Realtors 2021 Housing Market Forecast projects that this inventory shortage will continue, but price increases will be more moderate. They expect interest rates to stay just above three percent, and home sales to increase slightly in 2021.
North County and San Diego Real Estate December 2020
Year-over, median prices were up 10.7 percent countywide and 11.6 percent in North County. Inventory dropped by about 50 percent compared to the previous year, and market times were very short. New listings, pending sales and closed sales dropped countywide. The same was true in North County, but closed sales saw a 10.5 percent gain.
See below for this month’s statistics and daily interest rate updates.
Continue reading December 2020 North County and San Diego Real Estate Markets