The October North County and San Diego real estate markets both saw 15 percent, year-over price increases. Paired with strong price growth were steep decreases in available inventory and days on market compared to the previous year.
Historically low interest rates paired with very little inventory and pent-up demand are forcing prices up quickly. If we see more inventory coming on the market or an increase in interest rates, those price increases should slow down.
The California Association of Realtors 2021 Housing Market Forecast projects that interest rates will stay just above three percent next year. But inventory may start to increase with the recent passing of Proposition 19.
Proposition 19 will allow homeowners who are over 55, severely disabled or those whose homes were destroyed by wildfire or disaster to transfer the tax base value of their primary residence to a replacement residence of any value, anywhere in the state. This may help motivate some homeowners to make a move.
North County and San Diego Real Estate October 2020
Both North County and San Diego County as a whole saw strong, year-over, median price gains of over 15 percent. Inventory dropped compared to last year by approximately 48 percent. Year-over market times were significantly shorter. North County saw increases in new listings, pending sales and closed sales while San Diego County as a whole had more pending sales but fewer new listings and closed sales.
See below for this month’s statistics and daily interest rate updates.
Interest Rates
Market Updates
Click on the links below to read the full housing statistics reports.
- NORTH COUNTY MONTHLY INDICATORS
- METRO SAN DIEGO COUNTY MARKET UPDATE
- EAST SAN DIEGO COUNTY MARKET UPDATE
- SOUTH SAN DIEGO COUNTY MARKET UPDATE
- SAN DIEGO COUNTY MONTHLY INDICATORS
- 2019 NORTH COUNTY MARKET REPORT
North County Summary
- The median price for all North County home sales increased 15.4 percent in September 2020 compared to September 2019.
- Detached homes saw a median price increase of 12.2 percent in North County, moving from $678,500 in September 2019 to $761,250 in September 2020.
- The number of sold units in North San Diego County increased 29.1 percent compared to the previous September. Pending sales increased 30.4 percent in the same period.
- Median days on market for North San Diego County properties was 24. This is a 35.1 percent decrease from the previous September.
- Inventory supply in North San Diego County dropped from 3.1 months in September 2019 to 1.6 months.
Full County Summary
- The median price for all San Diego County home sales in September 2020 was $665,000. This is a 15.7 percent increase compared to September 2019.
- Detached homes saw a median price increase of 17.0 percent in San Diego County, moving from $644,000 in September 2019 to $753,500 in September 2020.
- Attached homes in San Diego County had a 17.2 percent median price increase compared to the previous year. They moved up to $491,000 in September 2020.
- Inventory supply countywide in September 2020 decreased from 2.5 months a year earlier to 1.3 months.