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.
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 11.6 percent in November 2020 compared to November 2019.
- Detached homes saw a median price increase of 12.7 percent in North County, moving from $700,000 in November 2019 to $789,000 in November 2020.
- The number of sold units in North San Diego County increased 10.5 percent compared to the previous November. Pending sales decreased 1.0 percent in the same period.
- Median days on market for North San Diego County properties was 19. This is a 51.3 percent decrease from the previous November.
- Inventory supply in North San Diego County dropped from 2.5 months in November 2019 to 1.1 months.
Full County Summary
- The median price for all San Diego County home sales in November 2020 was $669,000. This is a 10.7 percent increase compared to November 2019.
- Detached homes saw a median price increase of 13.5 percent in San Diego County, moving from $665,000 in November 2019 to $755,000 in November 2020.
- Attached homes in San Diego County had a 12.8 percent median price increase compared to the previous year. They moved up to $484,950 in November 2020.
- Inventory supply countywide in November 2020 decreased from 2.0 months a year earlier to 1.2 months.