Just when we thought the number of homes for sale in the North County and San Diego real estate markets couldn’t go any lower, it has. Normally as we enter spring, inventory starts to move up. This year it has dropped. This is putting more pressure on an already red-hot market.
Even though we saw interest rates start to move up in March, the incredibly strong real estate market didn’t weaken. And sellers weren’t willing to alleviate the shortage by putting more homes on the market. In fact, more properties went under contract than came on the market in the North County and San Diego real estate markets in March.
Hopefully as more people get vaccinated and the economy gets back to normal, these numbers will change. In a recent FNMA survey, sixty-one percent of respondents said it was a good time to sell. In the North County and San Diego real estate markets, it’s a great time to sell. And now some sellers have the added bonus of taking their current property taxes to a new California address.
This market won’t last forever, so if you are thinking of selling, this is the time.
North County and San Diego Real Estate April 2021
Year-over median prices were up 17.6 percent countywide and a whopping 21.6 percent in North County. Inventory dropped to a fraction of normal at 0.7 months in both markets, and homes were selling at 103% of their asking price.
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
- 2020 NORTH COUNTY MARKET REPORT
North County Real Estate Summary
- The median price for all North County home sales increased 21.6 percent in March 2021 compared to March 2020.
- Detached homes saw a median price increase of 24.8 percent in North County, moving from $689,000 in March 2020 to $860,000 in March 2021.
- The number of sold units in North San Diego County increased 8.5 percent compared to the previous March. Pending sales increased 51.4 percent in the same period.
- Median days on market for North San Diego County properties was 17. This is a 46.9 percent decrease from the previous March.
- Inventory supply in North San Diego County dropped from 2.7 months in March 2020 to 0.7 months.
San Diego County Real Estate Summary
- The median price for all San Diego County home sales in March 2021 was $700,000. This is a 17.6 percent increase compared to March 2020.
- Detached homes saw a median price increase of 20.7 percent in San Diego County, moving from $671,000 in March 2020 to $810,000 in March 2021.
- Attached homes in San Diego County had an 14.4 percent median price increase compared to the previous year. They moved up to $515,000 in March 2021.
- Inventory supply countywide in March 2021 decreased from 2.1 months a year earlier to 0.7 months.