Although prices dropped for a second month in a row in the North County and San Diego real estate markets, experts don’t expect a big slowdown anytime soon. Year-over median prices were still up 15 percent in August, and countywide inventory crept back down to less than a month.
Multiple offers are still common, and a good number of homes are selling over their asking prices, but the market isn’t as over-heated as it was earlier this year. This is typical for August when schools are starting up and people are taking summer vacations.
North County and San Diego Real Estate Markets
Pending and closed sales were lower in both North County and San Diego County as a whole, but both areas saw even larger decreases in new listings. Fewer new listings combined with low interest rates and high demand is not allowing inventory to grow. This is keeping pressure on the market.
It’s still a great time to sell, but the market for home buyers has only improved slightly. If you’re thinking of selling, but are worried about buying in this challenging market, take a look at my recent post, 9 Tips for Buying and Selling a Home at the Same Time. It’s full of strategies on how to take advantage of today’s hot market.
See below for this month’s statistics and daily interest rate updates.
Interest Rates
Market Updates
Click on the links below to read the San Diego real estate market 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 16.9 percent in August 2021 compared to August 2020.
- Detached homes saw a median price increase of 18.8 percent in North County, moving from $799,000 in August 2020 to $949,000 in August 2021.
- The number of sold units in North San Diego County decreased 13.2 percent compared to the previous August. Pending sales dropped 7.8 percent in the same period.
- Median days on market for North San Diego County properties was 14. This is a 50.0 percent decrease from the previous August.
- Inventory supply in North San Diego County dropped from 2.1 months in August 2020 to 1.0 months.
San Diego County Real Estate Summary
- The median price for all San Diego County home sales in August 2021 was $747,250. This is a 15.0 percent increase compared to August 2020.
- Detached homes saw a median price increase of 15.0 percent in San Diego County, moving from $739,000 in August 2020 to $850,000 in August 2021.
- Attached homes in San Diego County had an 18.9 percent median price increase compared to the previous year. They moved up to $560,000 in August 2021.
- Inventory supply countywide in August 2021 decreased from 2.0 months a year earlier to 0.9 months.