Sales continued to slow in North County and San Diego housing markets in October, but price increases were still strong and inventory remained tight.
Many experts aren’t seeing the market cooldown they predicted earlier this year and expect it to remain competitive. Most even see Zillow Offer’s failure as “something wrong with Zillow” rather than an indication of a changing real estate market.
But not all experts agree. Some think that Zillow pulling out of the market may also be evidence of a coming market change. There’s even one analyst, Ivy Zelman, who argues that home production is ahead of demand and “estimates of a housing deficit are grossly exaggerated.”
North County and San Diego Housing Markets
Year-over median prices in San Diego County increased 16 percent, and almost 17 percent in North County. New listings, and pending and closed sales were down across the board.
Over the past few months, we haven’t seen much change. Inventory has decreased slightly which is keeping pressure on the market. And even though the selling verses listing price ratio has dropped a little, it was still over 100 percent.
Homes continued to sell quickly. Compared to the previous month, North County homes only stayed on the market one day longer, but countywide, homes took 55 percent longer to sell than in September. While this could be an indication of a changing market, it could also just be the slowdown typical this time of year.
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 Housing Summary
- The median price for all North County home sales increased 16.8 percent in October 2021 compared to October 2020.
- Detached homes saw a median price increase of 20.5 percent in North County, moving from $775,000 in October 2020 to $933,625 in October 2021.
- The number of sold units in North San Diego County decreased 20.9 percent compared to the previous October. Pending sales dropped 22.7 percent in the same period.
- Median days on market for North San Diego County properties was 17. This is a 29.2 percent decrease from the previous October.
- Inventory supply in North San Diego County dropped from 1.8 months in October 2020 to 0.8 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in October 2021 was $760,000. This is a 16.0 percent increase compared to October 2020.
- Detached homes saw a median price increase of 14.9 percent in San Diego County, moving from $750,000 in October 2020 to $862,000 in October 2021.
- Attached homes in San Diego County had an 18.4 percent median price increase compared to the previous year. They moved up to $565,000 in October 2021.
- Inventory supply countywide in October 2021 decreased from 1.7 months a year earlier to 0.8 months.