Need to know the update on the San Diego Real Estate Market in March 2021? Kyle Whissel explains the stats the media is NOT telling you, and what this means if you are thinking about buying a home in San Diego, or selling your San Diego home.

What's going on in the San Diego real estate market in March of 2021?

Hey, it's Kyle with Whissel Realty Group. And today I want to share with you the latest market stats with what's going on here in the San Diego real estate market in March of 2021. As always, we want to give you guys the information that the media is not giving you because the information the media is giving you a lot of times is delayed two, three, sometimes four + months from what's actually happening today. So by watching this video or reading this blog, you're going to find out the truth of what's really happening because the media is way behind the times.

So let's start out with what we refer to are the leading indicators. These are what's happening today that the media is going to report three or four months from now.

1. The number one thing we'd like to look at is the number of new homes coming onto the market. That's down almost 20% from this same time a year ago. We're seeing a lot fewer people listing their homes, part of it because they just don't want a lot of randoms in their house during COVID part of it is people not selling because they don't know where they're going to move to. So there have been a lot fewer homes coming on the market for sale.

2. On the flip side of things, the number of homes going under contract (or going pending as we refer to it) is up 5.5%. So what we have fewer homes coming on the market for sale we have more homes going off the market. So what that's doing is it's constricting the number of homes for sale.

3. We're down almost 58% on the supply of homes for sale today. So there are way fewer choices for buyers out there.

4. And homes are now selling faster. They're selling about 27% faster than they were the same time a year ago.

So what's that doing is it's increasing prices and it's increasing extremely rapidly. The latest data that the media is going to report is that values are up around 10 to 15% over the last 12 months I would argue with you that they're up about 15 to 20%. We are seeing multiple offers on virtually every home that hits the market whatever the most recent home sold for in the neighborhood, the next one is selling for substantially more. So values are just shooting through the roof right now as we wrap up the first quarter of 2021.

So if you're watching this, if you're thinking about buying what does this mean to you? Well, it means that you are buying in an upswing which is usually the best time to buy, right? The last thing you want to do is be buying and then six months later, look and see the value of your home dropped. You want to buy and six months later look and realize, heck yeah I'm going to be sitting on a big pile of equity, which is a fantastic thing.

And if you're thinking about selling there are two boats right now, one you're either thinking about selling and getting the heck out of California, which we're seeing a lot of fantastic right values are at all-time highs right now you have a great opportunity to cash in and relocate that money out of state where your money is going to go a lot farther for you. Or if you're thinking about moving up here in San Diego there's a great opportunity as well because where we're seeing the most competition where we're seeing all these crazy multiple offer scenarios is when we're playing in that median price range that kind of like 500 up to a million is where it's just crazy. And some of our higher-end markets even up to that million and a half, 2 million, it's crazy. But when you're stepping up, what we're seeing is that the competition is a little bit lower.

So you're going to sell where the competition's high which is what you want when you're selling. And then when you're buying competitions a little bit lower creating some opportunity. And again, like we said you're buying in an upward market right now. So best of both worlds cash in where it's crazy competitive and then buy in the path of progress. So really good time out there in the market. If you're watching this video, you're thinking about making a move we'd love the opportunity to be the ones to help make that happen for you. Call or text us at 619-618-7997.

San Diego Featured Listings

See More Listings

See More Listings