June 04, 2021

San Diego Realtor Jeremy McHone discusses the stats and current numbers of the housing market in 2021.

San Diego Market Update 2021

Hi, I'm Jeremy McHone with the Whissel Realty Group. I just want to give you a quick market update, and go over the most recent stats for San Diego County. So when we look at statistics for the county of San Diego and real estate, what we do is we actually compare stats to this time, last year. And the reason for that, is that there's actually seasonal fluctuations in real estate.

We want account for those. When we're comparing these stats we're going to be compared to this same time, last year. Now, this one's going to be a little tricky, because during this time last year, a lot of things were shut down, the shutdown had just recently happened, everybody was a little bit concerned, and nobody really knew what was going on. But let's go ahead and dig into the numbers real quick.

Current Housing Inventory

First off, the amount of homes that are sold this year, compared to this time last year, are up 58%. Now that might not surprise too many people, because things kind of came to a standstill, a lot of people put their buying on hold, their selling on hold last year, with COVID. Now here's the weird part, the amount of homes, or the amount of transactions in general that are happening, are up 58%. But at the same time, the amount of homes that are for sale on the market are down 60%. Let's think about that for a second. More homes are being sold, but yet there's less homes available. So what does that mean? That means that inventory is decreasing. As time goes on, there's less and less homes for sale because they're just coming off the market very quickly, and not enough homes are coming back on the market to replace them.

It might not be a surprise that compared to this time last year, the median home sale price has increased 20%. Two zero. So these are some huge numbers. There's less than half the amount of homes for sale, as there was this time, last year. Because of that, and more homes coming off the market, there's been a 20% increase in the median sales price in San Diego. So what does that mean? If you're a homeowner, you put a lot of equity into your pocket during this last year. This last year has worked out for you. If you're a home buyer, that means that when it comes time to buy, you're going to be competing with other buyers for each property. Because there's just more buyers right now than there are homes for sale. So every home that goes on the market, there's going to be multiple offers, and you're going to be facing some stiff competition.

Wrap Up

This is why it's super important that you have a really professional, experienced real estate agent, who's communicative, and a professional lender that can get the job done. Preferably one that can close very quickly, because that's what sellers are looking for in this market. if you have questions about what it's like to buy or sell in this market. Or you want to see what I'm doing in this crazy market to get my buyer's offers accepted, drop a comment below, send me a DM, or call or text me at 619-971-0791.

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