San Diego Real Estate Market Update - January 2021
December 2020 Recap
San Diego Association of Realtors® Monthly Indicators
December is normally one of the slowest months of the year but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.
Closed Sales decreased 20.8 percent for Detached homes and 15.2 percent for Attached homes. Pending Sales decreased 15.8 percent for Detached homes but increased 1.8 percent for Attached homes. Inventory decreased 50.3 percent for Detached homes and 36.4 percent for Attached homes.
The Median Sales Price was up 15.3 percent to $755,000 for Detached homes and 14.1 percent to $496,500 for Attached homes. Days on Market decreased 44.1 percent for Detached homes and 36.4 percent for Attached homes. Supply decreased 47.1 percent for Detached homes and 38.9 percent for Attached homes.
With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.
See the full report – SDAR Monthly Indicators
SDAR Housing Supply Report
December is normally one of the slowest months of the year but strong buyer demand across most segments of the market continue to drive a healthy sales pace, while listing inventory continues to remain low overall. For the 12-month period spanning January 2020 through December 2020, Pending Sales in the San Diego were down 4.4 percent overall. The price range with the largest gain in sales was the $5,000,001 and Above range, where they increased 32.3 percent.
The overall Median Sales Price was up 8.6 percent to $630,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 9.9 percent to $710,000. The price range that tended to sell the quickest was the $500,001 to $750,000 range at 20 days; the price range that tended to sell the slowest was the $5,000,001 and Above range at 90 days.
Market-wide, inventory levels were down 45.7 percent. The property type with the smallest decline was the Condos – Townhomes segment, where they decreased 36.4 percent. That amounts to 0.9 months supply for Single-Family homes and 1.1 months supply for Condos.
See the full report – SDAR Housing Supply report
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