Here’s a brief update on the San Diego real estate market in August 2021.
In the last few months, we’ve seen an extreme seller’s market here in San Diego. We’re seeing homes with 20, 30, 40, and even 65 different offers. There is an inventory issue in our real estate market, no doubt.
At the beginning of the year, we had just 2,200 homes on the market. Right now, we’re just under 3,200. In the last four to six weeks, we’ve seen a bump in inventory between 3% and 5%.
This is great news for frustrated buyers who have been wanting to get into a home. Still, we’re far short of where we should be in a normal market. I think inventory will pick up more toward the end of this year and the beginning of the next as the forbearance and eviction moratoriums come to an end. Look for rental properties to go on the market at an increased rate.
“A superior product means paying superior prices in this market.”
Builders are constructing properties as quickly as they can, but prices are going through the roof because of the increased cost of materials. A superior product means paying superior prices. If you’re thinking about building a new home, let’s talk through your situation and determine whether it’s a great idea for you or not.
Now I want to quickly update you on the median prices in some of the medium-priced neighborhoods in San Diego:
- Rolling Hills: $969,000, up 21% from 2020
- Central Chula Vista: $730,000
- Alpine: $844,000
- Normal Heights: $950,000
- Del Mar: $2.5 Million, up 26% from 2020
- Downtown San Diego: $599,000
If you’re thinking about selling your San Diego home this year but you’re afraid about where you’ll go next, reach out to me. I can help you put a plan together that will give you ample time to buy and sell. If you’re already a buyer and frustrated with your options, I’d love to help you find your perfect home.
If you have any questions about the San Diego market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
