The year 2020 was an interesting one to say the least. Despite some of the challenges a global pandemic created, the real estate market in California is thriving! A recent market report from the California Association of Realtors (C.A.R) shows that not only has the sales market been growing over the past year, but it has also made leaps and bounds from the previous year pushing sales growth percentages into the double digits. With a whopping 22.5% increase in the median home sales price across the state of California; this will be the sixth consecutive year home sale prices have increases and the highest single year since 2014.
In a chart which details the breakdown of the market from C.A.R’s January 2021 Sales Report, we can see that the San Diego Real Estate market is as hot as ever. The median single family home sales price in San Diego in 2021 has risen from $660,000 in January of 2020 to $730,000 in January of 2021. Here in San Diego, we are also seeing a decrease in the number of homes left “unsold” and a much shorter time for homes which are listed on the market. In 2021 the average time a home is active on the market has dropped to only seven days, compared to last years average of 23 days.
A statement from C.A.R.’s Vice President and Chief Economist Jordan Levine details what he believes is contributing the growth of home prices:
“With the COVID-19 vaccine continuing to roll out, another fiscal stimulus relief package likely on the way and historically low interest rates, the housing market will continue to thrive.” He also said “The market outlook is stronger than previously projected as buyer demand continues to outstrip supply…”
This is projection is great news for San Diego homeowners looking to sell their homes! The staff of Golden Key Properties is not only knowledgeable in rental markets and practices, but in current sales market too! Our Realtors are familiar with San Diego markets and have a special focus in the North County San Diego area. If you are interested in finding out what your home may be worth, contact Leslie Dopirak in our office.
*The information and graphs in this blog were gathered from the “January Home Sales and Price Report” released by the California Association of Realtor on February 19, 2021. To read the full article click on the hyperlink below: CAR Jan. 2021 Sales Report.
