San Diego Real Estate Market Update – May 2021
Full Reports
Monthly Indicators
April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase.
Closed Sales increased 46.3 percent for Detached homes and 82.4 percent for Attached homes. Pending Sales increased 76.9 percent for Detached homes and 110.9 percent for Attached homes. Inventory decreased 60.4 percent for Detached homes and 59.9 percent for Attached homes.
The Median Sales Price was up 24.4 percent to $840,000 for Detached homes and 21.8 percent to $530,000 for Attached homes. Days on Market decreased 23.1 percent for Detached homes and 23.1 percent for Attached homes. Supply decreased 68.2 percent for Detached homes and 70.8 percent for Attached homes.
In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all trying their best to skate to where the puck, or rather, the housing market, is going, not where it has been. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.
Housing Supply Overview
April was another strong month for home sales across most market segments. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. Strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer. For the 12-month period spanning May 2020 through April 2021, Pending Sales in the San Diego were up 20.6 percent overall. The price range with the largest gain in sales was the $5,000,001 and Above range, where they increased 114.9 percent.
The overall Median Sales Price was up 11.9 percent to $659,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 13.6 percent to $749,900. The price range that tended to sell the quickest was the $500,001 to $750,000 range at 21 days; the price range that tended to sell the slowest was the $5,000,001 and Above range at 101 days.
Market-wide, inventory levels were down 60.2 percent. The property type with the smallest decline was the Condos – Townhomes segment, where they decreased 59.9 percent. That amounts to 0.7 months supply for Single-Family homes and 0.7 months supply for Condos.
Source/Credit: San Diego Association of Realtors / San Diego MLS
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