December Market Update
San Diego Real Estate Market Update – November Recap
San Diego Association of Realtors® Monthly Indicators
November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.
Closed Sales decreased 22.9 percent for Detached homes and 4.4 percent for Attached homes. Pending Sales decreased 16.6 percent for Detached homes and 10.4 percent for Attached homes. Inventory decreased 49.3 percent for Detached homes and 31.3 percent for Attached homes.
The Median Sales Price was up 13.5 percent to $755,000 for Detached homes and 12.8 percent to $484,950 for Attached homes. Days on Market decreased 43.8 percent for Detached homes and 30.0 percent for Attached homes. Supply decreased 45.0 percent for Detached homes and 30.0 percent for Attached homes.
Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.
See the full report – SDAR Monthly Indicators
SDAR Housing Supply Report
Inventory remains constrained in most segments of the market, while buyer activity remains strong. With the holiday season upon us, both buyer and seller activity typically follow seasonal slowdowns before rebounding in the new year. For the 12- month period spanning December 2019 through November 2020, Pending Sales in San Diego were down 3.2 percent overall. The price range with the largest gain in sales was the 2,000,001 to 5,000,000 range, where they increased 32.3 percent.
The overall Median Sales Price was up 7.8 percent to $625,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 8.5 percent to $700,000. 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 95 days.
Market-wide, inventory levels were down 43.5 percent. The property type with the smallest decline was the Condos – Townhomes segment, where they decreased 31.3 percent. That amounts to 1.1 months supply for Single-Family homes and 1.4 months supply for Condos.
See the full report – SDAR Housing Supply report
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