We’re into the latter half of April 2021, and here are the leading indicators as to where our San Diego County real estate market is headed:
Two numbers that stick out here: the pending listings and supply. The 53% increase in pending listings and a 64% drop in supply are the biggest changes we’ve seen in many months. Considering everything that happened with COVID last year, I more or less expected these numbers to look how they look, and I expect the same picture next month (and next year). The stat we’ll pay attention to most is the number of new listings. We’ll be watching to see whether more people put their homes on the market now that things are opening back up.
The only real change we’re seeing now that we haven’t seen all year is the number of requested showings, which is declining. Is that a sign the market is changing? I may have an answer for you in my next monthly update. I don’t normally include the median and average sale prices as part of my statistical analysis because they’re a reflection of what’s previously happened in the market instead of an indicator of what’s going to happen. That said, the $880,000 average is the highest we’ve ever seen.
Overall, our market is moving quickly. If you’re selling your home, there are still fewer homes on the market now than there were last year, which is surprising, and there are still tons of buyers out there, so you can expect multiple offers. If you’re a buyer, make your strongest offer for the home you want, because there’s competition for nearly every listing out there.
As always, if you have questions about our San Diego County market or there’s anything I can help you with, don’t hesitate to reach out to me. I’d love to hear from you.