Pretty much all of 2020 was a rollercoaster ride, real estate included. Will 2021 be more of the same? To find out, today we’ll review the 2020 year-end stats from our San Diego County real estate market and compare them to the tail end of 2019.
Though pending sales dipped slightly and significantly fewer listings hit the market last year, we saw a double-digit increase in our average sales price. The supply of available homes for sale dropped by nearly 50% year over year, partly due to a surge in demand; with interest rates less than inflation, buyers were eager to get their hands on cheap money.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message, or use these timestamps to skip to topics that interest you most:
0:43 — New listings are down nearly a quarter year over year; pendings dipped a bit as well
1:34 — 2020’s year-end supply was practically half of what we had at the close of 2019
2:11 — Why we tend not to focus too heavily on average prices and median prices
3:12 — The average sales price increased by 11% in 2020; days on market decreased by 22%
3:44 — If you’re thinking about selling soon, what do all these numbers mean for you?
4:32 — Why are so many buyers rushing into this low-inventory market?
5:41 — Concluding today’s topic
As always, if you’re interested in getting your hands on data specific to your neighborhood or want to get the ball rolling on your 2021 home sale or purchase, please reach out by phone or email. I’m always here to be a real estate resource, and I’d love to hear from you soon.