San Diego Real Estate Statistics 2022-2021
- San Diego Single Family Homes Find 15.6 Percent Year-Over-Year
- 45% of San Diego Homes Sell Above List Price
- San Diego Condo and Town Home Inventory Down 56%
- San Diego List Prices 8% from October to November
- San Diego Median Home Value Forecast to Increase 22%
- San Diego Inventory Falls 41% Since Last June
- Nation’s Costliest Property In Three San Diego Zip Codes
- San Diego Median Listing $539 Per Square Foot
San Diego Real Estate Facts 2021-2022
Marco Santarelli of Norada Real Estate Investments cites a C.A.R. report evidencing positive home price trends in Southern California with a 15.6% Year-Over-Year increase in the median price of San Diego single-family dwellings. The author notes that while sales fell by over 10% (source), the median home prices for single-family homes rose by over 15% from $755,000 to $850,000. Home values finding such a substantial increase of almost $100,000 may be stimulating the downward market for sales. Yet withal, inventory remains low, as do mortgage interest rates, both of which are generating pent-up demand in the San Diego housing market. Buyers in the area are demanding more space in neighborhoods outside of the city’s center. The demand for larger homes coupled with record low rates that create a sense of urgency among buyers are principal among several key factors driving the median home price higher for single-family residences in San Diego. (https://www.noradarealestate.com/blog/san-diego-real-estate-market/)
Scott Taylor from the San Diego Real Estate Hunter writes that 45% of all San Diego Homes sell above the listing price. This estimate is sourced from accumulated data collected by CoreLogic and Zillow. The uptick in remote work has been fueling this trend. In the past, the commute from San Diego to Los Angeles dissuaded L.A.-based employees from purchasing homes in San Diego. With more Los Angeleno employees now working from home, competition among buyers in the San Diego housing market has become increasingly stiff.(https://www.sandiegorealestatehunter.com/blog/san-diego-real-estate-market-forecast/)
Robert and Joy Aumann mention on their Luxury SoCalRealty site that townhome and condo inventory is down substantially by more than 56% year-over-year as of September 2021. They maintain that San Diego’s local economy recovering from the 2020’s health crisis faster than other areas of the state. Likewise, the hospitality industry is fairing much better than other areas of the nation which is stimulating confidence among potential buyers in and around San Diego. That said, as of August, employment growth remained somewhat stagnant. Likewise, because of national and local moratoriums, there is still much uncertainty about the actual number of homes in default. It’s uncertain how many distressed sales will emerge in the future that may impact San Diego home prices in the coming months.(https://www.luxurysocalrealty.com/blog/san-diego-real-estate-market/)
San Diego Real Estate Trends
The Motovo Real Estate site (https://www.movoto.com/san-diego-ca/market-trends/) affirms that median home prices in San Diego, from October to November in 2021, was up a staggering 8% in just one month. According to the site, homes are spending more time in a listing or pending status. And while the median home price was up nearly 10% in just a month, San Diego this site maintains prices are markedly down from 2020 levels. In October of 2020, according to this author, the median home price in San Diego was $1,299,500. If factual, this steep increase may be attributable to a natural market correction.
Than Merrill, on his Fortune Builders investor site (https://www.fortunebuilders.com/san-diego-real-estate-market-trends/), projects San Diego property equity to increase by 22% by the end of 2022. This optimistic figure finds support in the demonstrable inventory scarcity in the San Diego housing market. With prospects of obtaining a fixed thirty-year mortgage under 3%, housing moves from list to contract status after only a few days, and usually not more than two weeks. Merrill confirms, demand for San Diego housing quickly turned into fierce competition over the course of 2021.” Should rates remain low, this upward trend is likely to continue in 2022.
San Diego House Market Trends
Low inventory continues to drive median home sale prices up in San Diego according to the First Team Real Estate group on their company site (https://www.firstteam.com/san-diego-county-real-estate-market-update/). With mortgage rates remaining low over the summer of 2021, San Diego saw record increased rates concerning median home sale prices. The limited supply sustained itself by way of strong buyer demand in San Diego. Expect this trend to continue as long as interest rates remain at or near historical lows.
FOX 5, San Diego’s local FOX station, boasts on their site (https://fox5sandiego.com/news/local-news/three-san-diego-zip-codes-make-list-of-nations-most-expensive-housing/) that three San Diego postal codes made a list of the most expensive property in the United States. This list included Rancho Santa Fe’s 92067, Coronado’s 92118, and Del Mar’s 92014. The ranking of 100 properties in total, named Racho Santa Fe as the most expensive zip code in San Diego. The 2021 median home price in that area is $3,399,000. Coronado came in at the 63rd most expensive market in the US, based upon its $1,940,000 median sale price on the year. The coastal community of Del Mar was the last to break the list with an average median home price of $1,850,000. While the San Diego area only accounts for 3% of this list, California Properties, in comparison, made up 70% of the 100 rankings. The article notes some areas between L.A. and San Diego, such as Carlsbad, remain affordable, with some condos still available in the $200,000 range.
Toogood Realty similarly verifies several steep upward trends in the San Diego real estate market, maintaining that it has remained a seller’s market throughout 2021. For the year, the median listing price per square foot was $539. That figure is noteworthy because many of the properties sold in San Diego were smaller condos, many of them not more than 700 square feet. It’s not only mansions and expansive single-family residences that command a high price point in San Diego. With more people looking to buy now than ever, it’s unlike this high cost per square foot in San Diego will change soon. Mitigating factors, however, could exist if a significant distressed property market emerges. Alternately, if interest rates rise to combat general inflation, median home prices could go down.