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San Diego Real Estate Update for August - Talk about HOT!

This past spring was rough in the world of San Diego real estate, as it was for most every industry. Many homeowners yanked their homes off the market or decided not to list amid fears of COVID 19 coming into their homes on someone’s shoes or fingers. And buyers pulled back as well, equally fearful of walking into a virus laden environment.

But life goes on and real estate was recognized as an essential service. The California Association of Realtors responded with a list of guidelines and a stack of new disclosures designed to safely allow the showing of homes and the closing of sales. As research on the virus increased, we also learned that transmittal is more likely from air born germs than by surface contact, which helped relax the fears of many.

Real estate sales during May were still fairly flat in San Diego county with just 1787 sales of detached and attached homes combined. In June that number increased by exactly 1000 to 2787 sales. Then along came July with sales that skyrocketed to 3406, even beating 2019 sales when there was no COVID 19.

Nationwide, homes sales are up 8.7% year-over-year and in the west specifically, sales are up 7.8% and the median home price is up 11.8%. Consumers are now clearly comfortable buying and selling during the pandemic and the Spring buying season that was delayed due to the virus is now expected to last into fall.

With inventory and interest rates at record lows this is a great time to sell your home. It should also be noted that with more people working from home and taking fewer vacations, buyers are increasingly looking for homes with dedicated workspace and outdoor areas with amenities such as pools or spas for a relaxing staycation.

If you are interested in a no-obligation consultation regarding selling or buying, please don’t hesitate to give me a call.

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