San Diego Real Estate Update – February 2021

Hey there readers, we’re here to break down the monthly stats for January and see what’s brewing on the horizon this February!

Low Inventory Levels

We clearly came into this year with some of the lowest inventory levels ever seen. This played a role in prices increasing during the second half of 2020. We’ve all been hoping for some much needed respite from the pace of the price increase with new inventory hitting the market; sadly this hasn’t yet happened. Based on our on-ground reports, we do expect this inventory to come in soon. We had 1200 listings up in December last year and expected more coming into January but the number only marginally rose to 1400 or about an 8% increase month over month.

Buyer Pool

Sure enough, this low inventory was followed by the buyer pool. There are a lot of people looking to purchase judging from the number of properties going into escrow and only around 1400 coming onto the market, further throwing off inventory levels. When we pulled up the property values in January last year and compared it to last month, we’re looking at a whooping 15% increase in value across the county!

Sellers Rejoice!

This competitive market is definitely a good sign for sellers looking to make a move. Whether you’re planning on moving out or are just looking to get some capital into the bank, now’s a great time to do so! The scenario may seem bad for buyers at the outset, but what most people don’t realize is that the price being up or down by a large figure pales in comparison to the long-term affordability that low interest rates have to offer. And right now they’re at a history low! Don’t get discouraged when you see prices going up 15% year over year as the interest rates are also going down by a percent year over year.

How To Find Your Next Property?

You definitely have to be thorough and browse through all the new inventory hitting the market. But what really gives you an edge is having a team or agent, who can get out there and potentially find you a good deal off market. We at TrueLocal have an inside sales team that’s constantly reaching out to home sellers and putting feelers out there to help find our buyers something completely off market. If you haven’t already found something that suits you, do reach out to us and we will put together a campaign to help find you an ideal off market fit!

We hope you enjoyed this article!

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