Take a deep breath – can you feel that? Spring is in the air in San Diego, CA! It’s time to come out of hibernation, dust off those gardening tools, and get ready to tackle those spring-cleaning lists. When you think of the busiest time of the year in real estate, summer may come to mind. Can I let you in on a little secret? It’s actually spring. So, let’s take a peek into what’s happening in the area. Find out what that means if you are looking to purchase a new home or place yours on the market.
San Diego County Real Estate Market Trends
Compared to a year ago, San Diego County has seen a 39.2% decrease in the number of active listings. Last month featured 2100 active homes, 2809 pending properties, and 2451 homes sold averaging 22 days on market with a median sales price of $780,000. This season, competition may heighten with buyers looking to lock in at current interest rates before they rise.
San Diego County Real Estate Market Trends
Since January 2021, nationwide single-family annual rent growth has risen by 12%, climbing to record levels. This uptick in monthly costs has caused many to wonder if buying a home is a more viable option. A major perceived hurdle for quite a few people is the notion that you will need a large sum of money for a down payment. This has only been exacerbated by higher rent prices hindering the ability to build up savings. Don’t give up hope just yet!
There are a variety of loans that require a lower down payment, as well as incentive programs to make homeownership a reality. San Diego County offers down payment/closing cost assistance for qualified individuals, as well as programs for first-time homebuyers.
That said, with the market as competitive as it is, even juicy cash offers can lose out these days. It’s critical to work with an experienced Encinitas real estate agent who will provide honest, accurate guidance on what your options actually are.
A Good Time to Sell Your North County Home
It’s no secret that due to inventory in short supply, it is a seller’s market. San Diego County homes are in high demand. The average listing selling for 105.1% of its original listing price in February. The upcoming spring selling season is anticipated to sustain this trend of multiple offers and higher asking prices, allowing sellers to weigh their options and choose the best offer for their bottom line.
This time of the year is all about renewal, vibrance, movement, and new possibilities – the perfect moment to begin your journey of buying or selling. Whatever your real estate needs may be, we are here to help with every step of the way. If you have a question, or if you or someone you know can benefit from trusted real estate advice, please contact us today. We’re happy to help!
Your Local San Diego, CA Real Estate Experts
For the past decade working side by side, Mark & Pete Caspersen have perfected their team approach to selling real estate in San Diego and North County. Specializing in residential, luxury, oceanfront, and investment properties, the Caspersen Group is renowned for their attentive service, leading-edge strategy and marketing, and no-nonsense style. Whether you’re making a move or hunting for your dream home, Mark & Pete are dedicated to making your process easygoing, stress-free and successful.
