Advocating for San Diego Property Rights
Strong San Diego real estate buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling. (By San Diego standards)
Closed Sales decreased 3.9 percent for Detached homes and 2.9 percent for Attached homes. Pending Sales increased 5.6 percent for Detached homes and 22.6 percent for Attached homes.
Inventory decreased 53.0 percent for Detached homes and 28.3 percent for Attached homes.
The Median Sales Price was up 17.0 percent as of September,2020 to $753,500 for Detached homes and 17.2 percent to $491,000 for Attached homes.
Days on Market decreased 31.3 percent for Detached homes and 21.4 percent for attached homes.
Supply decreased 52.0 percent for Detached homes and 29.2 percent for Attached homes.
While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19.
Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.