The San Elijo Hills/OCR Market in a few words
A RED HOT YEAR SO FAR…
The housing market continues to be the leader in the economy. Spring of 2021 showed extraordinary gains, fueled by more consumer confidence, thanks to the covid 19 vaccine and the reopening of many parts of the economy. Real estate prices were boosted by strong buyer demand, with buyers eager to benefit from very low mortgage rates, and the lack of supply for both attached and detached homes created multiple bids on many properties, pushing prices to new historic levels.
Mortgage rates remain near record lows and all signs point to a busy fall housing market. Buyers have really benefited from historic low interest rates, which has given them more purchasing power than they have seen in previous years.
In 92078, July 2021 vs July 2020, the median sales price was up 47% to $1,100,000 for detached homes and up 31% to $629,000 for attached homes (HomeDex Stats). Days on market decreased to less than 2 weeks for both detached and attached homes. Closed units retreated by 34% for detached homes and 20% for attached homes, illustrating the lack of inventory, therefore less sales.
SO WHAT’S NEXT?
The July numbers have reflected a slowing in the frantic pace of the market, but as we look towards the fall, it is anticipated the market will remain a seller’s market and prices will keep a positive pace, although likely at slower increases than spring-summer 2021. Inventory will likely remain low but demand will ease off a bit. Major price corrections are not anticipated, as long as interest rates remain low and the economy continues to recover. San Diego County housing market is priced well below many other coastal counties in the state, and we see many buyers relocating from those areas (as well as other states) as buyers are allowed to work from home, choosing SD County over other areas as their new home base.
This market is showing great opportunities for both buyers and sellers to make a move for various reasons. There are many strategies that we implement to maximize our clients’ success, whether buying or selling, and we welcome the opportunity to assist you, discuss the market and your goals. Let us know if we can help! Contact us today.
Source: NSDCAR, HOMEDEX, INFOSPARKS & Nicolas Jonville. Some numbers rounded and percent changes can sometimes look extreme due to small sample size of sales