As we close out 2019, our San Diego real estate market is strong.
What’s the latest news from our San Diego market as we wrap up 2019? Where do things stand compared to last year?
Interest rates have dropped about 1% since 2018, and this has boosted homeownership and made people more confident in buying a home. Last winter, this confidence simply wasn’t there.
As a result, sales for detached single-family homes have risen about 5.7%. Prices have risen about 5.7% for detached single-family homes as well. Condos and townhomes, on the other hand, have been suffering a bit. As I said, interest rates are very low, and this has caused buyers who’d normally buy a condo or townhome before buying a detached home skip this step entirely.
“Interest rates have dropped about 1% since 2018.”
Looking ahead to 2020, I’m excited for our San Diego market. Our market is strong, and we have about two months’ worth of inventory. As we know, real estate is all about supply and demand, and if there’s not much supply and a lot of demand, that will drive prices up.
If you have any more questions about our San Diego market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.
