2021 proved to be another banner year for the San Diego real estate market, the U.S. economy and Red Hawk Realty. San Diego home prices grew over 27% year-over-year and the median list price was $779,900 – an increase of nearly 20%. Mortgage rates are still low but creeping up – surpassing 3% in November of 2021. Real inflation has also had an impact and stock markets are bracing for larger, faster rate hikes.
At Red Hawk Realty, we helped our buyers and sellers with a record number of transactions. Thanks to all of our clients out there, we were able to close 159 transaction sides in 2021!
What’s a transaction side?
Each real estate transaction has two sides, the buyer and the seller. Each side has their own representation but it is possible for the agent to handle both. This is called a dual agency.
In 2021, 40% of our transactions were dual agency! Our listing portfolio and market strategies attract global buyers.
2021 San Diego Real Estate Market Statistics
Want more stats? Here’s our 2021 by the numbers:
- $98+ million in brokerage transaction side volume
- 3+ transaction sides closed per week
- Highest sale in our core service area – $3,650,000
- 159 transaction sides closed
- 40% dual agency
Red Hawk Realty brokerage owners Donn Bree and Meriah Druliner have been providing entrusted real estate services for over 50 years combined. During that time, they have surrounded themselves with a multi-talented, highly skilled and qualified support team. What’s most important to this team is the clientele, explains Bree, “We’re in the business of relationships, and you are the focus… Who you work with matters.”
San Diego Real Estate Market Forecast for 2022
Existing housing trends will continue into early 2022. Zillow is expecting home value appreciation of 11.8% through May. Sustained low inventory and high demand for homes, particularly for those relocating from the Los Angeles and San Francisco areas, will continue to drive these numbers higher. Labor and supply shortages are also causing issues for new and remodeled homes – further reducing inventory and increasing prices. Below is a chart from Zillow showing the growth of median home values since 2011.
Housing Market Predictions
It is our prediction that this upward cycle will continue through 2022 but not with the same fervor of 2020-2021. The fed have hinted that interest rates will increase in July. This may cause issues for those looking to refinance or open a new mortgage – but we don’t anticipate a downward trajectory but rather slower, more steady increases.
Fear not! If you need help finding your dream backcountry home, ranch or farm, contact a Red Hawk Realty agent today.