Zillow’s estimates of appreciation over the next year:
Carmel Valley, 92130: +7.2%
NW Carlsbad, 92008: +7.7%
SE Carlsbad, 92009: +7.2%
Encinitas, 92024: +7.2%
Del Mar, 92014: +6.9%
La Jolla, 92037: +7.2%
Rancho Santa Fe, 92067: +6.9%
Santaluz/4S/Del Sur, 92127: +7.1%
It looks like Zillow expects 7% price appreciation for our area, which is wildly explosive for them. I looked up a an old blog post where their forecast numbers were virtually all 1s, 2s, and 3s for several years, and the actual increases usually exceeded the Zillow guesses.
Relatively-speaking, they are suggesting full-blown frenzy conditions!
Tight Inventory + Record Low Interest Rates = High Appreciation
Buyers should be well aware by now and want to get ‘er done early before it gets any worse (higher).
It should mean a fast start in 2021, like we had this year before the ‘rona.