While we’re talking about the median sales price of detached-homes in San Diego County, let’s review the last ten years. There usually is some dropoff towards the end of the year:
The last frenzy in 2013 saw the median sales price increase 26% between January and September.
The Greatest Frenzy of All-Time started with closings in May, 2020 that had a median sales price of $660,000. It peaked in June/July at $875,000, which is a 33% increase and lasted five more months than in 2013. I’m happy with it, the fun was great while it lasted, and now here we are.
Well, at least until 2022.
There was some hesitancy in the market at the end of 2013, but it took off again in 2014.
Look at the difference though (the graph is interactive).
The increase was only +7% between September, 2013 and June, 2014 before it decelerated again – and the median sales price in November was back to where it was in the previous September!
Sellers should appreciate the big boost we’ve had, and the uncertainty of the future. Don’t attempt to time the market for max return – it’s great where it is today.