Sales jumped 34% to 378 properties in the first quarter
–North County Real Estate has rushed into the 2021 First Quarter with a vengeance. The median sales price topped $575,000 which translates to an 11% year over year price increase. Sales jumped up 34% to 378 units and inventory declined to 415 properties down 12% year over year. This report will examine the dynamics of this surge.
Demand for homes has been pulled forward since the onset of the pandemic. COVID created clarity in the minds of everyone. We are all on the clock and let’s do it now. Urban pricing is still high and that allows urban refugees to cash out and move to higher quality communities for half the price. Add in remote work opportunities, deteriorating cities, low interest rates, ballooning construction costs and you have a feeding frenzy for homes.