2021 was an amazing year for San Diego’s luxury homes market and 2022 looks to set new records with an insanely hot market.
The pandemic showed us that working from home is possible and San Diego experienced an influx of professional, well heeled buyers from the Bay Area and Silicon Valley. Seeking more space, affordable property (comparatively!) and warmer weather, San Diego was the perfect match. With record low inventory, buyers are falling over themselves to be the first to see a home as soon as it hits the market.
Homes for sale, between $1.5m and $3m, can expect to see multiple offers, bidding wars and a quick sale, often from cash ready buyers. That's not expected to slow any time soon! The feeding frenzy continues with buyers standing by to pay on or over asking price to secure their dream home.
What counts as ‘luxury’ is also open to review. With property prices soaring, the definition of a luxury home in San Diego rose from $1.2m to $1.5m last year. According to the most recent forecasts, home values will continue to rise with the county experiencing a further 11.8% growth through the spring of 2022.
With the median listing price in 92127 alone at over $2m, Team Kolker has the expertise to guide you through selling and buying in this crazy hot market.
As with all areas of the property market, luxury inventory remains at a record low. However, don’t let that deter you from finding your dream home. We have got your back and have been creative in helping our clients secure the property they want for the best possible price .
Our solid community connections have helped us to find our clients off market homes, potentially avoiding the ensuing bidding wars. Let us help you find your way through one of the country's hottest markets.
We hope you found this information useful. If you have any questions please reach out. Contact us here.