From San Diego to Santa Barbara, 2021 was a record-breaking year for luxury real estate setting the stage for 2022. Sales activity reached historic levels in 2021 as did prices throughout Southern California. Here’s a look at what’s ahead in some of the hottest local luxury markets.
Greater San Diego
Andy Nelson, president of Willis Allen Real Estate, a leading luxury brokerage in San Diego, expects 2022 to continue the trend. “It’s basic Keynesian economics of supply and demand fundamentals,” he says. “Right now, the biggest issue is the threat of COVID. Big decisions are on hold. Though I still see future growth in the real estate world.”
According to the Greater San Diego Assn. of Realtors November Housing Supply Overview: “After a year of record-setting activity, homes are still selling quickly and at a steady pace … strong demand and low inventory help insure the market will remain competitive for a long time.”
For the 12-month period spanning December 2020 through November 2021 the overall median sales price in San Diego was up 16.8% to $730,000. The largest price gains were in the single-family homes segment, where prices increased 18.3% to $835,000 CLICK for article.