September 27, 2021 Snapshot

sep27mkt > September 27, 2021 Snapshot - California Real Estate Expert Robert Wolf - California Real Estate Expert Robert Wolf >
  • The active listing inventory added 33 homes in the past two-weeks, up 1%, and now totals 2,940, just two weeks after its largest drop of the year. In August, there were 21% fewer homes that came on the market compared to the 3-year average between 2017 to 2019 (2020 was skewed do to COVID-19), 1,036 less. Last year, there were 4,204 homes on the market, 1,264 additional homes, or 43% more.
  • Demand, the number of pending sales over the prior month, decreased by 68 pending sales in the past two weeks, down 2%, and now totals 3,277. Last year, there were 3,860 pending sales, 18% more than today, due to a delayed Spring Market.
  • The Expected Market Time for all of San Diego County increased from 26 to 27 days in the past two weeks, a Hot Seller’s Market (less than 60 days). It was at 33 days last year, similar to today.
  • For homes priced below $750,000, the market is a Hot Seller’s Market (less than 60-days) with an Expected Market Time of 22 days. This range represents 42% of the active inventory and 53% of demand.
  • For homes priced between $750,000 and $1 million, the Expected Market Time is 25 days, a Hot Seller’s Market. This range represents 22% of the active inventory and 24% of demand.
  • For homes priced between $1 million to $1.25 million, the Expected Market Time is 28 days, a Hot Seller’s Market. This range represents 7% of the active inventory and 7% of demand.
  • For luxury homes priced between $1.25 million and $1.5 million, in the past two-weeks, the Expected Market Time increased from 27 to 29 days. For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 34 to 33 days. For homes priced between $2 million and $4 million, the Expected Market Time increased from 45 to 55 days. For homes priced above $4 million, the Expected Market Time decreased from 169 to 164 days.
  • The luxury end, all homes above $1.25 million, accounts for 29% of the inventory and only 17% of demand.
  • Distressed homes, both short sales and foreclosures combined, made up only 0.4% of all listings and 0.2% of demand. There are only 9 foreclosures and 3 short sales available to purchase today in all of San Diego County, 12 total distressed homes on the active market, down 4 in the past two-weeks. Last year there were 15 total distressed homes on the market, similar to today.
  • There were 3,624 closed residential resales in August, 1% less than August 2020’s 3,646 closed sales. August marked a 3% decrease from July 2021. The sales to list price ratio was 101.8% for all of San Diego County. Foreclosures accounted for just 0.4% of all closed sales, and short sales accounted for 0.2%. That means that 99.4% of all sales were good ol’ fashioned sellers with equity.

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