July 15, 2021 Snapshot

jul15mkt > July 15, 2021 Snapshot - California Real Estate Expert Robert Wolf - California Real Estate Expert Robert Wolf >

The active listing inventory added 212 homes in the past two-weeks, up 7%, and now totals 3,059, its highest level of the year. In June, there were 15% fewer homes that came on the market compared to 5-year average between 2015 to 2019 (2020 was skewed do to COVID-19), 791 less. Last year, there were 4,577 homes on the market, 1,518 additional homes, or 50% more.

Demand, the number of pending sales over the prior month, decreased by 35 pending sales in the past twoweeks, down 1%, and now totals 3,423. Mortgage rates remain at historically low levels, maintaining demand’s current brisk pace. Last year, there were 3,625 pending sales, 6% more than today. It was just the second time the prior year was higher than the current year dating back to June 2020.

The Expected Market Time for all of San Diego County increased from 25 to 27 days in the past two weeks, a Hot Seller’s Market (less than 60 days). It was at 38 days last year, still plenty hot, but slower than 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 20 days. This range represents 41% of the active inventory and 55% of demand.

For homes priced between $750,000 and $1 million, the Expected Market Time is 27 days, a Hot Seller’s Market. This range represents 22% of the active inventory and 22% of demand.

For homes priced between $1 million to $1.25 million, the Expected Market Time is 23 days, a Hot Seller’s Market. This range represents 7% of the active inventory and 8% of demand.

For luxury homes priced between $1.25 million and $1.5 million, in the past two-weeks, the Expected Market Time decreased from 32 to 27 days. For homes priced between $1.5 million and $2 million, the Expected Market Time increased from 34 to 45 days. For homes priced between $2 million and $4 million, the Expected Market Time increased from 50 days to 58 days. For homes priced above $4 million, the Expected Market Time decreased from 199 to 189 days.

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