August 1, 2021 Snapshot

august 1 market update > August 1, 2021 Snapshot - California Real Estate Expert Robert Wolf - California Real Estate Expert Robert Wolf >

The active listing inventory added 113 homes in the past two-weeks, up 4%, and now totals 3,172, its highest level of the year. In June, there were 14% fewer homes that came on the market compared to the 5-year average between 2015 to 2019 (2020 was skewed do to COVID-19), 714 less. Last year, there were 4,397 homes on the market, 1,225 additional homes, or 39% more.

Demand, the number of pending sales over the prior month, decreased by 49 pending sales in the past two-weeks, down 1%, and now totals 3,374. Last year, there were 3,870 pending sales, 15% more than today, due to a delayed Spring Market.Demand, the number of pending sales over the prior month, decreased by 49 pending sales in the past two-weeks, down 1%, and now totals 3,374. Last year, there were 3,870 pending sales, 15% more than today, due to a delayed Spring Market.

The Expected Market Time for all of San Diego County increased from 27 to 28 days in the past two weeks, a Hot Seller’s Market (less than 60 days). It was at 34 days last year and getting hotter.

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 54% of demand.

For homes priced between $750,000 and $1 million, the Expected Market Time is 28 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 22 days, a Hot Seller’s Market. This range represents 6% 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 increased from 27 to 30 days. For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 45 to 36 days. For homes priced between $2 million and $4 million, the Expected Market Time increased from 58 days to 70 days. For homes priced above $4 million, the Expected Market Time increased from 189 to 218 days.

The luxury end, all homes above $1.25 million, accounts for 29% of the inventory and only 16% of demand.

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