August 15, 2021 Snapshot
The active listing inventory added 8 homes in the past two-weeks, nearly unchanged, and now totals 3,180, its highest level of the year. In July, there were 7% fewer homes that came on the market compared to the 3-year average between 2017 to 2019 (2020 was skewed do to COVID-19), 363 less. Last year, there were 4,180 homes on the market, 1,000 additional homes, or 126% more.
Demand, the number of pending sales over the prior month, decreased by 54 pending sales in the past two-weeks, down 2%, and now totals 3,320. Last year, there were 4,005 pending sales, 31% more than today, due to a delayed Spring Market.
The Expected Market Time for all of San Diego County increased from 28 to 29 days in the past two weeks, a Hot Seller’s Market (less than 60 days). It was at 31 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 23 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 27 days, a Hot Seller’s Market. This range represents 22% of the active inventory and 23% 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 30 to 33 days. For homes priced between $1.5 million and $2 million, the Expected Market Time increased from 36 to 37 days. For homes priced between $2 million and $4 million, the Expected Market Time decreased from 70 to 56 days. For homes priced above $4 million, the Expected Market Time decreased from 218 to 184 days.
The luxury end, all homes above $1.25 million, accounts for 30% 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 10 foreclosures and 2 short sales available to purchase today in all of San Diego County, 12 total distressed homes on the active market, down 3 in the past two-weeks. Last year there were 17 total distressed homes on the market, similar to today.
There were 3,922 closed residential resales in June, 25% more than June 2020’s 3,137 closed sales. June marked a 12% increase from May 2021. The sales to list price ratio was 102.7% for all of San Diego County. Foreclosures accounted for just 0.4% of all closed sales, and short sales accounted for 0.1%. That means that 99.5% of all sales were good ol’ fashioned sellers with equity.