October 18, 2021 Snapshot
The active listing inventory shed 272 homes in the past two-weeks, down 9%, and nowtotals 2,668, its largest drop of the year. From September 1st through the 15th, there were19% fewer homes that came on the market compared to the 3-year average between 2017to 2019 (2020 was skewed due to COVID-19), 413 less. Last year, there were 3,958 homeson the market, 1,290 additional homes, or 48% more.
Demand, the number of pending sales over the prior month, decreased by 146 pending sales in the past two weeks, down 4%, and now totals 3,131. Last year, there were 3,637pending sales, 16% more than today, due to a delayed Spring Market.
The Expected Market Time for all of San Diego County decreased from 27 to 26 days in thepast 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 20 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 25 days, still 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 25 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 decreased from 29 to 23 days. For homes priced between $1.5million and $2 million, the Expected Market Time decreased from 33 to 31 days.
For homes priced between $2 million and $4 million, the Expected Market Time increased from 55 to59 days.
For homes priced above $4 million, the Expected Market Time increased from 164 to 201 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 8 foreclosures and 2 short sales available to purchase today in all of San Diego County, 10 total distressed homes on the active market, down 2 in the past two-weeks. Last year there were 29 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.