November 8, 2021 Snapshot

Nov 8 market snapshot > November 8, 2021 Snapshot - California Real Estate Expert Robert Wolf - California Real Estate Expert Robert Wolf >

The active listing inventory shed 256 homes in the past two-weeks, down 10%, and now totals 2,364. In September, there were 15% fewer homes that came on the market compared to the 3-year average between 2017 to 2019 (2020 was skewed due to COVID-19), 635 less. Last year, there were 3,775 homes on the market, 1,411 additional homes, or 60% more.

Demand, the number of pending sales over the prior month, decreased by 102 pending sales in the past two weeks, down 3%, and now totals 3,005. Last year, there were 3,637 pending sales, 21% more than today, due to a delayed Spring Market.

With a large drop in the supply and smaller drop in demand , the Expected Market Time for all of San Diego County decreased from 25 to 24 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 19 days. This range represents 41% of the active inventory and 52% of demand.

For homes priced between $750,000 and $1 million, the Expected Market Time is 21 days, a Hot Seller’s Market. This range represents 22% of the active inventory and 25% of demand.

For homes priced between $1 million to $1.25 million, the Expected Market Time is 20 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 30 to 29 days. For homes priced between $1.5 million and $2 million, the Expected Market Time increased from 28 to 32 days. For homes priced between $2 million and $4 million, the Expected Market Time increased from 48 to 51 days. For homes priced above $4 million, the Expected Market Time increased from 182 to 234 days.

The luxury end, all homes above $1.25 million, accounts for 31% of the inventory and only 15% 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 7 foreclosures and 3 short sales available to purchase today in all of San Diego County, 10 total distressed homes on the active market, down 1 in the past two-weeks. Last year there were 30 total distressed homes on the market, similar to today.

There were 3,532 closed residential resales in September, 6% less than September 2020’s 3,753 closed sales. September marked a 3% decrease from August 2021. The sales to list price ratio was 100.8% for all of San Diego County. Foreclosures accounted for just 0.4% of all closed sales, and short sales accounted for 0.3%. That means that 99.3% of all sales were good ol’ fashioned sellers with equity.

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