San Diego Housing Report - July 2020
With A Low Supply And Strong Demand, The Market Has Not Been This Hot Since 2013.
While unemployment is still high and the overall economy is slowly crawling its way out of a forced stoppage, housing has been a bright spot with a “V-Shaped” recovery. It came roaring back and trends have emerged that pave the way to a strong finish to 2020 in San Diego County.
The active listing inventory has dropped to unprecedentedly low levels. Even at the start of the year, there were not that many homes on the market. Anything that did come on the market quickly opened escrow. Even prior to the shutdown, the inventory had dropped from 4,744 at the beginning of January to 4,652 by March 5th, a decline of 2%. In March, it was at low levels last experienced in 2013. During the lockdown, COVID-19 suppressed the number of homeowners coming on the market. In April, there were 42% fewer homes that came on the market compared to the 5-year average.