July 1, 2021 Snapshot
The active listing inventory added 84 homes in the past two-weeks, up 3%, and now totals 2,847, its highest level of the year. From June 1st through June 15th, there were 15% fewer homes that came on the market compared to 5-year average between 2015 to 2019 (2020 was skewed do to COVID-19), 391 less. Last year, there were 4,701 homes on the market, 1,854 additional homes, or 65% more.
Demand, the number of pending sales over the prior month, decreased by 126 pending sales in the past two-weeks, down 4%, and now totals 3,458, its largest decrease of the year. Mortgage rates remain at historically low levels, maintaining demand’s current brisk pace. Last year, there were 3,762 pending sales, 9% more than today. It was the first time the prior year was higher than the current year dating back to June 2020.
The Expected Market Time for all of San Diego County increased from 23 to 25 days in the past two weeks, a Hot Seller’s Market (less than 60 days). It was at 37 days last year, still plenty hot, but slower than 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 42% of the active inventory and 55% of demand.
For homes priced between $750,000 and $1 million, the Expected Market Time is 22 days, a Hot Seller’s Market. This range represents 20% of the active inventory and 22% of demand.
For homes priced between $1 million to $1.25 million, the Expected Market Time is 24 days, a Hot Seller’s Market. This range represents 7% of the active inventory and 7% of demand.