Buyer Frustration with lack of homes, what's NEXT

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Would you believe that San Diego is a hot seller's market? Of course, here's what you may not know. Not much is predicted to change. So if you've been waiting to buy, you may want to do it sooner, rather than later. Check out the chart below. 

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San Diego County Housing Summary
 

• The active listing inventory plunged by 367 homes in the past two weeks, down 10%, and now totals 3,304, the lowest level since tracking began in 2012. COVID-19 is suppressing the inventory slightly again, most likely due to increasing Coronavirus cases. From mid-October through mid-November, there were 3% more homes that came on the market compared to last year. Last year, there were 5,810 homes on the market, 2,506 more than today, or an extra 76%.

 

• Demand, the number of pending sales over the prior month, dropped by 243 pending sales in the past two weeks, down 7%, and now totals 3,152. COVID-19 currently has no effect on demand. Last year, there were 2,561 pending sales, 19% fewer than today.

 

• The Expected Market Time for all of San Diego County remained decreased from 32 to 31 days in the past two weeks, a Hot Seller’s Market (less than 60 days). It was at 68 days last year, 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 23 days. This range represents 48% of the active inventory and 65% of demand.

 

• For homes priced between $750,000 and $1 million, the expected market time is 26 days, a Hot Seller’s Market. This range represents 14% of the active inventory and 17% of demand.

 

• For homes priced between $1 million to $1.25 million, the expected market time is 32 days, a Hot Seller’s Market. This range represents 6% of the active inventory and 6% of demand. (click here for the full report for free)

 

• For luxury homes priced between $1.25 million and $1.5 million, in the past two weeks, the Expected Market Time increased from 42 to 50 days. For homes priced between $1.5 million and $2 million, the Expected Market Time increased from 55 to 57 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time decreased from 116 to 109 days. For luxury homes priced above $4 million, the Expected Market Time decreased from 495 to 423 days.

 

• The luxury end, all homes above $1.25 million, accounts for 32% of the inventory and only 12% of demand.

 

• Distressed homes, both short sales, and foreclosures combined, made up only 0.8% of all listings and 0.6% of demand. There are only 19 foreclosures and 6 short sales available to purchase today in all of San Diego County, 25 total distressed homes on the active market, unchanged in the past two weeks. Last year there were 42 total distressed homes on the market, slightly more than today.

 

• There were 3,673 closed residential resales in October, 19% more than in October 2019 when there were 3,087 closed sales. October marked a 2% drop compared to September 2020. The sales to list price ratio was 99.2% for all of San Diego County. Foreclosures accounted for just 0.4% of all closed sales, and 0.4% of all sales were short sales. That means that 99.2% of all sales were good ol’ fashioned sellers with equity.

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