San Diego market shift benefit buyers

ProWest Properties, DRE# 01146839, *Conditions apply

• The active listing inventory increased by 219 homes, up 5%, in the past couple of weeks and now stands at 4,476. In June, 36% fewer homes came on the market compared to the 3-year average before COVID (2017 to 2019), 1,845 fewer. Yet, 448 more sellers came on the market this June compared to June 2023. Last year, there were 2,611 homes on the market, 1,865 fewer homes, or 42% less. The 3-year average before COVID (2017 to 2019) was 7,049, or 57% extra, much higher.
   
• Demand, the number of pending sales over the prior month, increased by 13 pending sales in the past two weeks, up 1%, and now totals 1,861. Last year, there were 1,863 pending sales, nearly identical to today. The 3-year average before COVID (2017 to 2019) was 3,261, or 75% more.
   
• With supply rising faster than demand, the Expected Market Time (the number of days it takes to sell all San Diego County listings at the current buying pace) increased from 69 to 72 days in the past couple of weeks, its highest level since January 2023. Last year, it was 42 days, much faster than today. The 3-year average before COVID was 66 days, slightly faster than today. 
   
• In the past two weeks, the Expected Market Time for homes priced below $750,000 remained unchanged at 59 days. This range represents 28% of the active inventory and 34% of demand.
   
• The Expected Market Time for homes priced between $750,000 and $1 million increased from 54 to 55 days. This range represents 22% of the active inventory and 29% of demand.
   
• The Expected Market Time for homes priced between $1 million and $1.25 million increased from 55 to 56 days. This range represents 9% of the active inventory and 12% of demand.
   
• The Expected Market Time for homes priced between $1.25 million and $1.5 million increased from 77 to 83 days. This range represents 9% of the active inventory and 8% of demand.
   
• The Expected Market Time for homes priced between $1.5 million and $2 million increased from 82 to 87 days. This range represents 10% of the active inventory and 8% of demand.
   
• In the past two weeks, the Expected Market Time for homes priced between $2 million and $4 million increased from 110 to 146 days. The Expected Market Time for homes priced between $4 million and $6 million increased from 242 to 268 days. The Expected Market Time for homes priced above $6 million decreased from 1,620 to 483 days.
   
• The luxury end, all homes above $2 million, account for 21% of the inventory and 8% of demand.
   
• Distressed homes, both short sales and foreclosures combined, comprised only 0.3% of all listings and 0.4% of demand. Only eight foreclosures and four short sales are available today in San Diego County, with 12 total distressed homes on the active market, same as two weeks ago. Last year, nine distressed homes were on the market, similar to today.
   
• There were 1,996 closed residential resales in June, down 4% from June 2023’s 2,078 closed sales. June marked a 11% decrease compared to May 2024. The sales-to-list price ratio was 99.4% for all of San Diego County. Foreclosures accounted for only 0.25% of all closed sales, and short sales accounted for 0.10% of all closed sales. That means that 99.65% of all sales were good ol’ fashioned sellers with equity.