July 2020 San Diego Report on Housing Inventory
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The active listing inventory decreased by 124 homes in the past two weeks, down 3%, and now totals 4,577, its lowest level for July since 2015. In the past four-weeks, 15% fewer homes were placed on the market compared to the prior 5-year average. It was a 42% difference at the end of April; thus, COVID-19’s grip on suppressing the inventory is diminishing. Last year, there were 7,388 homes on the market, 2,811 more than today, or an extra 61%.
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Demand, the number of pending sales over the prior month, decreased by 137 pending sales in the past two weeks, down 4%, and now totals 3,625, still the highest level for July since tracking began in 2012. COVID-19 currently has no effect on demand. Last year, there were 3,074 pending sales, 15% fewer than today.
The Expected Market Time for all of San Diego County increased slightly from 37 days to 38, a Hot Seller’s Market (less than 60 days). It was at 72 days last year, much 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 27 days. This range represents 48% of the active inventory and 67% of demand.
For homes priced between $750,000 and $1 million, the expected market time is 35 days, a Hot Seller’s Market. This range represents 15% of the active inventory and 16% of demand.
For homes priced between $1 million to $1.25 million, the expected market time is 43 days, a Hot Seller’s Market. This range represents 6% of the active inventory and 6% of demand.
For luxury homes priced between $1.25 million and $1.5 million, in the past two weeks, the Expected Market Time increased from 62 to 69 days. For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 97 to 85 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time decreased from 137 to 121 days. For luxury homes priced above $4 million, the Expected Market Time decreased from 316 to 262 days.
The luxury end, all homes above $1.25 million, accounts for 31% of the inventory and only 12% of demand.
Distressed homes, both short sales, and foreclosures combined, made up only 0.5% of all listings and 0.8% of demand. There are only 15 foreclosures and 9 short sales available to purchase today in all of San Diego County, 24 total distressed homes on the active market, down 7 from two weeks ago. Last year there were 43 total distressed homes on the market, a bit more than today.
There were 3,137 closed residential resales in June, 4% more than June 2019 when there were 3,026 closed sales. June marked a 58% increase over May 2020. The sales to list price ratio was 98% for all of San Diego County. Foreclosures accounted for just 0.4% of all closed sales, and 0.5% of all sales were short sales. That means that 99.1% of all sales were good ol’ fashioned sellers with equity.