San Diego Housing March 18, 2025

What's My Home Worth?

• The active listing inventory in the past couple of weeks soared by 269 homes, up 6%, and now sits at 4,543, its highest mid-March level since 2019. For February, 3,023 new sellers entered the market in San Diego County, 881 fewer than the 3-year average before COVID (2017 to 2019), 23% less. Last February, there were 2,516 new sellers, 17% fewer than this year. Last year, there were 2,798 homes on the market, 1,745 fewer homes, or 38% less. The 3-year average before COVID (2017 to 2019) was 5,598, or 23% extra.
   
• Demand, the number of pending sales over the prior month, rose by 24 pending sales in the past two weeks, up 1%, and now totals 1,836, its lowest mid-March reading since tracking began in 2012. Last year, there were 1,854 pending sales, 1% more. The 3-year average before COVID (2017 to 2019) was 3,227, or 76% more.
   
• With supply surging higher compared to the small rise in demand, the Expected Market Time, the number of days to sell all San Diego County listings at the current buying pace, increased from 71 to 74 days in the past couple of weeks, its first increase since January. It was 45 days last year, substantially faster than today. The 3-year average before COVID (2017 to 2019) was 52 days, also faster today.
   
• In the past two weeks, the Expected Market Time for homes priced below $750,000 increased from 73 to 80 days. This range represents 33% of the active inventory and 31% of demand.
   
• The Expected Market Time for homes priced between $750,000 and $1 million increased from 56 to 57 days. This range represents 22% of the active inventory and 28% of demand.
   
• The Expected Market Time for homes priced between $1 million and $1.25 million increased from 55 to 57 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 decreased from 68 to 63 days. This range represents 8% of the active inventory and 10% of demand.
   
• The Expected Market Time for homes priced between $1.5 million and $2 million decreased from 86 to 73 days. This range represents 9% of the active inventory and 9% of demand.
   
• In the past two weeks, the Expected Market Time for homes priced between $2 million and $4 million increased from 83 to 108 days. For homes priced between $4 million and $6 million, the Expected Market Time increased from 158 to 196 days. For homes priced above $6 million, the Expected Market Time increased from 400 to 471 days.
   
• The luxury end, all homes above $2 million, account for 19% of the inventory and 10% of demand.
   
• Distressed homes, both short sales and foreclosures combined, comprised only 0.4% of all listings and 0.7% of demand. Only eight foreclosures and 12 short sales are available today in San Diego County, with 20 total distressed homes on the active market, down four from two weeks ago. Last year, 12 distressed homes were on the market, similar to today.
   
• There were 1,650 closed residential resales in February, down 7% from February 2024’s 1,783 closed sales. February marked a 12% increase compared to January 2024. The sales-to-list price ratio was 99.3% for all of San Diego County. Foreclosures accounted for 0.2% of all closed sales last month, and short sales accounted for 0.1% of all closed sales. That means that 99.7% of all sales were good ol’ fashioned sellers with equity.