San Diego Housing March of 2024

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• The active listing inventory in the past couple of weeks increased by 22 homes, or 1%, and now sits at 2,591. In February, 37% fewer homes came on the market compared to the 3-year average before COVID (2017 to 2019), 1,447 less. Last year, there were 2,216 homes on the market, 375 fewer homes, or 14% less. The 3-year average before COVID (2017 to 2019) was 5,547, or 111% extra, more than double.
   
• Demand, the number of pending sales over the prior month, decreased by six pending sales in the past two weeks, nearly unchanged, and now totals 1,782, its lowest end-of-February demand reading since tracking began in 2012. Last year, there were 1,893 pending sales, 6% more than today. The 3-year average before COVID (2017 to 2019) was 3,045, or 71% more.
   
• With supply increasing and demand nearly unchanged, the Expected Market Time, the number of days to sell all San Diego County listings at the current buying pace, increased from 43 to 44 days in the past couple of weeks. It was 35 days last year, slightly faster than today. The 3-year average before COVID (2017 to 2019) was 55 days, slower than today.
   
• For homes priced below $750,000, the Expected Market Time remained unchanged at 37 days. This range represents 31% of the active inventory and 37% of demand.
   
• For homes priced between $750,000 and $1 million, the Expected Market Time increased from 30 to 32 days. This range represents 20% of the active inventory and 27% of demand.
   
• For homes priced between $1 million and $1.25 million, the Expected Market Time increased from 41 to 42 days. This range represents 9% of the active inventory and 10% of demand.
   
• For homes priced between $1.25 million and $1.5 million, the Expected Market Time decreased from 42 to 36 days. This range represents 8% of the active inventory and 9% of demand.
   
• For homes priced between $1.5 million and $2 million, the Expected Market Time increased from 53 to 65 days. This range represents 10% of the active inventory and 7% of demand.
   
• For homes priced between $2 million and $4 million, the Expected Market Time in the past two weeks increased from 72 to 78 days. For homes priced between $4 million and $6 million, the Expected Market Time in the past two weeks decreased from 223 to 121 days. For homes priced above $6 million, the Expected Market Time decreased from 191 to 189 days.
   
• The luxury end, all homes above $2 million, account for 22% of the inventory and 10% of demand.
   
• Distressed homes, both short sales and foreclosures combined, comprised only 0.3% of all listings and 0.7% of demand. Only five foreclosures and four short sales are available today in San Diego County, with nine total distressed homes on the active market, down two from two weeks ago. Last year, 14 distressed homes were on the market, similar to today.
   
• There were 1,432 closed residential resales in January, 3% more than January 2023’s 1,390 closed sales. January marked a 2% increase compared to December 2023. The sales-to-list price ratio was 98.6% for all of San Diego County. Foreclosures accounted for just 0.2% of all closed sales, and short sales accounted for 0.2%. That means that 99.6% of all sales were good ol’ fashioned sellers with equity.