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March 19, 2024, San Diego County Housing Summary
The active listing inventory increased by 207 homes, or 8%, in the past couple of weeks and now stands at 2,798. In February, 37% fewer homes came on the market compared to the 3-year average before COVID (2017 to 2019), 1,447 fewer. Last year, there were 2,164 homes on the market, 634 fewer homes, or 23% less. The 3-year average before COVID (2017 to 2019) was 5,598, or 100% extra, exactly double.
Demand, the number of pending sales over the prior month, increased by 72 pending sales in the past two weeks, up 4%, and now totals 1,782, its lowest mid-March demand reading since tracking began in 2012. Last year, there were 1,913 pending sales, 3% more than today. The 3-year average before COVID (2017 to 2019) was 3,227, or 74% more.
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With supply increasing faster than demand, the Expected Market Time, the number of days to sell all San Diego County listings at the current buying pace, increased from 44 to 45 days in the past couple of weeks. It was 34 days last year, slightly faster than today. The 3-year average before COVID (2017 to 2019) was 52 days, slower than today.
The Expected Market Time for homes priced below $750,000 increased from 37 to 41 days. This range represents 31% of the active inventory and 34% of demand.
The Expected Market Time for homes priced between $750,000 and $1 million decreased from 32 to 30 days. This range represents 20% of the active inventory and 29% of demand.
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The Expected Market Time for homes priced between $1 million and $1.25 million decreased from 42 to 38 days. This range represents 9% of the active inventory and 10% of demand.
The Expected Market Time for homes priced between $1.25 million and $1.5 million increased from 36 to 40 days. This range represents 8% of the active inventory and 9% of demand.
The Expected Market Time for homes priced between $1.5 million and $2 million decreased from 65 to 62 days. This range represents 11% 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 remained unchanged at 78 days. The Expected Market Time for homes priced between $4 million and $6 million increased from 121 to 140 days. The Expected Market Time for homes priced above $6 million decreased from 189 to 375 days. The luxury end, all homes above $2 million, account for 21% of the inventory and 10% of demand.
Distressed homes, both short sales and foreclosures combined, comprised only 0.4% of all listings and 0.3% of demand. Only nine foreclosures and three short sales are available today in San Diego County, with 12 total distressed homes on the active market, up three from two weeks ago. Last year, 13 distressed homes were on the market, similar to today.
There were 1,783 closed residential resales in February, 11% more than February 2023’s 1,606 closed sales. February marked a 25% increase compared to January 2023. The sales-to-list price ratio was 98.9% for all of San Diego County. Foreclosures accounted for just 0.3% of all closed sales, and short sales accounted for 0.3%. That means that 99.4% of all sales were good ol’ fashioned sellers with equity.
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Copyright 2024- Steven Thomas, Reports On Housing - All Rights Reserved. This report may not be reproduced in whole or part without express written permission from the author.
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Your Home Sold Guaranteed, or I'll Buy It!*
March 19, 2024, San Diego County Housing Summary
The active listing inventory increased by 207 homes, or 8%, in the past couple of weeks and now stands at 2,798. In February, 37% fewer homes came on the market compared to the 3-year average before COVID (2017 to 2019), 1,447 fewer. Last year, there were 2,164 homes on the market, 634 fewer homes, or 23% less. The 3-year average before COVID (2017 to 2019) was 5,598, or 100% extra, exactly double.
Demand, the number of pending sales over the prior month, increased by 72 pending sales in the past two weeks, up 4%, and now totals 1,782, its lowest mid-March demand reading since tracking began in 2012. Last year, there were 1,913 pending sales, 3% more than today. The 3-year average before COVID (2017 to 2019) was 3,227, or 74% more.
Find Out What Your Home Is Worth
With supply increasing faster than demand, the Expected Market Time, the number of days to sell all San Diego County listings at the current buying pace, increased from 44 to 45 days in the past couple of weeks. It was 34 days last year, slightly faster than today. The 3-year average before COVID (2017 to 2019) was 52 days, slower than today.
The Expected Market Time for homes priced below $750,000 increased from 37 to 41 days. This range represents 31% of the active inventory and 34% of demand.
The Expected Market Time for homes priced between $750,000 and $1 million decreased from 32 to 30 days. This range represents 20% of the active inventory and 29% of demand.
Search Homes
The Expected Market Time for homes priced between $1 million and $1.25 million decreased from 42 to 38 days. This range represents 9% of the active inventory and 10% of demand.
The Expected Market Time for homes priced between $1.25 million and $1.5 million increased from 36 to 40 days. This range represents 8% of the active inventory and 9% of demand.
The Expected Market Time for homes priced between $1.5 million and $2 million decreased from 65 to 62 days. This range represents 11% 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 remained unchanged at 78 days. The Expected Market Time for homes priced between $4 million and $6 million increased from 121 to 140 days. The Expected Market Time for homes priced above $6 million decreased from 189 to 375 days. The luxury end, all homes above $2 million, account for 21% of the inventory and 10% of demand.
Distressed homes, both short sales and foreclosures combined, comprised only 0.4% of all listings and 0.3% of demand. Only nine foreclosures and three short sales are available today in San Diego County, with 12 total distressed homes on the active market, up three from two weeks ago. Last year, 13 distressed homes were on the market, similar to today.
There were 1,783 closed residential resales in February, 11% more than February 2023’s 1,606 closed sales. February marked a 25% increase compared to January 2023. The sales-to-list price ratio was 98.9% for all of San Diego County. Foreclosures accounted for just 0.3% of all closed sales, and short sales accounted for 0.3%. That means that 99.4% of all sales were good ol’ fashioned sellers with equity.
Download the charts
Copyright 2024- Steven Thomas, Reports On Housing - All Rights Reserved. This report may not be reproduced in whole or part without express written permission from the author.
Request a full copy of the report
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