San Diego Housing Summary October 29, 2024

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San Diego County Housing Summary 

• The active listing inventory increased by 21 homes, nearly unchanged, in the past couple of weeks and now stands at 4,844. In September, 30% fewer homes came on the market compared to the 3-year average before COVID (2017 to 2019), 1,278 fewer. Yet, 545 more sellers came on the market this September compared to September 2023. Last year, there were 3,025 homes on the market, 1,819 fewer homes, or 38% less. The 3-year average before COVID (2017 to 2019) was 6,841, or 41% extra, much higher.
  
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• Demand, the number of pending sales over the prior month, decreased by 36 pending sales in the past two weeks, down 2%, and now totals 1,762. Last year, there were 1,464 pending sales, 298 fewer or 17% less. The 3-year average before COVID (2017 to 2019) was 2,755, or 56% more.
   
• With supply marginally increasing and demand falling, the Expected Market Time (the number of days it takes to sell all San Diego County listings at the current buying pace) increased from 80 to 82 days in the past couple of weeks. Last year, it was 62 days, much faster than today. The 3-year average before COVID was 75 days, slightly faster than today.
   
• In the past two weeks, the Expected Market Time for homes priced below $750,000 decreased from 71 to 75 days. This range represents 30% of the active inventory and 33% of demand.
   
• The Expected Market Time for homes priced between $750,000 and $1 million decreased from 68 to 64 days. This range represents 23% of the active inventory and 29% of demand.
   
• The Expected Market Time for homes priced between $1 million and $1.25 million increased from 71 to 75 days. This range represents 10% of the active inventory and 11% of demand.
   
• The Expected Market Time for homes priced between $1.25 million and $1.5 million decreased from 85 to 80 days. This range represents 9% of the active inventory and 9% of demand.
   
• The Expected Market Time for homes priced between $1.5 million and $2 million increased from 91 to 103 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 118 to 135 days. The Expected Market Time for homes priced between $4 million and $6 million increased from 164 to 236 days. The Expected Market Time for homes priced above $6 million decreased from 425 to 409 days. 
   
• The luxury end, all homes above $2 million, account for 18% of the inventory and 9% of demand.
   
• Distressed homes, both short sales and foreclosures combined, comprised only 0.3% of all listings and 0.5% of demand. Only seven foreclosures and seven short sales are available today in San Diego County, with 14 total distressed homes on the active market, down seven from two weeks ago. Last year, 12 distressed homes were on the market, similar to today.
   
• There were 1,839 closed residential resales in September, up 5% from September 2023’s 1,749 closed sales. September marked a 18% decrease compared to August 2024. The sales-to-list price ratio was 98.9% for all of San Diego County. Foreclosures accounted for only 0.2% of all closed sales, 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.