Let’s take a look at some of the key metrics comparing July data in Poway for 2019 vs 2020.
2019 -> 2020 Numbers Respectively:
- New Listings: 70 -> 49
- Pending Sales: 52 -> 49
- Closed Sales: 53 -> 48
- Median Sales Price $780,000 -> $832,500
- Percent of Original List Price Received: 96.7% -> 99.2%
- Days on Market Until Sale 36 -> 23
- Inventory of Homes for Sale 102 -> 39
- Months Supply of Inventory 2.6 -> 1.0
New listings dropped 30.0% and median sales price increased by 6.7%. Inventory of homes for sale dropped 61.8% which is causing a surge in demand with far less supply than the previous year. With the favorable current interest rates and far less homes on the market results in a surge of purchase price. Houses are selling quicker since the months supply of inventory is only one month! This is a sellers market for Poway as well!