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Poway, California 92064 Housing Market Update for July 2020

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!