In April, the stock market pared some of its March losses while overall economic activity nationally continued to slow. With more than 20 million initial unemployment claims filed nationwide in April on top of more than 10 million initial claims in the last two weeks of March, suddenly much of the country is out of work, at least temporarily. This dramatic economic slowdown is reflected in this month’s real estate activity, which is down significantly. For the 12-month period spanning May 2019 through April 2020, Pending Sales in the San Diego were down 1.2 percent overall. The price range with the largest gain in sales was the $1,250,001 to $2,000,000 range, where they increased 7.3 percent.
The overall Median Sales Price was up 3.3 percent to $590,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 3.7 percent to $665,000. The price range that tended to sell the quickest was the $250,001 to $500,000 range at 26 days; the price range that tended to sell the slowest was the $5,000,001 and Above range at 114 days.
Market-wide, inventory levels were down 31.8 percent. The property type with the smallest decline was the Condos – Townhomes segment, where they decreased 18.0 percent. That amounts to 1.6 months supply for Single-Family homes and 1.9 months supply for Condos.
Quick Facts: Residential real estate activity in San Diego County, comprised of single family properties, townhomes and condominiums. Percent changes are calculated using rounded figures:
- Pending Sales 2
- Closed Sales 3
- Median Sales Price 4
- Percent of Original List Price Received 5
- Days on Market Until Sale 6
- Inventory of Homes for Sale 7
- Months Supply of Inventory 8
- + 7.3% – Price Range With Strongest Pending Sales: $1,250,001 – $2,000,000
- + 2.5% – Home Size With Strongest Pending Sales: 3,001 – 4,000 Sq Ft
- – 0.3% – Property Type With Strongest Pending Sales: Condos – Townhomes
If you are interested in buying or selling, please reach out to Garrett Trainor at First Line Realty!