San Diego home demand slips, inventory up

Demand for San Diego County homes has waned in recent weeks as the fallout from the coronavirus pandemic ripples through the real estate industry.

The number of pending sales in the county has dropped by 27 percent in two weeks, said data from Reports on Housing released late Tuesday.

Also, the average time on market for a home has increased from 46 to 66 days.

Besides anecdotal reports from real estate agents, the information from Reports on Housing is the first evidence that San Diego County is experiencing any downturn.

Analysts have been split so far on what it could mean for the expensive San Diego market. On one hand, it would seem a global pandemic where there is a concern about dying or losing employment would halt buyer interest. But, the San Diego market also has high demand with a very small pool of homes for sale.

For instance, the San Diego County market has seen the number of homes for sale increase by 210 in the last two weeks. However, that still makes it 5,018 listed compared to 6,751 at the same time last year.

San Diego is still a seller’s market, especially on the low end of prices, said Steven Thomas of Reports on Housing.

Homes under $750,000 still make up more than half the sales in San Diego County and stay on the market an average 48 days. But, the time it takes to sell increases as prices go up.

Homes from $750,000 to $1 million stay an average of 70 days; $1 million to $1.25 million, 99 days; $1.25 million to $1.5 million, 108 days; $1.5 million to $2 million, 163 days; and $2 million to $4 million, 299 days.

read more at:  https://www.sandiegouniontribune.com/business/real-estate/story/2020-04-09/san-diego-home-demand-slips-inventory-up

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