San Diego sellers are taking homes off the market during COVID-19 crisis

Sellers are taking their homes off the market at an increasingly fast pace in San Diego County as the coronavirus pandemic continues.

Redfin data shows 12.7 percent of all listings were removed, without selling, from March 7 to April 3. That’s higher than the national average of 9.5 percent.

In terms of raw numbers for San Diego County, it comes out to 957 fewer homes on the market for shoppers in the month-long period.

It is common for some homes to be delisted in a normal market for various reasons, such as a seller realizing they didn’t really want to move. But, for comparison, 4.8 percent of homes were removed in January in San Diego.

Analysts say, for now, the strategy for many sellers has been to pull homes off the market during the crisis and try again in the summer.

Taylor Marr, Redfin lead economist, said they have yet to see a substantial lowering of prices, even as millions of people are out of work.

“It appears there was instead a big pull to try again later when you can hold open houses, attract lots of buyers, and other usual tricks that make homes sell for more money,” he said.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-04-15/san-diego-sellers-are-taking-homes-off-the-market

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