Two Weeks Into COVID-19 - Surprising Statistics for San Diego Metro Area Real Estate
On March 12th, Mayor Faulconer issued a State of Emergency for the City of San Diego in response to the coronavirus threat, followed within a few days by Governor Newsom's Executive Order requiring all Californians to stay home.
It's been just over two weeks since the State of Emergency was announced, and San Diego County buyers and sellers have had to speculate whether or not it would be best to continue moving forward with their original plans and timelines to buy or sell.
Our brokerage, which is comprised of nearly 1,000 REALTORS, has been holding daily virtual meetings allowing us to check in with what other agents all over San Diego County are experiencing with their clients. Surprisingly, there's still a lot of real estate business happening!
The statistics of the past few weeks provide a more concrete picture of actual real estate activity. I receive weekly statistics from the San Diego Multiple Listing Service for the greater Metro San Diego area which is comprised of two geographic areas, "Metro Uptown," and "Metro" consisting of the following Zip Codes:
Metro Uptown: Zip Codes 92103, 92104, 92105, 92115, 92116, 92119, 92120
Metro: Zip Codes 92108, 92110, 92111, 92117, 92122, 92123, 92124
Two weeks prior to the Mayor's State of Emergency declaration: The first week of March was a strong, and early start to the spring sales season.
Metro Uptown: 64 new listings in the prior 7 days
Metro: 45 new listings
The week prior to the Mayor's declaration, stats indicate a slight ramp up:
Metro Uptown: 70 new listings in the prior 7 days, up by 6 from the previous week.
Metro: 53 new listings, up 8 from the previous week.
The week of the Mayor's declaration, stats indicate a decline in new listings:
Metro Uptown: 43 new listings in the prior 7 days, down roughly 40% from 70 the previous week.
Metro: 50 new listings, down just 6% from the previous week of 53.
Wednesday, March 25th, roughly 2 weeks following the City of SD Mayor's declaration of State of Emergency, and approximately one week following the Governor's Executive Order. New listings climb again:
Metro Uptown: 56 new listings in the prior 7 days, up approximately 30% from 43 the previous week.
Metro: 45 new listings, down just 9% from the previous week of 50.
Of course we are only a couple of weeks into this new environment, but it appears that, so far, sellers and buyers are forging ahead.
More updates to come. Meanwhile, stay healthy and safe, and as always, please know your best interest is my top priority.
Tamara Z (Zyhylij), GRI, CNE, SRES, GREEN, REALTOR