March Stats Indicate San Diego Home Sellers Continuing to List, High Number of Pendings and Closings
Good morning, and I hope you had a good weekend. The Greater San Diego Area Association of REALTORS recently published sales statistics for the month of March for San Diego County by region.
If you read my Blog article on March 28th, I posted sales information for the first three weeks of March which seemed to indicate that despite COVID-19, Sellers were continuing to list, and Buyers were continuing to purchase homes. While numbers are down from pre-coronavirus expectations, there's a surprising number of transactions occurring and market time has actually been reduced in many markets. In short, three weeks into the shelter in place initiatives by the city and state, real estate is moving forward.
Lawrence Yun, NAR’s chief economist says the spring buying peak will be delayed, not canceled: "people who are staying home right now, once the all-clear signal is given, will be going back into the market." Yun also notes we will only know the outcome of the impact of COVID-19 on the housing market in coming weeks, but "I am optimistic that the upcoming stimulus package will lessen the economic damage and we may get a V-shaped robust recovery later in the year.”
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Stay healthy, and have a great day.