San Diego Pending Home Sales Exceed Pre Shelter-in-place Levels
Pending home sales have exceeded those in mid-March prior to the Governor's Stay at Home Order. Buyer activity, particularly in the entry and mid-level of the market, is brisk and increasing.
The Greater San Diego Association of REALTORS (SDAR) reported 1.8 months of inventory. Six months of supply is considered a normal market inventory level. According to SDAR, the number of homes being introduced to the market are being absorbed just as quickly, resulting in a net zero increase.
Interest rates remain low (under 3% in many cases), though borrower requirements may have tightened somewhat for some borrowers.
June numbers are not yet complete, however to date:
The median sales price is approximately $599,000, up 2% compared to the same period last year,
32% of homes sold above the listed price, up 4% from last year.
New listings are up 37% over last month.
Days on market
Sellers will find this market very favorable. Buyers will have to work a little harder at finding the "right one," but they may also find their buying power has increased with the lower interest rates.
If you are not looking to sell but have an interest rate over 4%, this would be a good time to contact your loan broker to see if re-financing would save you money.
Questions? Reach out to me. I'll be happy to discuss your particular situation.
Wishing you well and a good weekend,