San Diego Real Estate Market Update – April 2020
San Diego Real Estate Market Update – April 2020May 14th, 2020
Amidst the Coronavirus pandemic, prices continued to rise despite the shelter-in-place and unemployment numbers. Buyers and sellers are realistic about price and homes are selling quickly. Inventory is low and we are still seeing multiple offer situations.
Let's look at the stats in San Diego County.
Real Estate Market Update (April 2020)
- Median Sales Price: $600,000 (+4.3% of prior year)
- Sales Price to List Price Ratio: 100% (was 98.4% prior year)
- Days on Market: 10 days (was 19 days prior year)
- Inventory: 1.9 months (was 2.6 prior year)
The median sales price has increased from month to month and year over year. Prices are still strong and we are not seeing depreciation even when comparing March and April 2020 which was at the height of the pandemic.
Sales price to list price ratio has been at 100% for the past two months. which shows that both buyers and sellers are realistic about price. Sellers are pricing their homes at market value and buyers are writing full price offers.
Homes coming on the market are taking about 10 days to sell, even faster than they did last year. Inventory is 1.9 months indicating it is still a seller's market.
- New Listings: 2,918 (58% of prior year)
- Pending: 1,922 (58% of prior year)
- Sold 2,188 (70% of prior year)
The number of new and pending listings are less than they were last year, but they are trending at the same rate. This means there is consistent absorption of homes coming on/off the market compared to last year. The sold listings remain high and buyer foot traffic is going up.
Many people that were in the market to buy or sell put their plans on hold. They were concerned about their health, employment, financial situation, and home values. However, we've started to settle into the new norm and gotten more familiar with the protocols, tools and technology to enable us to move forward.
Homes are selling, prices are still strong and mortgage rates remain low.
If you've been thinking about buying or selling, or if there's anything I can do to help with shaping your plans, feel free to reach out. I'm here to help!
Watch my video below for more insight on the San Diego Real Estate Market
Charts and Graphs
Overall - All Property Types
Median Sales Price
Sales Price to Original List Price Ratio
Days on Market
Median Sales Prices by Type and # of Bedrooms
Single Family Homes