We have seen a significant drop in the number of homes selling in the North County and San Diego real estate markets due to COVID-19, but in April as in March, there was also a large decrease in active and new listings. In addition, the number of homes that are going under contract (pending) has increased quite a bit since the beginning of April as you can see in the chart below.
This is keeping the real estate market very competitive, especially with entry-level homes. Many homes are seeing multiple offers. They are selling more quickly and at a higher sales price to list price ratio than they were at the same time last year.
Does this mean that our real estate market will see no effect from COVID-19? Not necessarily. The Mortgage Bankers Association reports that as of May 10, 2020, slightly over 8 percent of loans nationwide were in forbearance. The San Diego and North County markets could be adversely affected by this, but most likely we won’t know what those effects are until 2021. And because there are so few homes available to purchase, the consequences may be minimal.
North County and San Diego Real Estate Markets
Year-over prices were up 4.3 percent countywide and 6.3 percent in North County. Inventory dropped by about one-third compared to the previous year, and market times were 31 percent shorter. New listings and pending sales all dropped by over 40 percent in both markets.
See below for this month’s statistics and daily interest rate updates.
Interest Rates
Market Updates
Click on the links below to read the full housing statistics reports.
- NORTH COUNTY MONTHLY INDICATORS
- METRO SAN DIEGO COUNTY MARKET UPDATE
- EAST SAN DIEGO COUNTY MARKET UPDATE
- SOUTH SAN DIEGO COUNTY MARKET UPDATE
- SAN DIEGO COUNTY MONTHLY INDICATORS
- 2019 NORTH COUNTY MARKET REPORT
North County Summary
- The median price for all North County home sales increased 6.3 percent in April 2020 compared to April 2019.
- Detached homes saw a median price increase of 4.7 percent in North County, moving from $693,300 in April 2019 to $726,000 in April 2020.
- The number of sold units in North San Diego County decreased 31.2 percent compared to the previous April. Pending sales decreased 44.4 percent in the same period.
- Median days on market for North San Diego County properties was 24. This is a 31.4 percent decrease from the previous April.
- Inventory supply in North San Diego County dropped from 2.9 months in April 2019 to 1.9 months.
Full County Summary
- The median price for all San Diego County home sales in April 2020 was $610,000. This is an 4.3 percent increase compared to April 2019.
- Detached homes saw a median price increase of 4.4 percent in San Diego County, moving from $651,100 in April 2019 to $680,000 in April 2020.
- Attached homes in San Diego County had a 4.2 percent median price increase compared to the previous year. They moved up to $437,000 in April 2020.
- Inventory supply countywide in April 2020 decreased from 2.5 months a year earlier to 1.7 months.