The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have
forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median
rent increasing 11.4% in 2021 so far, according to Apartment List.
Closed Sales decreased 14.6 percent for Detached homes and 7.1 percent for Attached homes. Pending Sales decreased 17.0 percent for Detached homes but increased 32.9 percent for Attached homes.
The Median Sales Price was up 18.8 percent to $949,000 for Detached homes and 16.9 percent to $583,000 for Attached homes. Days on Market decreased 48.3 percent for Detached homes and 53.8 percent for Attached homes.
Supply decreased 54.2 percent for Detached homes and 42.9 percent for Attached homes.
|Trending Versus*:||Trending Versus*:|
|Market Profile & Trends Overview||Month||LM||L3M||PYM||LY||YTD||PriorYTD||PriorYear|
|Median List Price of all Current Listings||$799,900|
|Average List Price of all Current Listings||$1,460,043|
|August Median Sales Price||$725,000||$720,000|
|August Average Sales Price||$917,152||$934,252|
|Total Properties Currently for Sale (Inventory)||1,577|
|August Number of Properties Sold||1,564||11,479|
|August Average Days on Market (Solds)||23||25|
|Asking Price per Square Foot (based on New Listings)||$514||$502|
|August Sold Price per Square Foot||$505||$491|
|August Month’s Supply of Inventory||1.0||1.2|
|August Sale Price vs List Price Ratio||102.5%||102.9%|
|* LM=Last Month / L3M=Last 3 Months / PYM=Same Month Prior Year / LY=Last Year / YTD = Year-to-date|
August Property sales were 1,564, down -3.4% from 1,619 in August of 2020 and equal to 0.0% 1,564 sales last month. August 2021 sales were at a mid level compared to August of 2020 and 2019. August YTD sales of 11,479 are running 16.4% ahead of last year’s year-to-date sales of 9,862.
The Median Sales Price in August was $725,000, up 12.4% from $645,000 in August of 2020 and down -4.6% from $760,000 last month. The Average Sales Price in August was $917,152, up 12.0% from $818,562 in August of 2020 and down -7.9% from $995,676 last month. August 2021 ASP was at highest level compared to August of 2020 and 2019.
|Inventory & MSI
The Total Inventory of Properties available for sale as of August was 1,577, down -14.5% from 1,845 last month and down -38.9% from 2,580 in August of last year. August 2021 Inventory was at the lowest level compared to August of 2020 and 2019.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2021 MSI of 1.0 months was at its lowest level compared with August of 2020 and 2019.
The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for August was 23, up 4.5% from 22 days last month and down -25.8% from 31 days in August of last year. The August 2021 DOM was at its lowest level compared with August of 2020 and 2019.
|Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The August 2021 Selling Price per Square Foot of $505 was down -1.4% from $512 last month and up 19.1% from $424 in August of last year.
|Selling Price vs Listing Price
The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The August 2021 Selling Price vs List Price of 102.5% was down from 103.7% last month and up from 99.3% in August of last year.
|Inventory / New Listings / Sales’
This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in August 2021 was 1606, down -13.8% from 1,864 last month and down -19.3% from 1,990 in August of last year.
San Diego County Residential Housing Market Stats for the Week of 9/19/21
- New Listings (last 4 weeks)3,187
- Homes for Sale3,279
- Condos for Sale730
- Detached for Sale2,329
- Townhouse for Sale220
- Median List Price$760,000
- Median Sales Price$730,000
- Median Sales Price Change1.351%
- Price Changes1,810
- Months of Inventory1.4
- Sales Change0.083%
- Average Days on Market85
In San Diego County there are currently 3,279 homes for sale, of those 730 are condos, 2,329 are detached homes, and 220 are townhomes. The median list price is $760,000 and the median sales price is $730,000. There have been 3,187 new listings in the last 4 weeks and 3,328 sales.