How Crisis Has Impacted 92114 April 2020 Home Sales
Despite the virus crisis, in 92114 Skyline-Encanto:
1) Home values are up from last year,
2) This is a stronger Seller’s Market than last year,
3) Currently there is still a severe shortage of homes for sale in 92114 and
4) Homes are selling faster compared to 2019 month-to-month homes sales
5) If you are a home buyer, don't wait to own in 92114, Skyline-Encanto is still gaining in value.
Here's What We Know...
In the last 48 days since March 19, 2020 in, according to the San Diego Multiple Listing Service, 48 detached homes closed escrow, 33 went under contract (pending) and there were 22 new homes are the market. Note: More homes going under contract than new on the market.
To get a better perspective of the last few weeks, going back 30 days to April 6th, 15 new listings with 27 homes closing escrow and 26 went under contract.
Going back only 15 days from May 6th, 12 new listings with 12 homes closed escrow and 14 went pending. This unbalance of more selling than new on the market is great news for home sellers.
Why hasn’t this COVID-19 pandemic affected the 92114 Skyline-Encanto homes sales more? It has. There are fewer homes closing because there are less homes for sale, less homes going under contract because of this and less new homes on the market. However, the numbers are supply side unbalanced that very much favors the home seller.
Because of the Stay-At-Home mandate, there are fewer home showings and no open houses. Home sellers, home buyers and agents want to be safe. Many are affected by job losses. The suddenness and severity of the virus added to an uncertainty and drop in consumer confidence.
But things are getting better and the real estate market is recovering.
Home Showings Have Improved From Recent Lows
The gold line above indicates 2020 weekly average showings fell dramatically once the COVID-19 crisis strangled the market. 2020 home showings mirrored the 2019 showings (black line) right until the crisis took hold just after March 9th and fell like a rock to a low the end of March. Showings were bumping along the bottom until April 15th. The ‘new normal’ took hold after April 15th, people adapted, felt more confident and is close to the number of showings starting January 1st.
While there is still a large gap between home showings same time last year, things are improving rapidly.
Here's My Take:
92114 Median Sales Price Is Still Rising...
There are many would be home buyers hurt by this Coronavirus crisis but home values have not been affected.
The 3-year median sales price chart above ending April 30, 2020 shows a gradual rise in home values over 3-years. Average home values are up to $499,500 compared to April 2019, an increase of +4.6%
Homes For Sale Inventories Are Less...
There is a 1.1 month of supply of homes in 92114, a decrease of -21.4% from 2019. A Seller’s Market is defined as 1 to 3 month’s supply, a normal market is 4 to 6 months and a Buyer’s Market is 6 month or more supply of homes. With extremely low interest rates, there are a lot more buyers than sellers and it shows.
Because of Low Inventory & High Demand, Homes Sold Quicker Than Before...
The chart above shows the average marketing time to sell a home. Currently that is 25 days, a decrease of -25.8% less time same time last year. The normal market time is 45 to 60 days in a balanced real estate market so this again heavily in favor of the home seller.
If you are a home buyer, even in the worst of times, 92114 is holding value and is a great affordable place in own your first home. Compared to other areas in San Diego County, the value is hard to beat.
Get a free consultation and see what 40 years of experience can do for you!
See what a full marketing strategy looks like and how it can sell your home for more faster with less risk. Call or text today. 619-823-3500
VIC YAMAUCHI // Broker Associate
I've been in real estate and mortgage lending in San Diego for over 40 years. This is not my first rodeo. Homegrown San Diegan and can count my family history here back to 1883.
I provide a higher standard of care as a licensed Broker and various certifications to enhance my ability to serve. Having been through the inflation times of the early 80's, several recessions including the Great Recession of 2008, I learned and experienced enough to advise you through whatever you may face today. Let me a shout and I'm happy to help...
Vic Yamauchi, call me Vic ;-)
You are fully protected by my 100% Satisfaction-Guarantee. If you don't get the performance as promised, you can cancel the listing at any time. And you'll get that guarantee in writing,