For years, the San Diego market has been fueled by a strong demand for properties, but an insufficient amount of available homes for sale has resulted in consistent price increases year-over-year for nearly 10 years. April 2020 is showing a strong impact of the COVID pandemic on the level of activity, but not on the home prices at this time. Per the April 2020 Homedex in San Diego: • Over 30% less units sold than in April 2019. • Over 30% inventory reduction v/s April 2019. • New construction start is down 30% from April 2019. • Prices have not been impacted at this time, the prices of April 2020 are somewhere between • From -2% to +4%, depending of the type of home in San Diego County, in average. Many homeowners have decided to hold off putting their home on the market, resulting in a strong reduction of new listings. The demand remains at healthy levels and above the current supply levels, particularly for entry-level and mid-level homes. Even though the number of buyers has decreased, many buyers are still moving forward with their long term plans and buying their new home, taking advantage of historically low interest rates. The slight reduction in buyer demand is due to fear of economic uncertainty, tougher loan guidelines and job losses, but again, the demand for homes remains strong, resulting in very little negative impact on prices at this time, due strongly to the lack of inventory. Navigating through this market is challenging, and innovative tools, expert advice and experience is essential more today than ever. We welcome the opportunity to assist you and discuss the market and your goals. We have pivoted and successfully adjusted so we can assist all of our clients. Let us know if we can help!
https://www.jonvilleteam.com/wp-content/uploads/2020/06/image008.png 1554 3072 timminjares http://www.jonvilleteam.com/wp-content/uploads/2020/06/JTLogo_wKWlogo_webfooter_2020.png timminjares2020-06-07 19:28:542020-08-10 21:44:26COVID-10 AND THE REAL ESTATE MARKET