Stay On Top of the Market With Our August 2019 Regional Glance
Our August 2019 regional glance takes a look around the Southern California market and the major trends that are taking shape. Now that we are on the downhill slope of summer and school is back in session, many of our coastal markets are experiencing a cool down. Meanwhile, the Coachella Valley market is just getting started, with the traditional desert season around the corner. As you read through the data and summaries below, please keep in mind that these numbers are the general trends within a given regional market and do not necessarily represent what’s happening in a specific city or community. For more information about the state of the market in a particular neighborhood or city, please contact one of our Bennion Deville Homes real estate specialists. We look forward to opening doors and unlocking possibilities for you.
Coachella Valley August 2019 Regional Glance
The Coachella Valley real estate market continued to stay hot through the traditional “off-season” of the summer months. Although the number of homes sold remained almost the same year-over-year, home prices saw a sharp increase of almost 10% compared to last year. Additionally, the sales pace has quickened and sellers are getting closer to their asking price (less of a discount) than through the same month last year. All of these factors indicate that the desert’s real estate market is ironclad heading into what is traditionally a busier time of year. As the cooler months arrive, along with part-time residents and vacationers, we should see even more activity in the market.
In August 2019, there were 809 homes sold, 1 off the pace from last year (a -0.1% difference). Those sales accounted for $378,354,000 in sales volume, a 9.7% increase over August of last year. The average closed sale price of a home in the Coachella Valley reached $467,700 which was a 9.8% jump compared to last year. Additionally, the price per square foot finished at $235.10, a 6.9% increase. The listing time (average days on market) finished at 82 days, a decrease of 6.8%. The listing discount (sold price versus list price) was 96.87%, a 0.3% increase over last year. The market finished the month with 2,572 homes on the market, the same figure as last August. Overall, there is a 3.2-month supply of homes on the market, the same as last year.
Orange County August 2019 Regional Glance
The Orange County market slowed down a little in August, but still finished the month with steady growth overall. While the number of sales and sales volume increased, thanks in part to a slight upswell in home prices, the market time for a home was up significantly over last year’s mark, and the listing discount was a little deeper, meaning sellers had to settle for less than their asking price compared to last August. This could signal some hesitation by homebuyers to jump in at what they perceive to be higher prices, however, with a nearly identical inventory level to last year and growth in home price, there are still encouraging signs that the market remains strong. Now that the peak of the summer sales season is behind us, we will see how home prices, and the underlying metrics, adjust in the traditionally slower months of the year.
In August, there were 2,794 homes that exchanged hands in Orange County, a slight uptick (0.1%) over the same period last year. Those home sales tallied a total sales volume of $2,519,943,000 which was a 1.0% increase over the same period last year. The average closed sale price of a home in Orange County reached $901,900 and accounted for a 0.8% jump from August 2018. The average price per square foot also increased to $476.00, a 0.6% difference over last August. The sales pace, or average days on market, clocked in at 46 days to sell a home, a 27.8% increase over last year. Additionally, the listing discount (sale price versus list price), finished at 97.24%, a drop of 0.9% from last year’s figure. The market finished with 7,025 homes for sale, a slight (0.3%) decline from the same month last year. Overall, the market has a 2.5-month supply of homes, which was the same as last year.
San Diego County August 2019 Regional Glance
The San Diego County real estate market continued a steady summer into the month of August, finishing with mixed, but encouraging, signs. The number of sales and total sales volume metrics were both down, however, the average sale price for a home continued to see year-over-year gains. Despite a slowing sales pace and a slight regression to listing discount, the increase in home prices could be buoyed by another steep decline in listing inventory. With fewer homes to choose from, buyers need to put their best offer forward and have less negotiating power due to the omnipresent market demand to live in San Diego County. This is the second consecutive month that inventory went backwards after months of growth, a major trend to track heading out of summer and into the slower fall and winter months.
There were 3,104 homes sold in August around San Diego County, a 3.9% drop from the same period last year. Those home sales totaled $2,270,393,000 in sales volume, a 0.6% decline from last year. The average sale price of a home finished at $731,400 or 3.5% higher than August 2018. Similarly, the price per square foot was $403.90, a 3.6% increase over last year. The sales pace, or average days on market for a home, was 32, a 14.3% increase. The listing discount (sale price versus list price) finished at 97.72%, a 0.2% drop from last year. The county finished the month with 6,718 homes for sale, a 10.4% drop. Overall, San Diego County has a 2.2-month supply of homes for sale, a 4.3% decline from August of last year.
San Gabriel Valley August 2019 Regional Glance
The San Gabriel Valley market finished the month of August in similar fashion to the previous summer months. Activity was a little slower than last year, with fewer home sales and a lower total sales volume as a result. However, a slightly lower inventory level pushed home prices up over last year. Despite a modest price gain, the underlying stats show that the market could be in for some quick regression. Sales pace has drastically slowed, and the listing discount continues to get a little deeper, indicating that buyers perceive the market as overpriced. If inventory levels continue to drop, it could help home prices stay steady or even increase. However, if inventory levels remain flat or grow, it could potentially lead to some price adjustments market wide. Now that the fall months are quickly approaching and the height of the sales season is essentially over, we will see how changes to seasonality affect the market.
The San Gabriel Valley saw 663 homes change owners in August, a 2.2% drop from the same period last year. Those home sales tallied a sales volume of $513,227,000 or a mark 0.4% lower than the same period last year. The average closed sale price of a home finished the month at $774,100 which is an increase of 1.9% over the same time last year. However, the price per square foot finished 1.4% lower, with an average of $410.80. The sales pace, or average days on market, was 42, a 20% climb over August 2018. The listing discount, or sale price versus list price, finished at 98.65%, a 1% drop from the same period last year. The month finished with 1,658 homes for sale, a 2.6% decline from the end of August last year. Overall, there is a 2.5-month supply of homes on the market, the same as last year.
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