Learn About Your Market With Our July 2019 Regional Glance
Our July 2019 regional glance summarizes the general trends around Southern California’s major real estate markets. Overall, the summer has been good to the markets, with July’s numbers showing either flat or positive metrics for all four regions. Please note that the summaries are general to each region and not representative of any one particular city or community. If you would like to learn more about the market trends in a specific neighborhood, community, or city, please reach out to one of our Bennion Deville Homes real estate professionals. We look forward to opening doors and unlocking possibilities for you.
Coachella Valley July 2019 Regional Glance
The Coachella Valley real estate market continues to see year-over-year growth and activity during a traditionally slower time of the year. Despite a relatively flat inventory level, home sales, sales volume, and the average sales price of a home saw steady increases year-over-year. Factoring in a quickening sales pace with the other good news and the numbers indicate a strong, healthy market in the midst of the hottest months of the year. As we have stated in our May and second quarter recaps, the Coachella Valley real estate market is tracking to continue the annual trend of sizzling in the summer, and hopefully maintain that positive trajectory into the fall.
In July 2019, there were 901 homes that exchanged hands in the Coachella Valley, a 1.6% increase from the same period last year. Additionally, those sales accounted for a 7.0% increase in sales volume, finishing the month at $417,828,000. The average closed sale price also increased, rising 5.3% compared to the year before to $463,700. The average price per square foot went up to $228.80, a 4.3% increase over July 2018. The market finished with 2,723 homes for sale, a slight increase of 0.7% over last year. The days on market, or speed at which homes are selling, finished with an average of 84 days, a decrease of 6.7% compared to last year. The listing discount, or sold price versus list price, finished at 96.7%, a slight dip of 0.3% from last July. Overall, there are 3 months of inventory on the market, which is the same as last year.
Orange County July 2019 Regional Glance
The Orange County market carried the positive momentum we noted in the May market recap into July. Steady gains in the number of sales and sales volume, along with relatively flat home prices, indicate there is still strong demand for homes in the market. However, there are some peripheral stats that show the market may not be as stable. Inventory levels are up by double-digits and the sales pace is drastically slower. Summer is typically peak season for our coastal Southern California markets, so it should be interesting to see what happens to home prices as we get into the later summer months and into the fall.
There were 2,865 homes that exchanged hands in Orange County in the month of July, a 3.8% increase from the prior year. Those home sales tallied a 2.5% increase in sales volume, finishing the month with $2,621,544,000. The average sale price of a home, however, dipped slightly by 1.3% compared to last year, coming in at $915,000. The average price per square foot saw a similar decline of 1.9%, finishing the month at $472.60. The Orange County market finished with 7,492 homes available for sale, an increase of 11.0% over the same period last year. The listing time for a home, or average days on market, increased significantly by 30.3%, ending up at 43 days. The listing discount, or sold price versus list price, was flat year-over-year, finishing at 97.8%. Overall, there are 2.6 months of inventory on the market, an increase of 8.3% year-over-year.
San Diego County July 2019 Regional Glance
The San Diego real estate market is in the midst of another strong summer, with some interesting underlying stats driving the market forward. Despite dips in the number of home sales and sales volume, home prices saw incremental gains. One factor that could account for the uptick in home prices is a slightly lower inventory level and a reduction in the listing discount, meaning homebuyers have fewer options to choose from so they need to put in a stronger offer in order to have their bid accepted. This is the first time in months that we have seen inventory levels dip, a trend to keep track of heading into the late summer months and the start of fall. Now that school is back in session, signaling the traditional end of the peak season, how will declining inventory and slowing sales pace affect the market?
July had 3,184 home sales, a 2.8% drop from last year. Unsurprisingly, sales volume was also down year-over-year by 2.2%, finishing the month at $2,231,365,000. The average sales price was relatively flat compared to last year, with a slight increase of 0.6% bringing the final figure to $700,800. The average price per square foot also saw a modest gain compared to last year of 1.2%, finishing the month at $391.00. The market finished July with 6,835 homes for sale, a slight drop by 2.3% compared to last year. Average days on market for a home, or the sales pace, was 28 days, a 3.7% increase from the same time last year. The listing discount, or sold price versus list price, improved by 0.1%, finishing at 98.19%. Overall, the market has 2.1 months of inventory, which was the same as last July.
San Gabriel Valley July 2019 Regional Glance
The San Gabriel Valley market performed as expected given the trends we have been monitoring over the last few months. Prices dipped in July as inventory and market time saw big increases, meaning buyers had more options and could wait out sellers for a better price as evidenced by a dip in listing discount (sale price versus list price). The numbers indicate that more price regression could be in store, especially if inventory levels steadily climb along with the average days on market. With peak season wrapping up and the fall months quickly approaching, we shall see how the market unfolds now that the height of the summer sales season is behind us.
The San Gabriel Valley saw 625 homes exchange hands in July 2019, a 6.4 decrease from the same period last year. Those home sales accounted for an 8.5% decrease in sales volume as the month finished with a final tally of $487,841,000. The average closed sales price dropped by 2.2% to $780,500. The average price per square foot came in at $417.00, a 0.9% bump over last year. The market finished with 1,693 homes on the market, a 4.7% jump from July 2018. The sales pace, or average days on market, jumped by 25.7% to 44 days. The listing discount (sold price versus list price) finished at 99.08%, a drop of 0.4% compared to las year. Overall, there are 2.7 months of inventory in the San Gabriel Valley, a 12.5% increase from the same time last year.
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