We're pleased to share the recent episode of the "The Scoop - Power Hour." We've included highlights of the briefing below, but if you were unable to join us you can catch the replay of this episode below.
Our next edition of "The Scoop - Power Hour" is Wednesday, September 16, at 2:00 p.m. Tune in to get economic outlooks, market insights, practical business advice, and association updates. Register here.
Highlights from Yesterday's Briefing Included:
MARKET UPDATE - Mark Marquez, Past President of the Greater San Diego Association of REALTORS® and Member of the San Diego MLS Board of Directors
Mark Marquez provided an overview of the San Diego County housing market with a focus on active, pending, and sold listings in the San Diego region, comparing week-by-week data. Mark reviewed data points highlighting the impact of COVID-19 on the local market. Key findings included:
Active listings this week are at 4,124, which is in line with listings in early March, but nearly 1,000 fewer than the market’s peak in mid-May.
Pending sales took a minor dip over the past week, but remain at almost 900, which is nearly three times the low point in early April at 333.
At present, the region is sitting at about a month of inventory as supply continues to remain an issue.
Home sales remain at 611 for the week, which is up from fewer than 500 in early March.
Stay on top of the market and sign up for our Market Statistics Program to get the latest local data delivered directly to you.
ECONOMIC UPDATE - Jordan Levine, California Association of REALTORS®
Jordan Levine joined the program to provide a statewide market update. Levine is among the most sought-after speakers for real estate associations throughout the state.
According to Levine, despite the ongoing statewide housing shortage, California’s housing market was up significantly – approximately 30% – in the month of July.
Prices have reached an all-time high of $660,000 and the median time on market is down to 17 days. Buyer demand, one of the most promising indicators for the market, has more than doubled both since the pandemic and when compared to this time last year. Similar to what is seen here locally, new active listings and pending sales have leveled off due to the housing supply issue.
While the market has improved, Levine cautions that it may be a bit early to celebrate as the housing supply issue remains unresolved and COVID-19 continues to impede the economic recovery. But Levine remains cautiously optimistic on the market.
COVID-19 has established new norms across most industries. But how has COVID-19 changed real estate, how are brokerages and agents adapting and are these new practices sustainable? Executives from some of the largest brokerages in the Country joined the program to provide insight into how the industry is responding to the current business environment. Panelists included:
The discussion focused on the future of iBuyers, leveraging new technologies, REALTOR® priorities in government to protect agents and expanding housing opportunities for consumers. Some comments from our panelists include:
On consumer demands for virtual showings and meetings: “Is that a new norm? Sure. It absolutely is. It doesn't negate the fact that they have that relationship and the trust that they need with their real estate agent remains critical. But how we accomplish that just differs.” – Mary Lee Blaylock
On iBuyers: “I think the iBuyer option is a good option, but I think in order to protect the seller, protect the consumer, it's even more imperative that an agent be involved and guide them through the process.” – Jason Gesing
On brokerages launching their own iBuyer programs to compete in the space: “I think it’s a great way for us as brokerages to give our agents tools to go out to the marketplace and market to the consumers.” – Sam Khorramian
ASSOCIATION UPDATE - Carla Farley, Greater San Diego Association of REALTORS® President
Carla provided a range of updates and shared information about the upcoming election, as well as programs and services for SDAR and SDMLS members, including:
Practice Safe Real Estate – Safe real estate care packages are available through SDAR, which include hand sanitizers, masks, foot covers and more. Call SDAR Member Services at (858) 715-8040 to order yours today. Learn more about safe real estate practices here.
SDAR Delivery Service – As an exclusive member benefit, we’re offering free delivery service for products purchased from our store. Use our simple order form for your supplies.
SDMLS Caravan App - Access caravans throughout San Diego County! The caravan app is available for download: Search for “SDMLS RealTOURS” in your app store to get additional exposure for your listings today. Learn more here.
Get Out the Vote! The 2020 Presidential Election takes place Tuesday, November 3. Register to vote today! Information is available at sdvote.com.