Heated market and a shortage of homes for sale continue upward

Posted by Rick Griffin on May 23, 2021 7:00:00 AM

The California housing market reached a milestone in April that the San Diego market already has experienced.

The state’s median home price for an existing, single-family detached home exceeded the $800,000 benchmark for the first time ever in April 2021, according to the monthly home sales and price report from the California Association of REALTORS® (C.A.R.). The median price represents the point at which half of homes sell above a price, and the other half below it.

Heated market conditions and a shortage of homes for sale continued to put upward pressure on home prices in the state in April, driving California’s median price to $813,980, almost as high as San Diego’s April monthly figure of $825,120.

The statewide median home price set a new record high in April 2021, breaking the previous record set in March 2021. The statewide median home price of $813,980 in April 2021 was 7.2 percent higher compared to $758,990 in March 2021 and 34.2 percent higher when compared to the $606,410 figure for April 2020.

April 2021 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
blog_210521_chart1

The year-over-year price gain was the highest ever recorded, and it was the first time since June 2013 that the state recorded an annual increase of more than 30 percent. 

San Diego’s median price for a single-family detached home of $825,120 in April 2021 was 3.1 percent higher than the median home price of $800,000 in March 2021 and 23 percent higher compared to $671,000 in April 2020.

Meanwhile, California home sales in April 2021 soared from last year’s pandemic-level lows with the start of the spring home buying season.

Home sales in the state increased on a monthly basis for the third consecutive month, rising 2.6 percent to 458,170 homes from 446,410 homes in March 2021 and up 65.1 percent from April 2020, when 277,440 homes were sold on a seasonally adjusted annualized basis. The statewide annualized sales figure represents what would be the total number of homes sold during 2021 if sales maintained the April pace throughout the year.

The sharp sales jump in April 2021 was expected following last year’s pandemic shutdown when home sales dropped more than 30 percent from the previous April.  Year-to-date statewide home sales were up 26.2 percent in April 2021.

In San Diego County, the number of home sales in April 2021 was 10.5 percent higher compared to March 2021, and 55.2 percent higher than April 2020.

“California continues to experience one of the hottest housing markets as homes sell at the fastest pace ever, with the share of homes sold above asking price, the price per square foot and the sales-to-list price all at record highs, while active listings remain at historic lows,” said C.A.R. President Dave Walsh, vice president and manager of the Compass San Jose office. “The high demand and shortage of homes for sale, driven by these market factors, continued to drive up home prices and shatter the record-high set just last month.”

“Not only do skyrocketing home prices threaten already-low homeownership levels and make it harder for those who don’t already have a home to purchase one, it also brings to question the sustainability of this market cycle,” said C.A.R. Vice President and Chief Economist Jordan Levine. “As vaccination rates increase and the state reopens fully, higher home prices will hopefully entice prospective sellers who have held off putting their homes on the market during the pandemic to feel more comfortable listing their homes for sale, which would alleviate pressure on home prices.”   

Other key points from C.A.R.’s April 2021 resale housing report included:

-- Home sales in April from a regional perspective saw sharp gains with each region growing more than 38 percent from last year. The San Francisco Bay Area had the highest year-over-year increase of 101.4 percent, with five of its nine counties growing by triple digits from a year ago. The Central Coast came in second with an increase of 81.7 percent, followed by Southern California (65.5 percent), the Central Valley (39.8 percent), and the Far North (38.8 percent).

-- All but two of the counties tracked by CAR, 49 of 51, recorded a year-over-year sales increase in April, with 31 counties increasing more than 50 percent from a year ago, and 11 counties growing by triple digits. Six of the counties with an annual growth rate of more than 100 percent had a median price above $1 million in April 2021. Counties with an increase from last year had an average gain of 70.7 percent in April 2021, compared to 32.9 percent in March.

-- Sales growth in California in April 2021 remained concentrated in higher-priced markets, while home sales in the lower-end continued a lackluster performance. The million-dollar segment in April increased in demand by more than 200 percent in year-over-year comparisons, with sales of homes priced $2 million and higher surging more than 300 percent from a year ago. Meanwhile, sales of properties priced below $300,000 continued to fall precipitously, with the year-over-year growth rate dropping 34 percent in April 2021, compared to April 2020. Tight housing supply continues to be the primary constraining factor for fewer sales in the lower-price category.

-- New record median prices were set in all major regions in April 2021, with each region growing more than 20 percent from April 2020. The Central Coast region continued to have the highest year-over-year gain of 40.8 percent, followed by the San Francisco Bay Area (35.6 percent), Southern California (28.6 percent), the Central Valley (25.5 percent) and the Far North (22.8 percent).

-- Active listings in California fell more than 50 percent in April 2021 from April 2020, marking four straight months when the housing supply was cut in half from the same month a year ago.. The ongoing decline in inventory is due to the surge in demand over the past 10 months, as well as a lack of new listings. While new active listings in April 2021 experienced robust year-over-year growth compared to April 2020, when the government-imposed pandemic shutdown was underway, the level of newly added supply is still significantly below pre-pandemic levels. On a month-to-month basis, for-sale properties inched up by 7.4 percent in April 2021, compared to March 2021, and should climb further in the coming months if the market follows its typical seasonal pattern.

-- Statewide, the unsold inventory of available homes for sale dropped to 1.6 months in April 2021 from 1.7 months in March 2021 and was down sharply from April 2020, when there was 3.4 months of housing inventory. Inventory levels measured in months indicate the number it would take for the available supply of homes on the market to sell-out given the current rate of sales.

April 2021 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)
blog_210521_chart2

-- In San Diego County, the inventory of available homes for sales in April 2021 remained at 1.5 months, the same number for March 2021, compared to 1.8 months in both February 2021 and January 2021 and 2.7 months in April 2020.

-- The median number of days it took to sell a California single-family home hit another record low of seven days in April 2021, down from 13 days in April 2020. The seven-day figure is lower than the eight days in March 2021, previously the lowest ever recorded. The eight-day figure compared to 10 days in February 2021, 11 days in January 2021, 11 days in December 2020, nine days in November 2020, 10 days in October 2020, 11 days in September 2020 and 15 days in March 2020. Prior to setting record low numbers in March and April 2021, the previous statewide record was nine days in November 2020.

-- In San Diego County, the median number of days an existing, single-family home remained unsold on the market was six days in April 2021, which was the same number in March 2021. That number compares to seven days in both February 2021 and January 2021, as well as eight days in December 2020 and seven days in November, October and September 2020. The timeframe a year ago in April 2020 was eight days.

-- The 30-year, fixed-mortgage interest rate averaged 3.06 percent in April, down from 3.31 percent in April 2020, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 2.81 percent, compared to 3.31 percent in April 2020.

Topics: Brokers/Managers, Market Information

NAR SELECTS PSAR MEMBER JOSE PAYNE KING AS GLOBAL AMBASSADOR

Posted by PSAR Communication on May 21, 2021 8:30:00 AM

Jose Payne King FotoPSAR extends congratulations to PSAR member and broker Jose Payne King who is serving this year as a National Association of REALTORS® (NAR) 2021 Global Ambassador (GA) to the countries of Honduras, Nicaragua, Guatemala, El Salvador and Mexico.

Jose was appointed by NAR President Charlie Oppler to serve as a GA through the 2021 calendar year. He will serve as a liaison to maintain NAR relationships with foreign real estate associations and local associations, including PSAR.

The foreign real estate associations to whom Jose is serving as a NAR liaison include: Camara Salvadorense de Bienes Raices (CSBR) and El Salvador Chamber of Real Estate in El Salvador; Camara de Corredores de Bienes Raices de Guatemala (CCBRG) in Guatemala; Camara Nacional de Bienes Raices de Honduras in Honduras; Association Mexicana de Profesionales Immobiliarios (AMPI) in Mexico; Camara Nicaraguense de Corredores de Bienes Raices (CNCBR) in Nicaragua.

“I’m very glad for the opportunity to give back and help other real estate professionals in other countries,” said Jose, who also is a member of the PSAR Global Real Estate Council (he has served as co-chair of GREC). “I’m fortunate to be involved in outreach and extend my horizons. I’m passionate about working with the community and veterans. I have found that you learn in the process of teaching others.”

After serving in the U.S. Army, Jose’s varied career has ranged from education and training to environmental science, business, finance and real estate. He has worked as a health and safety inspector with the Florida Department of Health, commodity inspector with the U.S. Department of Agriculture, environmental planner with the U.S. Air Force and environmental engineering project manager with the U.S. Department of Defense.

He moved to San Diego in 1990, and began working in real estate sales in 1995. He was affiliated with several brokerages before founding his own brokerage called PK Realty in 2007. His clients have represented diverse backgrounds from both Mexico and the U.S. He has expertise in both in residential and commercial real estate.

“My goal is to provide my clients with excellent customer service and an experience that is enlightening, empowering, encouraging and definitely worth telling others about.”

Jose is also currently serving as commander of American Legion La Jolla Post No. 0275.

Jose is fluent in both English and Spanish and has remained an active learner in his career. He has attended El Paso Community College, Southern Illinois University, Central Michigan University, Azusa Pacific University and REALTOR®.University.   He is an alumni of Southern Illinois University and Columbia College. He also graduated with distinction from REALTOR®.University

Jose also has completed the Certified International Property Specialist (CIPS) Institute. The CIPS Institute, from NAR, provides REALTORS® with knowledge, tools and a worldwide network helping in serving international clients.

“It is an honor to serve as a GA and promote the REALTOR® brand through international REALTOR® membership, education, products and services,” said Jose. “NAR’s global mission statement is to render the global real estate markets accessible, profitable and ethical for REALTORS® to conduct business. To that end, Global Ambassadors work to help maintain NAR’s relationships with more than 100 real estate associations as bilateral partners in 85 countries around the world. We also help fellow NAR members understand business in the countries to which they are assigned.”

Jose encourages all PSAR members who may be interested in cross-border opportunities and who want to network with other international real estate practitioners to become involved with PSAR’s GREC.

PSAR’s GREC is dedicated to assist the needs of PSAR members who desire to expand their international outreach and help international capital investment clients to make informed transactions with effective counsel across multiple jurisdictions. The vision of the Council is to provide and facilitate educational opportunities to enable PSAR members to expand their practice and organize global-themed events. GREC can provide you with a platform to connect with individuals internationally. GREC offers PSAR members with the opportunity to learn and expand their niche market in real estate internationally.

Formed in 2013, PSAR’s GREC has hosted several educational events in recent years designed to assist PSAR members in helping international capital investment clients to make informed transactions with effective counsel across multiple jurisdictions. The training sessions have focused on cultural customs and diversity, as well as panel discussions and forums with international partners.

Topics: Announcements, Leadership, Government Affairs

Open Houses - Here is what we know

Posted by Communications on May 14, 2021 4:24:03 PM

blogbanner_210514_openhouse

C.A.R. released this information on May 14th

CRMLS Update Regarding Paragon

CRMLS Update Regarding Matrix

C.A.R. released this information on May 14th

On Wednesday, the California Dept. of Public Health updated its guidance on open houses and stated further updates were pending. C.A.R. is pleased to provide the following changes to open house protocols. Please remember to adhere to local guidelines which may be more strict in certain areas. Check with your broker for guidance. 

  • Open Houses: Advertising open houses, without qualifiers, is allowed and appointments for open houses are no longer required.
  • Social Distancing: Showings, including open houses, are somewhat relaxed under the new social gatherings guidelines but still include social distancing between members of different households while attending an open house, and are subject to capacity issues depending on the tier of the county where the house is located. Please refer to local guidelines for this information.
  • Signing In: There will still be a sign-in requirement on site. The new Property Sign-In (PSI) form can be used for this purpose. However, you can still use a PEAD instead of the on-site sign-in if you prefer. See the new Quick Guide for more details.
  • Forms: C.A.R. has simplified and shortened the Rules of Entry (PRE), Prevention Plan (BPPP), and the Property Sign-in (PSI) form as an alternative to PEADS. There also is an addendum to the listing agreement LOHA reflecting the changed protocols. This form is necessary if the parties had previously signed the RLA-CAA, which did not allow for open houses. New listings should also include this addendum if the listing broker wants to hold open houses.
  • PEADS: The PEADS have been combined and simplified into one shorter PEAD-ALL form that is available if members prefer to use it instead of on-site sign-in protocols.
  • The newly revised forms PRE, BPPP, PEAD, as well as the new Property Sign-in PSI form and new Listing Addendum LOHA form will all be available on zipForm as soon as possible. In the interim, a PDF of each of these is available here. Members may still use the current forms that are on zipForm if they choose until the new ones are released. 

These changes represent a step in the right direction, and we are hopeful that they will make it easier for REALTORS® to comply with laws that are consistent with other businesses while remaining in accordance with health guidelines.

Updated Forms

The newly revised forms PRE, BPPP, PEAD, as well as the new Property Sign-in PSI form and new Listing Addendum LOHA form will all be available on zipForm as soon as possible. In the interim, a PDF of each of these is available here.

Updated Forms

CRMLS Update Regarding Paragon

In response to new guidance from the California Department of Public Health (CDPH), CRMLS is re-enabling in-person open houses in its MLS systems, effective now.

This change will alter your workflow when inputting an open house, whether in-person or virtual.

While the state has recently revised its guidance on open houses, local jurisdictions are still in the process of reviewing the state's guidelines. Many have yet to determine whether they will allow in-person open houses. At this time, several major jurisdictions have not updated their guidance to allow in-person open houses.

C.A.R. released information on this subject to REALTORS® on May 12th. C.A.R. attorneys are looking into what it means when it comes to hosting open houses. The links in their email raise questions, including how these changes apply to local jurisdictions, the use of the PEAD, registrations, maintaining physical distance, and much more.

We encourage you to contact your brokerage and your local jurisdiction before scheduling any open houses. Attorneys and brokers will need time to interpret these new guidelines.

Here is what is changing in CRMLS Paragon:

Before – Live Stream checkbox checked by default, with no option to turn off

Paragon_opnehouse_before

After – Live Stream checkbox ­unchecked by default, with the option to turn on

Paragon_opnehouse_after
After – Live Stream checkbox ¬unchecked by default, with the option to turn on
To enter an in-person open house, keep the Live Stream checkbox unchecked.
To enter a virtual open house, check the Live Stream checkbox and add the URL for your virtual open house.

From CRMLS Regarding Matrix Update

We encourage you to contact your brokerage and your local jurisdiction before scheduling any open houses. Attorneys and brokers will need time to interpret these new guidelines.

Here is how the change will look in Matrix:

matrix_changes_after

 

Topics: Market Information

CAR Releases Update Regarding Open Houses in San Diego County

Posted by PSAR Communication on May 13, 2021 10:39:20 AM

Open Houses in San Diego County

C.A.R Released the following information last night to REALTORS®. CAR attorneys are looking into what it means when it comes to hosting open houses. The links in this email raise questions including how these changes apply to San Diego County, the use of the PEAD, registrations, maintaining physical distance, and much more. Give your broker some time to look into this. The information was released, now the attorneys and brokers need to figure out what it means.

The California Dept. of Public Health has just updated its guidance on open houses, and further updates are pending. The following is now on live on the COVID-19.ca.gov website. C.A.R. will be providing more details regarding this guidance so that REALTORS® are in full compliance, but the following is the information currently on the California State official website:

Shown properties, like open houses – effective immediately
In-person showings of properties, like open houses, are permitted and must follow the indoor gatherings capacity limits in the CDPH gatherings guidance. Check the Attendance section of the gatherings guidance for the capacity limits for each tier. 

People who feel sick or have COVID-19 symptoms are not permitted to attend. The physical distancing between different households must be maintained, and hand sanitizer should be made available. Face coverings are required. See the CDPH guidance for the use of face coverings for complete details and exceptions. All other restrictions in the real estate guidance remain in place.

Topics: Brokers/Managers, Market Information, Marketing

CALLING ALL BLOOD DONORS

Posted by Communications on May 6, 2021 3:44:23 PM

blog_210520_BloodDrive

San Ysidro Health Center
Thursday, May 20, 2021 | 10:00am to 3:00pm

Parking Lot
1601 Precision Park Lane, San Ysidro CA 92173
Appointments Required

Book Your Appointment | (619) 400-8251

Can't make it on the 20th donate any time here.

Antibody Testing of Each Blood Donation
This is not a diagnostic test and will not detect active COVID-19 infections or recent
exposure. For information regarding COVID-19 and blood donation, visit:
www.sandiegobloodbank.org/COVID19

Safety precautions in place. Photo ID required. Arrive hydrated.

John’s life mission has always been to help people. Since being diagnosed with colon rectal
cancer, he has dedicated himself to bring awareness for early screening and detection.
As part of his treatment, John required a blood transfusion that helped him recover faster.
Though he no longer needs blood, now, he encourages others to pay it forward as a blood
donation advocate. Schedule your appointment today and use code JOHN when you register.

John Blood Drive English                       Blood Drive in John's Name

   San Diego Blood Bank                     San Ysidro Health   

 

C.A.R. Red Alert

Posted by PSAR Communication on Apr 30, 2021 8:01:19 AM

CAR Makes Moves

C.A.R. Urges Legislature to Take Action on Housing

As a follow-up to Legislative Day, C.A.R. and its members want to make clear to lawmakers that we OPPOSE ACA 7 (Muratsuchi), which seeks to amend the California State Constitution to permit local preemption of state law as it relates to land use planning and zoning. C.A.R. opposes ACA 7 because it will make it more difficult to build housing at a time when housing is desperately needed, and it will allow local governments to impose radical rent control.
 
C.A.R. is also urging the Legislature to prioritize the creation of housing and homeownership opportunities at all income levels to alleviate the dire housing shortage and to help close the wealth gap.
 
Please help us build upon the momentum of Legislative Day - we have created a letter that you can send to your legislators by clicking the buttons below.  The letter that will be sent is as follows:
 
Thank you for meeting with your local REALTORS® as part of the California Association of REALTORS® first-ever fully virtual Legislative Day on April 27th. To follow up on conversations we had with you, I’d like to add my voice and ask that you vote NO on ACA 7, a proposed Constitutional Amendment that would permit local preemption of state law as it relates to land use planning and zoning. I OPPOSE this proposal because it will make it more difficult to build housing at a time when housing is desperately needed, and it will allow local governments to impose radical rent control.
 
I would also like to encourage you to enact real solutions to the state’s dramatic housing shortage, like SB 6 which will allow commercial property to more easily be converted to residential property. I also urge to oppose attempts to tax homeownership by preserving the mortgage interest deduction, making housing fees more transparent and avoiding service and transfer taxes and other fees that make buying and owning a home further out of reach for most here in California.
 

To send a letter to your Legislator(s) please click the 'Take Action' button below.

    TAKE ACTION
Background
 
ACA 7 â€“ Under existing law, if there is a conflict between a state and local law, state laws generally override any county or local ordinance. When there is a conflict between federal and state law, federal law generally preempts state law. ACA 7, if enacted and approved by the voters, would effectively remove the state’s oversight authority over local land-use planning and zoning by making local law, except in limited circumstances, the final word on land-use planning in a local jurisdiction. ACA 7 would permit local cities and counties to opt out of, among other things, density bonus law, the general plan, RHNA and housing element planning process, the Housing Accountability Act, any state mandated housing approval or streamlining measure, including those streamlining regulations to facilitate the approval and development of accessory dwelling units (ADUs), etc.
 
SB 6 â€“ SB 6 allows property zoned for commercial use to be more easily utilized for housing.  It will require that a local government ministerially approve housing developments of at least 20 units per acre on lots zoned for office, retail or commercial use on a neighborhood lot. These proposed housing developments would continue to be subject to all local zoning, parking, and design ordinances, as well as any design review or other public notice, comment, hearing, or procedure applicable to a housing development.

RECORD MEDIAN HOME PRICES FOR BOTH CALIFORNIA AND SAN DIEGO IN MARCH

Posted by Rick Griffin on Apr 28, 2021 8:00:00 PM

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Fierce competition in the California housing market in March drove the state’s median home price to a new record high while sales remained solid heading into the spring homebuying season, according to the monthly home sales and price report from the California Association of REALTORS® (C.A.R.).

The statewide median home price in March reached a new all-time high of $758,990.

Similarly, the median home price in San Diego in March rose to a new record of $800,000.

In addition, nearly two-thirds or 63 percent of homes sold above the asking price in March 2021, reflecting the combination of intense demand and short supply. California already had set a record for share of home selling over listing price at 56 percent in February 2021.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 446,410 in March 2021, down 3.5 percent from 462,720 in February 2021 but were up 19.7 percent from March 2020, when 373,070 homes were sold. The annualized sales figure represents what would be the total number of homes sold during 2021 if sales maintained the March pace throughout the year.

The monthly sales decline was the third in a row, and the sales pace was the lowest since last July. The nearly 20 percent sales gain was attributed to weak home sales a year ago as the coronavirus outbreak abruptly halted the real estate market and economy, CAR said.  

March 2021 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
blog_210427_chart1

Meanwhile, California’s median home price set another new record high in March 2021 as the statewide median price surged nearly 24 percent from a year ago. The statewide median home price in March 2021 climbed 8.6 percent on a month-to-month basis to $758,990, up from $699,000 in February 2021 and up 23.9 percent from the $612,440 recorded in March 2020. 

The year-over-year statewide gain, from March 2020 to March 2021, was the highest since October 2013 and it was the eighth straight month that California’s median price registered a double-digit gain.

In San Diego County, the number of home sales in March 2021 was 29.3 percent higher compared to February 2021 and 18.1 percent higher compared to March 2020.

San Diego’s median price for a single-family detached home in March 2021 was a record high of $800,000, which was $35,000 or 4.6 percent higher than the median home price of $765,000 in February 2021 and 18.5 percent higher compared to $675,000 in March 2020.

The median price represents the point at which half of homes sell above a price, and the other half below it.

“While intense homebuying interest is the engine that continues to drive housing demand, a shortage of homes for sales is the rocket fuel pushing prices higher across the state. A lack of homes for sale is creating unprecedented market competition, leading to a record share of homes selling above asking price in March,” said C.A.R. President Dave Walsh, vice president and manager of the Compass San Jose office. “With more of the state’s COVID-19 restrictions being lifted in the coming months as we move into the spring home buying season, we should see home sales improve as more prospective home sellers feel comfortable listing their homes for sale.” 

“The market sentiment is drastically different today compared to a year ago at the onset of the pandemic,” said C.A.R. Vice President and Chief Economist Jordan Levine. “With the U.S. economy positioned to grow at the fastest pace since the early 1980s and mortgage rates trending down again in the past week, consumer confidence will improve further, so in the coming months, we should continue to see a solid bounce-back from last year as the market maintains its momentum.”

Other key points from C.A.R.’s March 2021 resale housing report included:

-- Home sales in March from a regional perspective experienced a double-digit sales surge compared to a year ago. The San Francisco Bay Area had the highest year-over-year gain, at a growth rate of 35.0 percent from March 2020. The Central Coast (31.8 percent), Far North (26.1 percent), and Southern California regions (23.3 percent) experienced a sales increase of more than 20 percent from last year.

-- Home sales in resort markets remained robust in March, with Big Bear, Lake Arrowhead and South Lake Tahoe all increasing more than 50 percent from a year ago. South Lake Tahoe was particularly strong in March 2021 with sales rising 128.1 percent compared to March 2020. Lake Arrowhead also had a strong month of March with sales growing near triple-digits year-over-year, while Big Bear increased by 54.8 percent and Mammoth Lakes jumped by 16.7 percent.

March 2021 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)
blog_210427_chart2

-- All major regions recorded double-digit increases in the median price increases from last year. The Central Coast region posted the highest year-over-year growth rate of 26.4 percent, followed by the San Francisco Bay Area (21.3 percent), Southern California (20.5 percent), the Central Valley (18.6 percent) and the Far North (12.4 percent).

-- All 51 counties tracked by C.A.R. reported a gain in median price on a year-over-year basis, with 45 of them increasing more than 10 percent.

-- Active listings statewide fell 51.1 percent in a comparison between March 2021 and March 2020. It was the third consecutive month that listings declined more than 50 percent. On a month-to-month basis, for-sale properties inched up by 5.3 percent in March.

-- The available supply of homes for sale continued to tighten up across the state, with all major regions near record low levels. Forty-nine of the 51 counties covered by C.A.R. recorded a decline in active listings on a year-over-year basis in March, and 30 of them dropped more than half from levels a year ago.

-- Statewide, the unsold inventory of available homes for sale dropped to 1.6 months in March from 2.0 months in February and was down sharply from a year ago, when there was 2.7 months of housing inventory. Inventory levels measured in months indicate the number it would take for the available supply of homes on the market to sell-out given the current rate of sales.

-- In San Diego County, the inventory of available homes for sales in March 2021 dropped to 1.5 months, compared to 1.8 months in both February 2021 and January 2021 and 2.4 months in March 2020.

-- The median number of days it took to sell a California single-family home in March 2021 hit a record of eight days, the lowest every recorded. The eight-day figure compared to 10 days in February 2021, 11 days in January 2021, 11 days in December 2020, nine days in November 2020, 10 days in October 2020, 11 days in September 2020 and 15 days in March 2020. Prior to March 2021, the previous statewide record was nine days in November 2020.

-- In San Diego County, the median number of days an existing, single-family home remained unsold on the market was six days in March 2021. That number compares to seven days in both February 2021 and January 2021, as well as eight days in December 2020 and seven days in November, October and September 2020. The timeframe a year ago in March 2020 was 10 days.

-- The 30-year, fixed-mortgage interest rate averaged 3.08 percent in March, down from 3.45 percent in March 2020, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 2.78 percent, compared to 3.16 percent in March 2020.

Topics: Brokers/Managers, Market Information

Changes to CRMLS Rules - May 1st

Posted by PSAR Communication on Apr 15, 2021 9:45:00 AM

CRMLS rules and regulations

CRMLS users drive the changes made to our rules, MLS systems, and services. CRMLS doesn't make up rules on a whim – we follow the directives of Brokers and Agents.

Based on feedback from the CRMLS subscribers and participants, filtered through committees, and approved by our Board of Directors, a few changes to the CRMLS Rules and Regulations are being made.

Effective May 1, 2021, CRMLS is updating the Rules and Regulations and publishing them on the Compliance page of the CRMLS website.  Please read the two-page summary of the rule changes, located here.

Here's a brief overview of some of the most impactful changes:

  • 12.23 Business Days Definition. For all purposes of this ruleset, “Business Days” shall be defined as Mondays through Saturdays, not including holidays
  • Addition of new rule (14.5) regarding MLS staff modifying fields and data points within listings
  • In connection with new rule 14.5, violations of rules 7.8 (Mandatory Delivery of Listing Agreement) and 7.9 (Mandatory Submission Upon Marketing) may result in modifications being made to the DOM count of any listing at issue
  • Modification to rule 7.22 (Expiration, Extension and Renewal of Listings) to include the following: "The Listing Broker may modify the status of an expired listing within 7 days of the Expiration date. At any time and for any reason, the MLS has the right to request a copy of the seller's written authorization to extend or renew a listing." (Please note that this change may not reflect immediately or at the same time in all MLS systems.)

 Additional resources are available here:

Please familiarize yourself with the new rules as soon as possible. 

Topics: Announcements, Industry

April is Fair Housing Month

Posted by PSAR Communication on Apr 13, 2021 2:59:59 PM

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Every April, REALTORS® commemorate the passage of the Fair Housing Act of 1968 with events and education that shine a light on housing discrimination and segregation. Fair Housing Month signifies a recommitment to expanding equal access to housing. Implicit bias is often a manifestation of muscle memory. A go-with-your-gut unconscious choice, act, or opinion with immeasurable consequences that can–and have–impacted generations.

Slow down, course correct, and take action. Throughout the year we must remain steadfast in our commitment to breaking down biases, holding ourselves accountable, and upholding the letter of the law.  Refresh your memory, and open your mind. There’s always more to know, and we can all do better.

What can you do? 

1. Complete the NEW fair housing simulation training for REALTORS® which uses the power of storytelling to help members identify, prevent, and address discriminatory practices in real estate. Inspired by real stories, this innovative online experience has agents work against the clock to sell homes in the fictional town of Fairhaven, while confronting discrimination in the homebuying process. Learners will also walk in the shoes of a homebuyer facing discrimination. The training provides customized feedback that learners can apply to daily business interactions. Get started by visiting fairhaven.realtor (link is external) to explore the fictional town of Fairhaven and assess how well you are adhering to fair housing principles.

2. Join a PSAR Reading Discussion Circle.  PSAR is encouraging community leaders and Realtors to read "The Color of Law" by  Richard Rothstein.  The fact that some neighborhoods are almost exclusively African American while others are almost exclusively white—is the result of explicit government policy rather than personal choice.  Understand how residential segregation was realized.  Join community leaders and other Realtors as we discuss this book.
Interested? Sign up Here to join and receive for more information. 

Below is a 35 minute sound clip with the author of "Color of Law."

3. Join the Facebook Group Deliberately Fair Housing. Listen and engage in discussions about Fair Housing.  Read and discuss books and discover issues that face diverse communities.  

4. Be knowledgeable in your craft. Read or listen to one of these resources and books. Prefer a podcast?  How about one of these? For film and video, here are some other resources.

5. Take a Fair Housing class though PSAR. This presentation covers: Fair Housing based on issues in advertising. This training is designed for those new to the housing industry as well as experienced housing professionals wishing to learn about current issues affecting fair housing laws.  Find a fair Housing Class

6. If you don't think you have biases, think again.  We all do.  Check out this great Ted Talk with Valerie Alexander "How to Outsmart Your Own Unconscious Bias"

Topics: Announcements, Leadership, Industry

Take Action! Selling a Home May Be More Difficult - April 6th

Posted by PSAR Communication on Apr 5, 2021 6:45:35 PM

Stop New Rent Control & Countywide Eviction Ban

A last-minute urgency item has been added to the County Board of Supervisors agenda for a vote this Tuesday, April 6. The ordinance, if approved will limit rent increases to only the CPI percentage (currently 1.8%) until July 1 throughout the County. It would also prevent any termination of tenancies and evictions unless a tenant is "an imminent health or safety threat." This means tenants can create nuisances and commit crimes at your property with no consequences. This also means that property owners will not be able to move into their own homes or sell their properties. 

"Homeowners will not be able to move into their own homes or sell their properties."

Industry groups were not consulted about this proposal. Rental housing providers are already hurting financially and struggling with problematic tenants. This attack on the ability of property owners to keep their properties safe and maintained is unacceptable. And there is no end date on the eviction ban...it would be tied to the Tier system. 

 

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PSAR is joining the Southern California Rental Housing Association in opposition to this ordinance.

TAKE ACTION NOW!