2024 President-Elect
Yvonne Cromer

 

2024 Secretary / Treasurer
Sam Calvano

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2024/2025 Directors

Affiliate Director

Martha Garcia

The current Board of Directors and Officers will remain in their posts and continue to serve PSAR until December 31st, 2023.

Board of Directors (2024)

Laurie MacDonald, 2024 President

Yvonne Cromer, 2024 President-Elect

Sam Calvano, 2024 Secretary-Treasurer

Jason Lopez, Immediate Past President

Jim O'Donnell, 2024/2025 Director

Charmaine Orcino-Gonzales, 2024/2025 Director

Merrie Espina, 2023/2024 Director

Valerie Gardner, 2023/2024 Director

Paula Gonzalez, 2024/2025 Director

Monica Greenwood, 2024/2025 Director

Rafael Perez, 2023/2024 Director

Amy Ruiz, 2023/2024 Director

Norma Scantlin, 2024/2025 Director

Amber Tannehill, 2023/2024 Director

Martha Garcia, 2023/2024 Affiliate Director

________________________________________________

PSAR's Mission is to empower Real Estate Professionals.

Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth, and development of the Real Estate industry in San Diego County.

We remain thankful to those who were nominated to lead PSAR. We are looking forward to great things from both the elected candidates and those who will continue to serve in our committee leadership roster.

The newest member of the PSAR Government Affairs Committee has been an elected official for the past 22 years.

 

Candidate for Secretary / Treasurer (1 Seat)

Sam Calvano

 

Candidates for Director Pick Up to Five (Two-Year Seats)

 

 

PSAR members get to engage in the decision-making process and choose our leaders. The association's management of policies, programs, events, and investments has a direct impact on our personal lives and businesses. Elected Directors not only offer practical guidance but also motivate the association to strive for greater heights.

It takes just a few minutes to cast your vote, but the outcomes can be significant. Take the time to make a difference and shape the future of our association.

We look forward to counting your ballot!

For a Complete Copy of the PSAR  By-Laws download them here:

A reprieve in mortgage interest rates helped the California housing market rebound in May 2023 with homes sales at an eight-month high, according to the latest home sales and price report from the California Association of REALTORS® (C.A.R.).

In San Diego during May 2023, both home sales and home prices were higher in month-over-month comparisons with April 2023.

Sales of existing, single-family homes in San Diego County increased in May 2023 by 14.8 percent in a month-over-month comparison with April 2023, but the figure was 24.1 percent lower in a year-over-year comparison with May 2022.

Meanwhile, the median sales price for an existing, single-family detached home in San Diego County increased in May 2023 to $935,000, compared to $930,000 in April 2023, a 0.5 percent difference. In a year-over-year comparison, the median price was $970,000 in May 2022, a 3.6 percent difference.

May 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Statewide, the sales pace for existing, single-family homes was up 9.8 percent in May 2023, compared to April 2023, and it as down 23.6 percent from May 2022.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 289,460 in May, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2023 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

May’s sales pace of 289,460 homes sold was up 9.8 percent on a monthly basis from 263,650 home sold in April 2023 and down 23.6 percent from a year ago in May 2022, when a revised 378,640 homes were sold on an annualized basis.

Sales of existing single-family homes in California remained below the 300,000-unit pace for the eighth consecutive month.

Year-to-date statewide homes sales were down 35.1 percent in May 2023.

Also statewide, the median home price in May 2023 increased by 3.0 percent to $836,110, compared to $811,950 in April 2023. It was the second straight month for the statewide median home price to exceed $800,000. In a year-over-year comparison, the statewide median home price was down 6.4 percent from $893,200 in May 2022.

The statewide median price continued to rise and reached the highest level in nine months. Tight housing supply and more high-end homes being sold relative to prior months continued to put upward pressure on prices. 

“The bounceback in May’s home sales and price shows the resilience of California’s housing market and is a testament to the value that consumers place on homeownership,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “The housing market is stabilizing and even showing signs of improvement as competition is on the rise again; nearly half of homes are selling above asking price, fewer sellers are reducing listing prices, and homes for sale are going into pending status in just two weeks compared to more than 30 days early this year.”

“While home sales rose solidly in May, we don’t expect to see a rapid recovery because of the lock-in effect that’s keeping prospective sellers with low interest rate mortgages from listing their homes on the market and keeping inventory extremely tight.” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “Consequently, we expect prices to continue to rise on a month-to-month basis for the next few months because of the shortage of homes for sale. Even with reduced homebuyer demand, California still has more homebuyers than homes to put them in. It is this imbalance between supply and demand that continues to put upward pressure on home prices and nudge the median price up month over month since the beginning of the year.”

Other key points from C.A.R.’s May 2023 resale housing report include:

-- At the regional level, all major regions recorded year-over-year sales declines in May 2023. Southern California declined 22.3 percent from May 2022.

-- At the regional level, median home prices dropped from a year ago in all major regions. Southern California home prices declined by 5.3 percent in May 2023.

-- Despite mortgage rates rising sharply since mid-May and peaking at their highest point in six months, the number of pending sales recorded in May remained steady and only dipped slightly by less than 2 percent from the prior month. The consistent level of open-escrow sales suggests that the California housing market will register closed sales in June at around 275,000, a similar level between what was recorded in April and May.

-- Housing inventory in California dipped in May after a brief bounce-back in April, as sales improved while supply remained tight. The statewide unsold inventory index in May 2023 was flat from last year and declined 16 percent on a month-over-month basis. Assuming a softer sales level in June 2023, the market could see a minor inventory improvement in the upcoming month, but the upward adjustment would be due to a change in demand.

May 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

-- Housing inventory increased in all price ranges in May 2023, compared with May 2022. In year-over-year comparisons, the unsold inventory index recorded a gain of 21.1 percent in the $1 million-and-higher price sector and remained flat in the $500,000-$749,000 price range (zero percent). Lower inventory levels dipped year-over-year in the $750,000-$999,000 sector (-9.1 percent) and the sub-$500,000 sector (-4.3 percent).

-- The statewide unsold inventory index on a monthly basis declined to 2.1 months for May 2023, compared to 2.5 months for April 2023 and 2.1 months for May 2022.

-- In San Diego, in May 2023, the inventory of available homes for sale was 1.7 months, compared to 1.9 months in April 2023, 1.7 months in March 2023, 2.3 months in February 2023, 2.7 months in January 2023 and 1.9 months in May 2022. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.

-- Statewide, the median number of days it took to sell a California single-family home was 17 days in May 2023, 20 days in April 2023 and 11 days in May 2022.

-- In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in May 2023, compared to 12 days in April 2023, 15 days in March 2023 and eight days in May 2022.  Other median-time-on-the-market figures in San Diego in 2023 include 17 days in February and 26 days in January. The median represents a time when half the homes sell above it and half below it.

-- The statewide, sales-price-to-list-price ratio was at 100 percent in May 2023, 100 percent in April 2023, 99.1 percent in March 2023, 97.7 percent in February 2023 and 96.5 percent in January 2023. A year ago, in May 2022, the ratio was 103.4 percent. The sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

-- The 30-year, fixed-mortgage interest rate averaged 6.43 percent in May, up from 5.23 percent in May 2022, according to Freddie Mac.

The Pacific Southwest Association of REALTORS® Nominating Committee and the Board of Directors respectfully submit the following nominees for the 2024/2025 Officers and Directors Annual Election.

Online Elections will begin Friday, June 23rd, and continue through Friday, June 30th, 2023.

Download the Bylaws here:

 

Candidates for PSAR President-Elect

Candidate for Secretary / Treasurer

Sam Calvano

 

Candidates for Director Pick Up to Five (5 Two-Year Seats)

 

Online Elections will begin Friday, June 23rd, and continue through Friday, June 30th, 2023.

A surge in mortgage interest rates and a shortage of homes for sale is suppressing the California housing market, according to the April 2023 home sales and price report from the California Association of REALTORS® (C.A.R.).

For April 2023 in San Diego, home sales were lower and home prices were higher in month-over-month comparisons between April 2023 and March 2023.

Sales of existing, single-family homes in San Diego County decreased in April 2023 by 8.2 percent in a month-over-month comparison with March 2023, and 36.9 percent in a year-over-year comparison with April 2022.

April 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Meanwhile, the median sales price for an existing, single-family detached home in San Diego County increased in April 2023 to $930,000, compared to $915,000 in March 2023, a 1.6 percent difference. In a year-over-year comparison, the median price was $975,000 in April 2022, a 4.6 percent difference.

Statewide, the sales pace for existing, single-family homes was down 4.7 percent in April 2023, compared to March 2023, and down 36.1 percent from April 2022.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 267,880 in April 2023, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2023 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

April’s sales pace of 267,880 homes sold in April 2023 was down from 281,050 homes sold in March 2023 and down from a year ago in April 2022, when a revised 418,970 homes were sold on an annualized basis.

Sales of existing single-family homes in California remained below the 300,000-unit level for the seventh consecutive month.

Year-to-date statewide home sales were down 37.4 percent in April 2023.

Also statewide, the median home price in April 2023 increased by 3.0 percent to $815, 340, compared to $791,490 in March 2023.

It was the first time in six months, since October 2022, that California’s median home price surprised the $800,000 level.

Despite the price improvement since early this year, April’s median price was lower on a year-over-year basis for the sixth consecutive month, declining 7.8 percent from the revised $884,680 recorded a year ago in April 2022. 

The sizable drop in median price from last year was due partly to the strong price surge in early 2022 when homebuyers rushed into the market to take advantage of low rates before the Federal Reserve began aggressively raising rates.

“While home sales declined in April, the market is getting more competitive as we’re seeing time on the market before selling down to 20 days in April from 33 days in January and the share of homes sold above asking price double from one in five at the beginning of the year to more than two in five in April,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “This increase in market competition continued to provide support to the statewide median home price in April, which climbed above $800,000 for the first time in six months.”

“Home sales remained soft as the lock-in effect continued to tighten housing supply and keep would-be sellers from listing their homes for sale, which contributed to a 30 percent year-over-year drop in new statewide active listings, the largest drop since May 2020 when the pandemic shutdown took place,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “A surge in borrowing costs as mortgage rates surpassed 7% in late February and early March also contributed to the market weakness, as many transactions that opened in those two months were closed in April.”

Looking ahead, C.A.R. has revised its 2023 Housing Market Forecast and projects existing single-family home sales to reach 279,900 units in 2023, a decline of 18.2 percent from the 342,000 units sold in 2022. While home prices in general are expected to improve in the second half of the year, the California median home price is projected to decrease 5.6 percent to $776,600 in 2023, down from the annual median price of $822,300 recorded in 2022. C.A.R. also expects the 30-year fixed mortgage interest rate will average 6.3 percent for the year.

Other key points from C.A.R.’s April 2023 resale housing report include:

-- At the regional level, all major regions recorded year-over-year sales declines in April 2023. Southern California declined 37.4 percent from April 2022.

-- At the regional level, median home prices dropped from a year ago in all major regions. Southern California home prices declined by 6.2 percent in April 2023.

-- Housing inventory in California bounced back after dipping month-over-month for two straight months. The statewide unsold inventory index in April 2023 also increased from last year, jumping 38.9 percent on a year-over-year basis. The surge in the inventory continued primarily due to low housing demand as existing home sales remained below the 300,000 benchmark.

-- Housing inventory increased by at least 20 percent in all price ranges in April 2023, compared to April 2022. Homes priced at $1 million and higher gained the most in unsold inventory with a 64.7 percent increase, followed by the $500,000-$749,000 price range (33.3 percent), the $750,000-$999,000 price range (21.1 percent), and the sub-$500,000 price range (26.3 percent).

April 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

-- The statewide unsold inventory index on a monthly basis increased to 2.5 months in April 2023, compared to 2.2 months in March 2023 and 1.8 months in April 2022.

-- In San Diego, in April 2023, the inventory of available homes for sale was 1.9 months, compared to 1.7 months in March 2023, 2.3 months in February 2023, 2.7 months in January 2023, and 1.6 months in April 2022. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell out given the current rate of sales.

-- The median number of days it took to sell a California single-family home was 20 days in April 2023, 24 days in March 2023, and 11 days in April 2022.

-- In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in April 2023, compared to 15 days in March 2023 and eight days in April 2022. Other median-time-on-the-market figures in San Diego in 2023 include 17 days in February and 26 days in January. The median represents a time when half the homes sell above it and half below it.

The statewide, sales-price-to-list-price ratio was at 100 percent in April 2023, compared to 99.1 percent in March 2023, 97.7 percent in February 2023 and 96.5 percent in January 2023. A year ago, in April 2022, the ratio was 104.2 percent. The sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

-- The 30-year, fixed-mortgage interest rate averaged 6.34 percent in April, up from 4.98 percent in April 2022, according to Freddie Mac.

 

PSAR broker Patti McKelvey has authored a book in which she reflects on her 50 years in real estate.

Titled, “Real Estate Magic: How a Real Estate Rock Star Helped 6,000 Families Attain the American Dream,” McKelvey’s 171-page, self-published book is priced at $15 on Amazon.

Patti considers the book as her memoir. It includes stories about her childhood in South Dakota, her career as owner and operator of a children’s furniture retail store prior to real estate, and her record-setting success in real estate sales.

"The title came from my clients who would say to me when a real estate deal hit a difficult point, `Patti, do your magic,’” she said.

“Hopefully, the readers, including other agents and entrepreneurs, will find something motivating and encouraging in the book. It’s about my journey through business and real estate. I’m an example of not doing things the normal, scripted way. On the contrary, my journey has been far from ordinary.”

According to the book’s description on Amazon, “Her total is north of 6,000 units, which to Patti means helping all those individuals and families attain the American Dream. 

The book includes several real estate client success stories as well as mentions her longtime support of St. Pius X Roman Catholic Church on Cuyamaca Avenue in Chula Vista. At the church, Patti serves as a Eucharistic minister and regularly attends 7 a.m. Mass on Sundays and daily Mass most mornings. Patti also has supported a number of charitable organizations, including South Bay Family YMCA, American Heart Association, Rady Children’s Hospital, National Latino Peace Officers Association, and the Las Primeras Group, a philanthropic organization.

In Patti’s book is her description of her strong beliefs in ethics, honesty, and personal relationships.

“I believe in a strong work ethic, honesty, integrity, and consistency and I admire great role models of ethics, such as John Wooden, and the founders of Hobby Lobby and Chick-fil-A,” Patti said. “I also believe strongly in building enduring relationships. My friendship with clients does not end at the close of escrow. It continues long after.

“I love calls from clients asking for recommendations on home repair and professional services. I want to do the best job for my clients because that’s my job. I want to make a difference in helping people get their new homes. I want to meet and exceed the wishes of my clients. In some cases, I have represented clients who were children years ago when I worked with their parents and now they’re grown up.”

On occasion, Patti said she might provide a copy of her book to new clients so they can learn more about her. “But, I’ll probably do a lousy job at promoting the book. I would rather work in real estate than post something on social media about my book.”

Patti grew up in Lestervillle, South Dakota, population of 115. “My mother and father ran the town’s restaurant, so I was around customers all the time,” Patti said, “I grew up thinking about customer service.”

Patti earned a Bachelor’s degree in business and English from Southern State University in South Dakota. She married Bill McKelvey and later they moved to Southern California, where  Patti started designing children’s furniture while  Bill worked for the Drug Enforcement Administration (DEA). After moving to San Diego in 1976, Patti continued working in the furniture industry and operated a retail store, which she sold in 1987.

 “I loved painting and designing children’s furniture,” Patti said. “Even back then, it was difficult to run a small business in California. Too many rules and regulations. So, I sold the business after many years, went to work on my Master's degree, and got my real estate license.”

Patti has been a top producer since beginning her real estate career in 1987. She has been ranked in the top 1 percent of real estate professionals in America in listings, sales, and dollar volume. She was the #1 agent for sales in San Diego County in 2013, 2014, and 2015, selling the most units of any agent in the entire county. She was the top-producing agent in both sales and listings for 29 consecutive years at her previous brokerage of McMillin Realty, which was acquired in 2016.

In 2017, Patti and Jeff McKelvey, a mother-and-son real estate sales team, joined Coldwell Banker West (CBW). Since 2017, they have been ranked as CBW’s top-producing team every year. Patti says she owes much of her success to  Jeff, who has worked with her in real estate for nearly 30 years. The McKelvey team staff includes April Martin, Tyler Rowean, TJ Hughes, Chriselia Sandoval, Alex Medina, and Lauren Ortiz as transaction coordinators.

“I enjoy real estate because I love helping people realize their dreams of home ownership,” said Patti. “I want to meet and exceed the wishes of my clients. It never gets old seeing the joy of helping people live the American dream.” 

The McKelvey group (CalDRE #00956130) can be reached at (619) 271-8300, or patti@mckelveyrealty.com.

Check out this month's DRE Bulletin and gain awareness of the DRE's priorities this quarter.  Below are highlights. Download the PDF for the full update. Take a look at the California DRE Spring Bulletin here

• Update from Commissioner Douglas McCauley:  DRE prioritizes equity, fraud, and consumer communication campaign to assist first-time buyers. It also emphasizes how to select an agent and understand mortgages.  
• Download the 2023 DRE Real Estate Law Book.
• Living in a Common Interest Development.
• Helping your client understand an architect's role.
• Broker Supervision: What is the broker's role?  Broker's obligation to supervise, assign supervisory authority, broker supervision in advertising, and ensure license requirements are met.
• Updated Rules for Discrimination as a Basis for Discipline.
• A look inside DRE’s complaint process: Filing a complaint, Complaint review, Formal investigation, and Clear and Convincing Evidence. 
• PG&E warns of an emerging scam initiative
• The important role of Enforcement in regulating California’s Real Estate industry
• Los Angeles County launches Property Owner e-Notification Alert (San Diego Launched Owner Alert last year).

 

Douglas R. McCauley

Real Estate Commissioner
Department of Real Estate

 

 

 

 

 

 

 

For the first time in seven months, median home prices in California in March 2023 recorded a healthy increase on a month-to-month basis while higher interest rates held home sales essentially flat, according to the latest home sales and price report from the California Association of REALTORS® (C.A.R.).

In San Diego, both home sales and home prices were higher in month-over-month comparisons between March 2023 and February 2023.

Existing, single-family home sales in San Diego County increased in March 2023 by 34.9 percent in a month-over-month comparison with February 2023. However, in a year-over-year comparison between March 2023 and March 2022, home sales in San Diego County decreased by 32.1 percent.

March 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Meanwhile, the median sales price for an existing, single-family detached home in San Diego County increased in March 2023 to $915,000, compared to $875,000 in February 2023, a 4.6 percent difference. In a year-over-year comparison, the median price was $950,000 in March 2022, a 3.7 percent difference.

Statewide, the March 2023 sales pace for existing, single-family homes was down 1.0 percent on a monthly basis from February 2023, and down 34.2 percent from March 2022.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 281,050 in March 2023, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2023 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

March’s sales pace of 281,050 homes sold was down slightly from 284,010 homes sold in February 2023 and down 34.2 percent from a year ago in March 2022, when a revised 427,040 homes were sold on an annualized basis. Sales of existing single-family homes in California remained below the 300,000-unit pace for the sixth consecutive month.

Year-to-date statewide home sales were down 37.8 percent in March 2023.

Also statewide, the median home price in March 2023 increased by 7.6 percent to $791,490, compared to $735,480 in February 2023. The March 2023 median price was 7 percent lower than the $851,130 price posted in March 2022. The statewide median home price in Mach was lower on a year-over-year basis for the fifth consecutive month. The median is the price at which half of the homes sell for more and half for less.

With home prices rising more sharply than the normal seasonal pattern last year, the market could see larger year-over-year price drops as it moves through the spring home-buying season.

“Despite a dip in March home sales, the competitiveness in the housing market continues to heat up, as homes are selling faster, and the sales-to-list-price ratio is improving, all the while when the number of homes available for sale continues to tighten,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “All signs point to a market with solid demand, which should help bolster sales through the homebuying season.”

“While home sales continue to hover below the 300,000-unit annualized pace, the market seems to have weathered more aggressive rate hikes and banking failures quite well in the last few weeks,” said C.A.R. Vice President and Chief Economist Jordan Levine. “If interest rates stabilize or even improve in the next couple of months, home sales should rise during the spring home-buying season, but tight inventory will prevent a rapid rebound.”

Other key points from C.A.R.’s March 2023 resale housing report include:

-- At the regional level, all major regions recorded year-over-year sales declines. Southern California declined 33.8 percent from March 2022. Extreme weather conditions had a negative impact on the housing market, which contributed to sharp sales declines in some counties.

-- At the regional level, median home prices dropped from a year ago in all major regions. Southern California home prices declined by 4 percent in March 2023.

March 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

-- Housing inventory in California slipped on a monthly basis for the second straight month from 3.2 months in February 2023 to 2.2 months in March 2023, the lowest level since May 2022. The unsold inventory in March 2022 was 1.6 months.

-- In San Diego, in March 2023, the inventory of available homes for sale was 1.7 months, compared to 2.3 months in February 2023, 2.7 months in January 2023, and 1.4 months in March 2022. Other inventory figures in San Diego during 2022 include 2.2 months in December 2022, 2.9 months in November 2022, 3.0 months in October, 2.7 months in September, 2.5 months in August, 3.1 months in July, 2.4 months in June, 1.9 months in May, 1.6 months in April and 1.4 months in March. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.

-- Home prices were higher in March 2023 in all price ranges compared to a year ago in March 2022. In March 2023, homes priced at $1 million or higher gained the most in unsold inventory (50 percent), followed by the $749,000-$500,000 price range (25 percent), $750,000-$999,000 price range (23.5 percent) and sub-$500,000 price range (16.7 percent).

-- Active listings in March 2023 continued to surge. Despite the increase in overall active listings, housing inventory is much tighter than what the yearly growth suggests. While new active listings added in March 2023 improved by 27.9 percent on a month-to-month basis from February 2023, the figure also declined 30 percent in a year-over-year comparison with March 2022. The drop in new active listings, was the largest dip since May 2020 when the pandemic shutdown took place.

-- The median number of days it took to sell a California single-family home was 19 days in March 2023, 17 days in February 2023 and eight days in March 2022.

-- In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in March 2023, compared to 17 days in February 2023, 26 days in January 2023 and seven days in March 2022. Other median-time-on-the-market figures in San Diego during 2022 was 20 days in December, 18 days in both November and October, 19 days in September, 15 days in August, 10 days in July, eight days in June and seven days in May and April. The median represents a time when half the homes sell above it and half below it.in san 

-- Once again, the statewide, sales-price-to-list-price ratio remained at below 100 percent in March 2023 at 99.1 percent, compared to 97.7 percent in February 2023 and 96.5 percent in January 2023. A year ago, in March 2023, the ratio was 103.9 percent. Other statewide ratio percentage figures during 2022 include 96.2 percent in December, 96.7 percent in November, 97.3 percent in October, 97.7 percent in September and 98.4 percent in August. The sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

-- The 30-year, fixed-mortgage interest rate averaged 6.54 percent in March, up from 4.17 percent in March 2022, according to Freddie Mac.