Le Lézard
Classified in: Business, Covid-19 virus
Subjects: SLS, ECO, STP

California's housing market begins to feel effects of coronavirus as March home sales drop, C.A.R. reports


LOS ANGELES, April 16, 2020 /PRNewswire/ -- California home sales fell from both the previous month and year in March as the coronavirus pandemic began taking a toll on the housing market, especially in the last two weeks of the month as the state's stay-at-home order was put in place, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. 

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 373,070 units in March, 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 2020 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 total was down 11.5 percent from the 421,670 level in February and was down 6.1 percent from a year ago. The month-to-month drop was the first double-digit loss in more than nine years and the largest since August 2007. Additionally, the year-over-year decline was the first in nine months and the largest decrease since March 2019.

"The relatively moderate sales decrease that occurred in March is only a prelude to what we'll see in April and May because sales were still modestly strong during the first two weeks of March before stay-in-place orders were implemented throughout the state," said 2020 C.A.R. President Jeanne Radsick, a second-generation REALTOR® from Bakersfield, Calif. "However, pending sales, which is a better reflection of the current market conditions and consumer concerns about the coronavirus, dropped nearly 25 percent and suggest the decline could extend beyond the next couple of months, depending on the duration of the pandemic and the lockdown."

Despite a dip in housing demand, the statewide median price rose from both the previous month and previous year. In fact, at $612,440 in March, the median price of an existing single-family home surged past the $600,000 benchmark for the first time in three months, registering an 8.3 percent year-over-year gain. On a monthly basis, the median price increased 5.6 percent from February's $579,770. A year ago, the statewide median price was $565,740.

"While the median home price continued to record a strong gain in March, most, if not all, of the closed sales were negotiated in mid- to late-February prior to the COVID-19 outbreak," said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. "Still, the fast deterioration of the economy, the steep decline of the financial market and record-setting job losses have not been factored into March's closed sales but will become obvious in coming months."

Reflecting the dramatic change in market conditions, a monthly Google poll conducted by C.A.R. in early April found just one in four (26 percent) consumers said it is a good time to sell, down from 59 percent a month ago, and down from 48 percent a year ago. The market uncertainty has not curbed the optimism for homebuying as much; 28 percent of the consumers who responded to the poll believe that now is a good time to buy a home, slightly less than last year (22 percent), when interest rates were 82 basis points higher.

Other key points from C.A.R.'s March 2020 resale housing report include:

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower end or the upper end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.

*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.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 50 counties.

Leading the way...® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

March 2020 County Sales and Price Activity

(Regional and condo sales data not seasonally adjusted)




March 2020

Median Sold Price of Existing Single-Family Homes

Sales

State/Region/County

March 2020

Feb. 2020


March 2019


Price MTM% Chg

Price YTY% Chg

 Sales MTM% Chg

 Sales YTY% Chg

Calif. Single-family homes

$612,440

$579,770


$565,740

r

5.6%

8.3%

-11.5%

-6.1%

Calif. Condo/Townhomes

$495,000

$480,000


$465,000


3.1%

6.5%

20.0%

2.9%

Los Angeles Metro Area

$556,250

$550,000


$517,000


1.1%

7.6%

20.4%

-0.1%

Central Coast

$690,000

$715,000


$645,000


-3.5%

7.0%

25.6%

-7.2%

Central Valley

$350,000

$340,000


$325,000


2.9%

7.7%

21.5%

-6.4%

Inland Empire

$399,000

$395,000


$374,900


1.0%

6.4%

22.4%

1.5%

San Francisco Bay Area

$1,009,790

$910,000


$940,000


11.0%

7.4%

30.1%

-12.1%











San Francisco Bay Area










Alameda

$970,500

$945,000


$911,000


2.7%

6.5%

38.2%

-19.4%

Contra Costa

$711,000

$635,250


$644,000


11.9%

10.4%

32.1%

-8.3%

Marin

$1,376,000

$1,347,500


$1,300,000


2.1%

5.8%

50.0%

-12.2%

Napa

$764,000

$659,500


$699,000


15.8%

9.3%

54.8%

0.0%

San Francisco

$1,655,000

$1,610,000


$1,637,500


2.8%

1.1%

41.4%

-7.6%

San Mateo

$1,750,000

$1,575,000


$1,610,000


11.1%

8.7%

27.4%

-10.3%

Santa Clara

$1,400,000

$1,350,000


$1,300,000


3.7%

7.7%

30.1%

-19.0%

Solano

$457,950

$470,000


$438,500


-2.6%

4.4%

19.8%

-7.1%

Sonoma

$694,000

$640,000


$633,750


8.4%

9.5%

9.7%

3.8%

Southern California










Los Angeles

$567,910

$580,690


$525,520


-2.2%

8.1%

21.2%

-2.9%

Orange

$882,000

$880,000


$809,500


0.2%

9.0%

14.6%

1.6%

Riverside

$435,000

$428,000


$412,000


1.6%

5.6%

24.6%

4.5%

San Bernardino

$316,000

$329,000


$309,950


-4.0%

2.0%

18.6%

-3.7%

San Diego

$675,000

$670,000


$623,800


0.7%

8.2%

23.4%

-1.3%

Ventura

$705,000

$649,500


$640,000


8.5%

10.2%

19.3%

2.7%

Central Coast










Monterey

$680,000

$700,000


$579,000


-2.9%

17.4%

24.5%

-11.4%

San Luis Obispo

$619,000

$640,000


$629,500


-3.3%

-1.7%

32.8%

8.7%

Santa Barbara

$645,000

$772,750


$555,000


-16.5%

16.2%

22.8%

-16.0%

Santa Cruz

$925,000

$897,500


$918,000


3.1%

0.8%

16.7%

-14.6%

Central Valley










Fresno

$282,500

$289,950


$280,000


-2.6%

0.9%

22.7%

-6.1%

Glenn

$288,500

$288,250


$250,000


0.1%

15.4%

33.3%

-40.7%

Kern

$259,480

$259,000


$249,950


0.2%

3.8%

16.9%

-9.5%

Kings

$250,000

$255,000


$232,000


-2.0%

7.8%

11.3%

-8.1%

Madera

$285,000

$285,000


$265,000


0.0%

7.5%

-7.1%

9.2%

Merced

$280,000

$285,950


$275,000


-2.1%

1.8%

7.0%

10.8%

Placer

$500,000

$509,000


$475,000


-1.8%

5.3%

56.4%

2.8%

Sacramento

$400,000

$398,500


$365,000


0.4%

9.6%

16.6%

-10.9%

San Benito

$605,000

$595,000


$610,000


1.7%

-0.8%

64.0%

2.5%

San Joaquin

$395,000

$390,000


$355,000


1.3%

11.3%

24.8%

1.6%

Stanislaus

$340,000

$339,000


$320,000


0.3%

6.3%

12.8%

-10.4%

Tulare

$254,480

$252,000


$230,000


1.0%

10.6%

30.6%

-14.1%

Other Calif. Counties










Amador

$335,000

$328,000


$320,000

r

2.1%

4.7%

43.9%

7.3%

Butte

$365,000

$338,750


$369,000


7.7%

-1.1%

16.9%

-36.1%

Calaveras

$352,000

$355,000


$308,250


-0.8%

14.2%

37.0%

8.7%

Del Norte

$233,500

$297,000


$253,020

r

-21.4%

-7.7%

16.7%

40.0%

El Dorado

$507,500

$465,000


$506,160

r

9.1%

0.3%

15.8%

6.7%

Humboldt

$330,000

$310,390


$310,000


6.3%

6.5%

-5.7%

-26.5%

Lake

$275,500

$235,000


$243,500


17.2%

13.1%

6.1%

40.0%

Lassen

$230,000

$199,000


$220,000


15.6%

4.5%

72.7%

-9.5%

Mariposa

$335,000

$327,500


$277,500


2.3%

20.7%

-38.9%

10.0%

Mendocino

$382,810

$467,000


$394,500


-18.0%

-3.0%

120.7%

77.8%

Mono

$665,000

$700,000


$800,000


-5.0%

-16.9%

-20.0%

300.0%

Nevada

$425,000

$420,000


$412,500


1.2%

3.0%

62.0%

4.9%

Plumas

$287,500

$321,500


$287,500


-10.6%

0.0%

-45.5%

-53.8%

Shasta

$310,000

$291,500


$285,000


6.3%

8.8%

31.7%

-11.9%

Siskiyou

$244,000

$219,000


$205,000


11.4%

19.0%

22.2%

-2.2%

Sutter

$318,050

$318,500


$310,000


-0.1%

2.6%

0.0%

-8.2%

Tehama

$280,000

$265,000


$315,000


5.7%

-11.1%

44.0%

-26.5%

Tuolumne

$300,000

$297,500


$315,000


0.8%

-4.8%

7.6%

16.4%

Yolo

$463,500

$447,500


$450,000


3.6%

3.0%

21.7%

-5.9%

Yuba

$309,440

$315,000


$290,000


-1.8%

6.7%

37.9%

24.7%

r = revised

NA = not available

 

March 2020 County Unsold Inventory and Days on Market

(Regional and condo sales data not seasonally adjusted)




March 2020

Unsold Inventory Index

Median Time on Market

State/Region/County

March 2020

Feb. 2020


March 2019


March 2020

Feb. 2020


March 2019


Calif. Single-family homes

2.7

3.6


3.6


15.0

23.0


25.0


Calif. Condo/Townhomes

2.3

3.0


3.3


14.0

21.0


24.0


Los Angeles Metro Area

2.8

3.8


4.1


19.0

29.0


33.0


Central Coast

3.0

4.8


4.1


17.0

31.0


26.0


Central Valley

2.6

3.1


3.0


13.0

18.5


22.0


Inland Empire

3.0

4.1


4.2


29.0

41.0


42.0


San Francisco Bay Area

2.1

3.0


2.6


12.0

14.0


16.0













San Francisco Bay Area











Alameda

1.7

2.5


2.2


10.0

12.0


13.0


Contra Costa

1.9

2.7


2.6


10.0

12.0


14.0


Marin

2.1

4.3


3.8


25.0

42.5


28.0


Napa

5.5

9.6


6.8


37.0

39.0


73.0


San Francisco

1.5

3.0


1.8


14.0

15.0


14.0


San Mateo

2.0

2.6


2.2


10.0

11.0


13.0


Santa Clara

2.0

2.7


2.3


8.0

8.0


12.0


Solano

2.4

3.0


2.8


28.0

39.0


37.0


Sonoma

3.6

4.4


4.1


37.0

51.5


43.5


Southern California











Los Angeles

2.6

3.6


3.8


15.0

22.0


25.0


Orange

2.5

3.4


4.3


11.0

17.0


25.0


Riverside

2.9

4.1


4.3


29.0

39.0


44.0


San Bernardino

3.3

4.1


4.1


30.0

45.0


40.0


San Diego

2.4

3.0


3.4


10.0

12.0


19.0


Ventura

3.9

5.1


5.8


38.0

49.0


51.0


Central Coast











Monterey

3.7

5.1


4.2


21.0

28.0


27.0


San Luis Obispo

3.4

4.8


4.5


20.0

37.5


33.0


Santa Barbara

1.7

4.8


3.9


20.0

28.5


26.0


Santa Cruz

3.4

4.1


3.6


11.0

26.5


20.0


Central Valley











Fresno

3.0

3.5


3.4


14.0

26.0


26.0


Glenn

3.8

5.3


2.8


27.5

75.5


45.0


Kern

2.7

3.2


3.0


15.0

22.0


21.0


Kings

2.8

3.2


3.8


31.0

17.0


34.0


Madera

5.1

4.9


6.1


30.5

40.0


37.0


Merced

3.1

3.3


4.3


23.0

32.0


55.0


Placer

2.2

3.4


2.7


10.0

16.0


17.5


Sacramento

2.1

2.3


2.3


8.0

10.0


18.0


San Benito

3.6

6.5


4.0


19.0

55.0


63.0


San Joaquin

2.5

3.2


3.2


16.0

26.5


22.0


Stanislaus

2.6

2.6


2.8


11.0

17.0


23.0


Tulare

3.1

4.1


3.3


20.0

21.0


32.0


Other Calif. Counties











Amador

4.6

7.8


NA


28.0

49.0


57.0

r

Butte

2.5

3.0


1.8


10.0

24.5


9.0


Calaveras

4.0

5.7


5.0


115.5

108.0


53.5


Del Norte

10.0

11.8


12.4


156.0

168.0


140.0


El Dorado

3.6

4.5


4.2


29.5

44.0


32.5


Humboldt

4.8

4.5


4.5


31.0

38.5


44.0


Lake

5.1

6.1


8.8


65.5

61.5


80.5


Lassen

6.4

10.7


5.2


165.0

133.0


90.0


Mariposa

8.3

5.4


10.4


40.0

107.0


31.0


Mendocino

4.2

10.3


11.1


85.5

102.0


81.0


Mono

5.3

5.8


22.7


135.0

119.0


71.0


Nevada

3.5

6.4


3.9


22.0

42.0


44.5


Plumas

18.4

9.6


9.2


189.0

191.0


129.0


Shasta

3.8

4.8


3.7


21.0

50.0


40.0


Siskiyou

5.2

6.5


5.8


70.0

89.0


82.0


Sutter

2.6

2.6


2.5


12.5

26.5


14.0


Tehama

6.1

9.0


3.7


67.0

81.0


43.0


Tuolumne

4.8

5.6


5.4


65.0

85.0


76.5


Yolo

3.0

3.4


3.0


10.0

17.5


27.0


Yuba

2.5

3.5


2.8


16.0

23.0


19.0


r = revised

NA = not available

 

SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)


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