Drew Mobile: 858-220-3004 | Drew Email: drew@gellens.com

Christy Mobile: 858-220-3003 | Christy Email: christy@gellens.com

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San Diego Short Term Vacation Rentals

San Diego Short Term Vacation Rentals Update May 2022

San Diego City Council has approved the California Coastal Commission (CCC) recommendations to the STVR ordinance. This approval takes San Diego another step closer to regulating short term vacation rentals in San Diego. Although no specific date has been announced as to when homeowners can apply for a license, the SD City plan (as verbally stated in the meeting on May 17, 2022) is to start the application process in Fall 2022, licenses issued by the end of 2022, and implementation/enforcement beginning in Spring 2023. Go to SD City website for more information. https://www.sandiego.gov/treasurer/short-term-residential-occupancy

If you are not familiar with the current STVR Ordinance or the new recommendations, we suggest looking on the San Diego City website and signing up for notifications. If you currently own a vacation home in San Diego, this ordinance and knowing the process to obtain a license is going to be important for you. Don’t wait until the last minute to get everything together. If you are listing your home through a platform, they will also be following the new ordinance and require a license to list a home. https://docs.sandiego.gov/municode/MuniCodeChapter05/Ch05Art10Division02.pdf

What happens if you don’t get a license to operate a STVR in San Diego? Longer term rentals are an option, or taking advantage of this sellers’ market and using a 1031 Exchange to purchase another investment property in an area that is not requiring a license are options. Mission Beach will have a separate lottery that will also be following the ordinance, but in for Tier 4 https://docs.sandiego.gov/municode/MuniCodeChapter05/Ch05Art10Division01.pdf

If you have questions on the San Diego real estate market, we are here to chat.

Drew & Christy Littlemore are realtors with BHHS in La Jolla on Maxine & Marti’s Team, one of the top teams in San Diego. They represent buyers and sellers throughout San Diego County. Drew Littlemore is a La Jolla native as well as co-founder & owner of Headhunter Suncare, one of the leading sunscreen brands for surfers. Christy Littlemore has lived and worked in La Jolla for over 20 years, selling real estate since 2012. Prior to real estate she taught elementary and middle school in the San Diego Unified School District.

Want to receive our Housing Market Newsletter and find out what’s happening in the La Jolla & San Diego market sign up here: https://bit.ly/39zQo6P

Want to know the value of your home? Get three estimates in just minutes: http://yourlajollahomevalue.com/

Drew & Christy Littlemore

7910 Girard Ave Ste 9

La Jolla, Ca 92037

858-220-3004

Drew@gellens.com

858-220-3003

christy@gellens.com

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San Diego Short Term Vacation Rental Update

Opponents and supporters of vacation rentals voice their concerns at a San Diego City Council meeting. / Photo by Adriana Heldiz

The San Diego City Council Moving Closer to Regulating Short Term Vacation Rentals

The San Diego City Council has approved fees to be charged to those seeking a license to operate short-term vacation rentals.

Licenses for homes rented more than 20 days will cost $1,000 a year. Licenses for rentals where the owner lives onsite will cost $225. Licenses for homes rented fewer than 20 days per year will cost $100.  Licenses for rentals where the owner lives onsite will cost $225.  Revenues from the fees will go toward staffing, software, and enforcement.

A lottery system is being crafted by city staff that will distribute the licenses that fall under the cap system. The city will limit licenses to about 1% of the city’s total housing stock. (Excluding Mission Beach, which will have it’s own cap at 30% of the neighborhood housing stock)

San Diego City staff estimated there would be 1,081 licenses available in Mission Beach and 5,416 licenses in the rest of the city.

Whether the City Council’s decision to agree to the regulations, on the condition that good hosts be given priority in obtaining licenses, is needing approval by the California Coastal Commission

If the CCC approves the lottery system presented then homeowners looking the operate a vacation rental for more than 20 days will be able to apply for a license between March 1, 2022-April 15, 2022.  The new regulations are expected to be enforced starting July 2022.  However many residents have requested that the enforcements begin after San Diego’s tourism season.

SanDiegoCitySTVR

Frequently Asked Questions

Happy Veterans Day-Honoring the Women’s Army Corp

Women’s Army Corp (Photo Credit U.S. Army) 

Today We Honor All of Veterans on this Veteran Day!
Thank you for your service!

We would like to also specifically honor the Women’s Army Corp
1942-1978

Christy being from a family of veterans, it is always a special day for us to think of her father (Airforce Vietnam War), her grandfather (Army WWII), her great uncles (Army WWII), and her brother (Army Iraq War & Afghanistan War). However today we specifically want to remember her grandmother,  Mary Lewis.  Raised in the Army from 14 on, she served in the Women’s Army Corp during WWII along with the other WAC’s, as they were called then.

Remembering the Women’s Army Corp

General Douglas MacArthur called them “My best Soldiers,” during World War II, saying that the women serving in the Women’s Army Corps worked harder, complained less and were better disciplined than many of his male Soldiers.

Born out of the Women’s Army Auxiliary Corps in 1943, the WAC enabled women to take over more routine service and office jobs and free men for combat roles during World War II. Although disestablished in 1978, the WAC-and similar female components for other services and military nurse corps-was the only way women could serve their country. They often did so for less pay, limited advancement opportunities and flagrant harassment and disrespect from male counterparts.

WACs landed in France 38 days after D-Day and later served in both the Korean and Vietnam Wars, although women had to remain far behind the front lines. They weren’t even considered “real” Soldiers. According to Chief Warrant Officer 5 Jennifer Redfern, a former WAC and now the Criminal Investigative Division’s warrant officer career manager and counselor, they were “women servicemembers.”

“I think that when the Women’s Army Corps first started, that was the only way women could serve because society would not allow them to be full-fledged Soldiers. Of course, being a Soldier wasn’t necessarily a long-term commitment. Society in those days expected women to be housekeepers and child rearers. But I think that…it’s been pretty much accepted that we can do what everyone else does and still successfully raise children. I think that the Women’s Army Corps allowed us to slowly demonstrate our abilities…to serve in the armed services as equals,” she recalled.

While WACs worked long hours beside their male counterparts, they did so with training that was far different. Several women said they were disappointed at how easy physical training was during the WAC basic course. Retired Maj. M. Susan Windsich expected to complete low-crawls and difficult obstacle courses like the men. Instead, she was only expected to do exercises like modified push-ups, run either half a mile or in place and do a modified obstacle course called “run, dodge and jump,” which involved running around fences and jumping over a small ditch.

“They would take us on marches in the hills around Fort McClellan, Ala.-a five-mile march, and at the end of it we would have grape juice and cookies. It was very, I guess, genteel…would be one way to describe it,” said Maj. Gen. Mari K. Eder, deputy chief of the Army Reserve, who graduated in the second-to-last WAC Officer Orientation Course.

They even had makeup classes and were required to carry lipstick at all times, according to M. Isabelle Slifer, who retired from the Army Reserve as a lieutenant colonel. Blue eyeshadow, however, was forbidden, she said. Eder remembered the small regulation black bag that was almost useless for carrying anything but lipstick.

Retired Maj. Gen. Donna Dacier, recently the commander of the 311th Command and the G-6 (Communications) for U.S. Army Pacific, agreed that it was similar to finishing school, but added that the overall education about the Army’s history, customs and courtesies was top-notch.

Nothing, she and other WACs said, beat the PT uniform, which consisted not only of a blouse and shorts, but also a wrap-around skirt that had to be worn over the shorts until WACs made it to the field.

“It was some guy’s bright idea…totally inadequate for the type of physical-fitness training Soldiers would have,” said Dacier.

The field uniform wasn’t much better, with snug pants that buttoned up over the hips. The field boots-they were never referred to as combat boots because that would imply women could go to combat-didn’t have any traction on the bottom so the WACs tended to slip and slide when participating in any exercises. According to Slifer, a WAC company commander had to show their commanding general the bottom of their boots before their footgear changed.

The class-A equivalent, known as “cords,” was heavily starched. They looked nice, said Slifer, but keeping them wrinkle-free was difficult. Eder remembered traveling to her WAC graduation kneeling backwards on the bus seats, because their leaders didn’t want the WACs’ uniforms to wrinkle.

As the draft ended in 1978, the Army could not sustain an all-volunteer force solely with male recruits, according to Windisch, so women became more important. Change came throughout the mid-1970s, the WACs said, and they were gradually allowed to participate in things like M-16 rifle training, and began attending branch schools and officer-candidate school with male Soldiers.

Their reception was mixed. As ——Dacier pointed out, many of their classmates had gone to coeducational universities and were used to being around women. Some of the older Soldiers, however, either resented the women or harassed them. Slifer said she was often asked what she was doing there, and was told that she was taking the place of a man.

“I had a good time most of the time,” said Windisch. “There were some real idiots-I’m being very nice-and there were some really wonderful people. We all got hit on back in those days a lot.

“For example, we were waiting for a ceremony in the colonel’s office. I sat down on a chair…and the lieutenant colonel came in and plopped himself down on my lap. He said, ‘So honey, do you come here often””

Until 1973, if a WAC was married, her husband did not receive the same benefits as a military wife did, such as commissary and exchange privileges. And if she became pregnant, she had to get out of the military. Redfern joined a group of women who were petitioning to be able to remain in the military while pregnant and after giving birth. Even after they won the fight in 1975, Redfern said some people still tried to convince her to put her baby up for adoption. Later, when she decided to get remarried to a fellow Soldier, she was first told she would have to leave the Army.

Windisch had transitioned to the Army Reserve by the time she became pregnant and was surprised to find that she had to make her own uniform.

“There were no uniforms for maternity. So, I bought a pair of green slacks and a pretty flowered green blouse and wore that every day as my maternity uniform. They said, ‘You can’t fit into your fatigues, what are you going to do” I said, ‘Well, I’ve got this,'” she said.

The disestablishment of the WAC in 1978 was not without its hiccups. No one knew when they joined that they would eventually serve in the regular Army, and with excitement came nostalgia, a sense of a great tradition ending. The WACs would have to compete against male Soldiers who had varied experiences and more military schooling for promotions and choice assignments. The older WACs, said Dacier, were particularly “irritated” about the end of the WAC because they were losing their power base.

“So it was exciting for us and they really didn’t like how enthusiastic we were about being able to take Pallas Athena off and put on our branch insignia,” she said, describing how women could fully join different branches once the WAC was disestablished. Previously, women had been detailed to the Signal Corps or the Military Police Corps or other branches without being full members. They had separate companies, barracks, everything.

“When you go through basic training, you get pumped up because that’s part of their job, to get you excited about what you’re doing,” said Redfern.

“So I was all pumped up about wearing the Goddess of Athena brass. But when working with my male counterparts as an MP, they were wearing crossed pistols and the women were still wearing the Goddess Athena.

“So the day that we were integrated into the MP Corps…they had all three of us step forward in front of the formation and the platoon sergeant and company commander came up and they took our Goddess Athena brass off and put crossed pistols on us.

“I didn’t think it would be any big deal, but it was. I was really excited because now I was a Soldier. I was very proud to be a WAC, but I was equally proud to be integrated within the Army itself.”

Gwendolyn Hendly, who retired from the Army Medical Corps in the 1980s as a staff sergeant, said that even by that time personnel staffs weren’t used to women retiring and she was listed as male on all of her paperwork. “When I retired…the guy told me he had never seen a woman come through before to retire.”

For Hendly and the others who persevered, the Army turned out to be tremendously rewarding and somewhat humbling, as other women Soldiers now look to them as examples. Both Eder and Dacier said they expected to remain in the Army a few years, never that they would become generals. “I remember going to the dry cleaners and picking up my uniforms with that star on it,” said Dacier. “I didn’t feel like it was me picking up my own uniform. I felt like I was somebody else who was running an errand…because it was hard for me to fathom that that name tape and that star were linked together,” said Dacier.

“I have been both honored and awed to have been a part of history, even if in a small way,” said Eder. “I never thought I would be here at this place and time in my life, and wearing this rank…I believe you pay it forward and are obligated to help others in the same way.”

Ask these women about the WAC, and they talk about how wonderful it was, in spite of the challenges and prejudices they faced.

“When I look back, I realize we broke down a lot of barriers we didn’t even realize were there,” said Windisch. “We just put our heads down, did work, kept moving and earned respect.

“The women with whom I worked, they are friends I’ve taken through my whole life. I think that’s part of being a Soldier anyway, but being part of the Women’s Army Corps makes it even tighter,” Windisch added. “Any time another WAC sees the Pallas Athena on your lapel…you’re already friends. You already know each other even if you’ve never met before.”

https://www.army.mil/article/17673/remembering_the_womens_army_corps

 

San Diego Quarterly Economic Report Oct. 2021

Third Quarter Report: Home Prices Soften, But Not Much

The Greater San Diego Association of REALTORS® is fortunate to have our partnership with Alan Nevin, a renowned economist, to provide our members with insights and an expert outlook for our industry.

Real estate continues to be one of the best wealth-building opportunities for the average American, and the statistics bear that out. That has to be one of the highest motivators for the business of REALTORS® and the goals of their potential clients. Alan Nevin’s insights into the economy and housing market are an invaluable tool to help us all gain perspective.

http://media.sdar.com/media/Economic_Report_October_21_Quarterly.pdf

 

Monday Real Estate Market Stats-La Jolla Townhome & Condo Market Oct. 2021

Monday Real Estate Market Stats-La Jolla Townhome & Condo Market Oct. 2021. We have seen a 6% increase in Median Price Sales in 2021 vs. 2020. However the inventory of homes for sale in the townhome and condo market dropped -76% in 2021 vs 2020 (YTD). The low inventory is still driving the sellers’ market in La Jolla and San Diego. Each area does have it’s own micro market. So who you work with as a realtor when selling or buying is extremely important when it comes to real estate in San Diego. If you are thinking of buying or selling, we would love to chat. Call, text, or email us to discuss your plan.

Real Estate Market Update: Rancho Santa Fe, California

Real Estate Market Update

Rancho Santa Fe, California

Median prices in Rancho Santa Fe have increased 32% in 2021 compared to 2020 year to date. The median price for a single family home in 2020 in Rancho Santa Fe was $2,700,000. In 2021 that number jumped to $3,600,000. Why? Covid-19 surely played a big part in this shift in the trend in real estate. in 2020-2021 we say buyers migrating from urban areas (pre Covid-19) to buyers purchasing in areas with large lots and large homes with plenty of space. Data provided by Sandicor.

Realtor.com shows 124 homes for sale in Rancho Santa Fe, CA at a median listing price of $3698650.

Each home is unique in Rancho Santa Fe. Online valuations are often not accurate for pricing a home in this area. A local real estate professional is suggested with experience. We are happy to assist.

Drew & Christy Littlemore are realtors with BHHS in La Jolla on Maxine & Marti’s Team, one of the top teams in San Diego. We represent buyers and sellers throughout San Diego County.

Drew Littlemore is a La Jolla native as well as co-founder & owner of Headhunter Suncare, one of the leading sunscreen brands for surfers. Christy Littlemore has lived and worked in La Jolla for over 20 years, selling real estate since 2012.

Prior to real estate she taught elementary and middle school in the San Diego Unified School District.

Want to receive our Housing Market Newsletter and find out what’s happening in the La Jolla & San Diego market? Sign up here: https://bit.ly/39zQo6P

Want to know the value of your home? Get three estimates in just seconds: http://yourlajollahomevalue.com/

Drew & Christy Littlemore

DRE#01935574 DRE# 01913461

7910 Girard Ave Ste 9 La Jolla, Ca 92037

858-220-3004 Drew@gellens.com

858-220-3003 christy@gellens.com

https://littlemoregroup.com

 

 

La Jolla Real Estate Market Stats (YTD) Sept. 20, 2020

Monday Market Stats

Sept. 20, 2021

La Jolla

Detached Homes 

2020 vs. 2021

Year to Date (YTD)

2020

Median Sales Price (YTD): $2,205,000

2021

Median Sales Price (YTD): $2,840,000

+28.8%

Condos & Townhomes

2020 vs. 2021

Year to Date (YTD)

2020

Median Sales Price (YTD): $780,000

2021

Median Sales Price (YTD): 840,000

+7.7%

Will this rise in value continue? 

For now, Yes.

1. Housing supply is still low

2. Buyer demand is still high

3. Interest rates are still low

Now is really a great time to sell  your home if you have been thinking about selling.  Now is the time to take advantage of this sellers’ market. Contact us today to go over your plan.

Our team lists and sells about 80-100 homes a year with a full concierge staff to help all the way from beginning to end bringing our clients top dollar.

Are you signed up for our weekly E-newsletter?

Get the latest local market news.

​Sign up here 

Drew Littlemore, Realtor
BHHS/Maxine & Marti Gellens Team
DRE#01935574

Home Price Appreciation Is Skyrocketing in 2021. What About 2022?

Home Price Appreciation Is Skyrocketing in 2021. What About 2022?

Home Price Appreciation Is Skyrocketing in 2021. What About 2022? | MyKCM

One of the major story lines over the last year is how well the residential real estate market performed. One key metric in the spotlight is home price appreciation. According to the latest indices, home prices are skyrocketing this year.

Here are the latest percentages showing the year-over-year increase in home price appreciation:

The dramatic increases are seen at every price point and in all regions of the country.

Increases Are Across Every Price Point

According to the latest Home Price Index from CoreLogic, each price range is seeing at least a 19% increase year-over-year:Home Price Appreciation Is Skyrocketing in 2021. What About 2022? | MyKCM

Increases Are Across Every Region in the Country

Every region in the country is experiencing at least a 14.9% increase in home price appreciation, according to the Federal Housing Finance Agency (FHFA):Home Price Appreciation Is Skyrocketing in 2021. What About 2022? | MyKCM

Increases Are Across Each of the Top 20 Metros in the Country

According to the U.S. National Home Price Index from S&P Case-Shiller, every major metro is seeing at least a 13.3% growth in prices (see graph below):Home Price Appreciation Is Skyrocketing in 2021. What About 2022? | MyKCM

What About Price Appreciation in 2022?

Prices are the result of the balance between supply and demand. The demand for single-family homes has been strong over the last 18 months. The supply of houses available for sale was near historic lows. However, there’s some good news on the supply side. Realtor.com reports:

“432,000 new listings hit the national housing market in August, an increase of 18,000 over last year.”

There will, however, still be a shortage of supply compared to demand in 2022. CoreLogic reveals:

“Given the widespread demand and considering the number of standalone homes built during the past decade, the single-family market is estimated to be undersupplied by 4.35 million units by 2022.”

Yet, most forecasts call for home price appreciation to moderate in 2022. The Home Price Expectation Survey, a survey of over 100 economists, investment strategists, and housing market analysts, calls for a 5.12% appreciation level next year. Here are the 2022 home appreciation forecasts from the four other major entities:

  1. The National Association of Realtors (NAR): 4.4%
  2. The Mortgage Bankers Association (MBA): 8.4%
  3. Fannie Mae: 5.1%
  4. Freddie Mac: 5.3%

Price appreciation is expected to slow in 2022 when compared to the record highs of 2021. However, it is still expected to be greater than the annual average of 4.1% over the last 25 years.

Bottom Line

If you owned a home over the past year, you’ve seen your household wealth grow substantially, and you’ll see another nice boost in 2022. If you’re thinking of buying, consider buying now as prices are forecast to continue increasing through at least next year.

Realtor.com® August Housing Report:

Realtor.com® August Housing Report: Seller Activity Warms Up as 432,000 Newly-Listed Homes Hit the Market
U.S. housing inventory declines (-25.8%) and new listings growth (+4.3%) continued to improve over last year; August listing price adjustments approach typical 2016-2019 levels
– New listings rise 5.1% in the 50 largest metros, led by Columbus, Ohio (+25.6%), Louisville, Ky. (+22.8%) and Cleveland, Ohio (+21.6%)
– The U.S. median listing price grew 8.6% year-over-year to a median $380,000
– The typical home sold in 39 days, 17 days faster than last year

SANTA CLARA, Calif.Sept. 2, 2021 /PRNewswire/ — August housing data shows early signs of sellers beginning to compete for buyers, according to the Realtor.com® Monthly Housing Report released today. As inventory and new listings continued to improve in August, the rate of sellers making price adjustments1 has begun to approach more normal levels.

U.S. housing inventory declined 25.8% year-over-year in August, an improvement over last month (-33.5%). New listings were up 4.3% from last year as new sellers continued to list entry-level homes in more affordable price ranges. Additionally, the share of sellers who made listing price adjustments grew 0.7% year-over-year to 17.3% of active inventory – the highest share in 21 months and closer to typical 2016-2019 levels.

“Low mortgage rates have motivated homebuyers to endure this year’s challenging market and now some buyers are starting to see their persistence  pay off. This month, new sellers added more affordable entry-level homes to the market compared to last year, while others began adjusting listing prices to better compete with an uptick in inventory,” said Realtor.com® Chief Economist Danielle Hale. “It’s still a strong seller’s market, with homes selling quickly at record-high prices. But now a home priced well and in good condition may see two or three bids compared to 10 last year. For sellers not seeing as many offers, it may be worth revisiting pricing strategies as buyers continue searching for homes that fit their budgets.”

Inventory continues to improve as new sellers list more entry-level homes
While August marked the fourth consecutive month of national inventory improvements from the steepest 2021 declines seen in April (-53.0%), the U.S. housing supply is still short 223,000 active listings compared with last year. Inventory was improving at a faster pace across the 50 largest U.S. markets in August, down an average 20.7% year-over-year, and six metros like Washington, D.C. (+17.1%) saw inventory surpass 2020 levels.

Additionally, 432,000 new listings hit the national housing market in August, an increase of 18,000 over last year. Continuing last month’s trend, more new sellers added to the share of entry-level homes (+6.4%), defined as single-family homes in the 750-1,750 square foot range, whereas listings with 3,000-6,000 square feet declined 4.6% in August. Virginia Beach (+17.0%), Milwaukee (+16.7%) and Tampa (+13.7%) posted the highest yearly gains in the share of entry-level homes.

Across the 50 largest markets, new listings increased an average of 5.1% year-over-year in August. Regionally, the Midwest saw the biggest increase in newly-listed homes over last year (+12.5%), with Columbus, Ohio (+25.6%) and Cleveland, Ohio (+21.6%) taking two of the top five spots by highest new listings growth over last year. The South also saw a sizable yearly increase in new sellers in August (+6.1%), with Louisville, Ky. (+22.8%), Baltimore (+20.2%) and New Orleans (+19.9%) rounding out the top five metros with the biggest new listings gains.

Listing price growth remains high as price adjustments approach more typical levels
The U.S. median listing price increased 8.6% year-over-year to $380,000 in August, just 1.3% below last month’s record price ($385,000). Yearly price growth continued moderating month-to-month in August, down from July (+10.3%), driven in part by the inventory mix shifting to include a higher share of smaller homes at lower price points. With first-time homebuyer demand still high in August, the entry-level home price ($235,000) grew 17.6% year-over-year, faster than the 15.3% increase in 3,000-6,000 single-family home prices ($749,000). However, overall yearly price growth remained historically-high in August, with only two months during the 2017-2019 period meeting or exceeding the month’s growth rate over last year.

Over one-third (18) of the 50 largest metros posted double-digit price gains over last year in August. Among the four primary U.S. regions, the highest yearly price increases were in the West (+9.3%) and South (+7.4%). Markets in these regions also dominated the top 10 list of metros with the biggest year-over-year price growth, at five each, including: Austin (+36.0%), Las Vegas (+22.9%), Tampa (+20.0%), Riverside, Calif. (+17.6%) and Orlando (+15.4%).

Many of the metros where price growth was highest in August also saw a rise in listing price adjustments, including Austin, at a 4.1% increase in the share of price drops over last year. With Austin median home price ($544,000) up by over one-third of last year’s levels in August, 23.8% of sellers in the metro made a price reduction, potentially to help compete with higher numbers of new sellers than last year (+19.6%). Additionally, as Austin first-time buyers pursued new inventory of relatively affordable entry-level homes, entry-level home prices ($404,000) posted a significant gain of 47.9% year-over-year in August.

“With big city employers increasingly meeting talent in more affordable secondary metros in recent years, Austin has become one of the nation’s most popular next gen tech hubs and hottest housing markets. However, data shows that even as some sellers are starting to compete for home shoppers in Austin, buyers still face fierce competition for a limited number of homes. Homebuyers looking for their next home in a tight market can use features like those on Realtor.com® to set up price alerts for new listings that match their criteria, or finetune price adjustments to surface homes closer to their budgets,” said George Ratiu, Realtor.com® Manager of Economic Research.

Homes continue flying off the market; seasonal norms slowly take hold
The typical U.S. home spent 39 days on the market in August, 17 days faster than last year and 24 days faster than in the same month during a more typical year from 2017-2019, on average. However, time on market continues to moderate from the record-fast pace seen earlier in the pandemic, at two days slower in August than in June (37 days)Nashville had the fastest time on market, at a median of 18 days.

The pace of home sales was even faster across the 50 largest U.S. metros, averaging just over a month at 33 days in August, but the yearly gap is shrinking more quickly (-12 days). Although the South saw the steepest decline in time on market (-17 days), the pace of home sales moderated from July (-22 days) across the region and in many of the fastest-selling metros. In August, Miami (-34 days), Jacksonville (-26 days) and Raleigh (-24 days) saw the biggest drops in time on market compared to last year.

August 2021 Housing Metrics Overview – National over Time

Metric

August 2021 (where
applicable)

August 2021 Year-over-Year

August 2021 over August
2019

Median Listing Price

$380,000

+8.6%

+19.6%

New Listings

432,000

+4.3%

-8.6%

Active Listings/Inventory

641,000

-25.8%

-52.8%

Time on Market

39 days

-17 days

-24 days

 

August 2021 Housing Overview – Top 50 Largest Metros

Metro

Median Listing Price

Median Listing Price YoY

Active
Listing
Count YoY

New Listing
Count YoY

Median Days on
Market

Median
Days on
Market Y-Y

Price Reduced Share

Price
Reduced
Share Y-Y

Atlanta-Sandy Springs-Roswell, Ga.

$398,000

12.2%

-32.4%

2.4%

34

-13

16.3%

-1.8%

Austin-Round Rock, Texas

$544,000

36.0%

-28.1%

19.8%

23

-20

23.8%

4.1%

Baltimore-Columbia-Towson, Md.

$335,000

-4.3%

-5.3%

20.2%

34

-8

22.2%

4.9%

Birmingham-Hoover, Ala.

$273,000

0.1%

-25.7%

9.3%

38

-14

14.8%

-1.7%

Boston-Cambridge-Newton, Mass.-N.H.

$659,000

-2.9%

-21.2%

-9.0%

31

-7

13.7%

-2.2%

Buffalo-Cheektowaga-Niagara Falls, N.Y.

$229,000

1.8%

-5.1%

0.3%

33

-11

15.2%

-1.1%

Charlotte-Concord-Gastonia, N.C.-S.C.

$385,000

4.1%

-29.2%

6.0%

28

-15

19.0%

1.0%

Chicago-Naperville-Elgin, Ill.-Ind.-Wis.

$341,000

-2.3%

-16.8%

-4.9%

36

-7

20.9%

0.6%

Cincinnati, Ohio-Ky.-Ind.

$320,000

-2.3%

-3.2%

13.9%

31

-13

20.2%

-0.7%

Cleveland-Elyria, Ohio

$200,000

-14.0%

0.3%

21.6%

39

-11

23.1%

0.1%

Columbus, Ohio

$300,000

-5.2%

2.0%

25.6%

21

-15

22.2%

-0.1%

Dallas-Fort Worth-Arlington, Texas

$396,000

10.1%

-37.3%

-0.7%

31

-15

21.8%

-3.6%

Denver-Aurora-Lakewood, Colo.

$600,000

11.2%

-34.0%

-5.9%

22

-14

20.9%

-3.0%

Detroit-Warren-Dearborn, Mich.

$268,000

-4.1%

-15.5%

7.4%

24

-13

19.9%

0.3%

Hartford-West Hartford-East Hartford, Conn.

$330,000

10.4%

-55.6%

-12.3%

32

-12

17.2%

5.7%

Houston-The Woodlands-Sugar Land, Texas

$364,000

10.5%

-25.2%

4.4%

37

-14

22.6%

0.9%

Indianapolis-Carmel-Anderson, Ind.

$279,000

-6.7%

-23.0%

14.5%

35

-12

22.4%

-2.9%

Jacksonville, Fla.

$360,000

12.3%

-43.2%

2.8%

37

-26

20.6%

0.2%

Kansas City, Mo.-Kan.

$322,000

-6.5%

-7.0%

15.7%

39

-13

21.2%

3.0%

Las Vegas-Henderson-Paradise, Nev.

$422,000

22.9%

-34.6%

1.9%

27

-15

17.1%

-1.4%

Los Angeles-Long Beach-Anaheim, Calif.

$975,000

-2.5%

-17.6%

-3.4%

43

-8

11.6%

-1.7%

Louisville/Jefferson County, Ky.-Ind.

$265,000

-7.0%

-6.0%

22.8%

27

-12

22.9%

3.0%

Memphis, Tenn.-Miss.-Ark.

$250,000

-5.8%

-17.7%

19.5%

37

-11

16.2%

-1.9%

Miami-Fort Lauderdale-West Palm Beach, Fla.

$456,000

12.5%

-46.6%

-10.2%

59

-34

11.7%

-1.6%

Milwaukee-Waukesha-West Allis, Wis.

$290,000

-16.2%

4.6%

17.9%

35

-9

24.2%

4.9%

Minneapolis-St. Paul-Bloomington, Minn.-Wis.

$355,000

-1.4%

-15.3%

-1.7%

29

-7

17.9%

3.7%

Nashville-Davidson–Murfreesboro–Franklin, Tenn.

$440,000

11.1%

-51.3%

-18.5%

18

-14

16.7%

-0.7%

New Orleans-Metairie, La.

$339,000

4.8%

-6.4%

19.9%

46

-21

22.5%

1.5%

New York-Newark-Jersey City, N.Y.-N.J.-Pa.

$603,000

-2.7%

-12.9%

-9.7%

58

5

10.3%

-2.5%

Oklahoma City, Okla.

$280,000

3.6%

-28.2%

12.4%

37

-13

20.0%

-1.9%

Orlando-Kissimmee-Sanford, Fla.

$375,000

15.4%

-47.7%

-2.3%

37

-21

19.3%

-2.7%

Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.

$321,000

-6.4%

0.9%

13.3%

43

-3

20.5%

2.1%

Phoenix-Mesa-Scottsdale, Ariz.

$475,000

14.5%

-16.7%

6.3%

30

-10

21.4%

2.3%

Pittsburgh, Pa.

$233,000

-7.0%

-14.7%

4.6%

42

-12

24.0%

1.7%

Portland-Vancouver-Hillsboro, Ore.-Wash.

$558,000

11.6%

-23.8%

-3.1%

34

-9

28.6%

-3.5%

Providence-Warwick, R.I.-Mass.

$429,000

0.1%

-14.5%

8.1%

31

-15

13.3%

2.0%

Raleigh, N.C.

$425,000

10.0%

-61.7%

-18.8%

19

-24

11.6%

-5.1%

Richmond, Va.

$350,000

-2.2%

-19.7%

12.1%

38

-14

16.6%

1.1%

Riverside-San Bernardino-Ontario, Calif.

$540,000

17.6%

-7.6%

8.4%

33

-13

14.6%

3.4%

Rochester, N.Y.

$228,000

-7.1%

-22.7%

-1.0%

19

-10

11.9%

-2.3%

Sacramento–Roseville–Arden-Arcade, Calif.

$589,000

11.6%

-1.0%

7.2%

29

-9

19.1%

2.5%

San Antonio-New Braunfels, Texas

$350,000

11.4%

-31.2%

9.2%

34

-17

22.5%

0.8%

San Diego-Carlsbad, Calif.

$830,000

6.5%

4.5%

-6.1%

39

4

13.2%

-1.1%

San Francisco-Oakland-Hayward, Calif.

$993,000

-3.2%

-22.4%

-3.4%

30

-6

11.1%

-3.9%

San Jose-Sunnyvale-Santa Clara, Calif.

$1,250,000

4.2%

-20.3%

1.6%

30

-3

11.8%

-6.2%

Seattle-Tacoma-Bellevue, Wash.

$675,000

8.0%

-37.2%

2.7%

29

-5

14.3%

0.1%

St. Louis, Mo.-Ill.

$250,000

0.0%

-15.2%

14.1%

42

-17

18.4%

-0.2%

Tampa-St. Petersburg-Clearwater, Fla.

$360,000

20.0%

-40.7%

8.6%

34

-18

20.7%

-2.6%

Virginia Beach-Norfolk-Newport News, Va.-N.C.

$310,000

-7.5%

-21.3%

3.7%

26

-15

15.1%

5.0%

Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.

$503,000

-4.2%

17.1%

9.7%

33

3

20.0%

4.9%

Methodology
Housing data as of August 2021. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via the MLS. In this analysis, entry-level homes are defined as 750-1,750 square-foot single family homes.

In this release, price adjustments are defined as home listings that had their price reduced in August 2021. Listings that had their prices increased during the month are excluded. In August, the count of listing price reductions was nearly eight times higher than the count of listing price increases.

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Media Contact
rachel.conner@move.com

1In this release, price adjustments are defined as home listings that had their price reduced in August 2021.

 

SOURCE Realtor.com