March 2020 California County Sales and Price Activity (Regional and condo sales data are not seasonally adjusted)
The California Association of California’s Realtors® (CAR) just released their March Homes Sales and Price Report, titled “California’s Housing Market Begins To Feel Effects Of Coronavirus”. As March home sales drop, C.A.R. reports:
- Existing, single-family home sales totaled 373,070 in March on a seasonally adjusted annualized rate, down 11.5 percent from February and down 6.1 percent from March 2019.
- March’s statewide median home price was $612,440, up 5.6 percent from February and up 8.3 percent from March 2019.
- The statewide Unsold Inventory Index was 2.7 months in March, down from 3.6 months in February and from 3.6 months in March 2019.
- At the regional level, all major regions experienced a sales decrease from last year, with the Bay Area dropping the most at 12.1 percent, followed by the Central Coast (-7.3 percent), the Central Valley (-6.4 percent), and Southern California (-0.3 percent). Twenty-nine of the 51 counties tracked by C.A.R. experienced a year-over-year sales loss, with Plumas declining the most from last year at -53.8 percent, followed by Glenn (-40.7 percent), and Butte (-36.1 percent).
- Median prices in all regions increased in March from last year, with the Central Valley up the most at 7.7 percent, followed by the Bay Area (7.4 percent), Southern California (7.3 percent), and the Central Coast (7.0 percent).
- Forty-two of the 51 counties tracked by C.A.R. reported a year-over-year price gain in March, with Mariposa gaining the most at 20.7 percent from last year. Of the seven counties that experienced a price drop from last March, Mono had the biggest decline of 16.9 percent.
- California’s supply of available housing decreased in March from the prior month as the COVID-19 pandemic continued to disrupt the economy and the housing market. Potential home sellers are holding off listing their properties on the market as uncertainty about the future economic/market conditions remains.
- C.A.R.’s Unsold Inventory Index dropped to 2.7 months in March, down from 3.6 months both in February and March 2019. It was the lowest inventory level in three months. The index indicates the number of months it would take to sell the supply of homes on the market at the current rate of sales.
- As the fast-moving coronavirus continues to dominate daily lives and the economy freefalls into a recession, many potential home sellers will likely delay selling their homes, which will lead to fewer new listings being listed on the market. On the other hand, as homebuyers put off their plans to buy due to their concerns about the pandemic and its impact on their financial well-being, sales could experience a sharp decline and likely result in a jump in the Unsold Inventory Index in the short term.
- The median number of days it took to sell a California single-family home fell significantly from a year ago, declining from 25 days in March 2019 to 15 days in March 2020.
- C.A.R.’s statewide sales-price-to-list-price ratio* was 100 percent in March 2020, up from 98.5 in March 2019.
- The statewide average price per square foot** for an existing single-family home was $288 in March 2020 and $277 in March 2019.
- The 30-year, fixed-mortgage interest rate averaged 3.45 percent in March, down from 4.27 percent in March 2019, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 3.16 percent, compared to 3.83 percent in March 2019.
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.
To read the entire CAR March Home Sales and Price Report, please visit: https://www.car.org/aboutus/mediacenter/newsreleases/2020releases/march2020sales
CalDRE# 01898254 | 01896117 | 02043759