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CAR - Monthly Housing Market Update - Aug 2020

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CAR - Monthly Housing Market Update - Aug 2020

  1. 1. California Housing Market Update Monthly Sales and Price Statistics August 2020
  2. 2. Existing Home Sales % change+14.6% YTY California housing market: sales up, price set new record, supply lowest in years page 02 Price $706,900 +14.5% Y2Y Unsold Inventory Index 2.1 months -34.4% Y2Y Median Days on Market 13 days -43.5% Y2Y Sales Price to List Price Ratio 100.0% +1.3% Y2Y August 2020 CALIFORNIA ASSOCIATION OF REALTORS® -6.8% YTD 465,400
  3. 3. Existing Home Sales % change +5.5% YTY August 2020 Southern California Housing Snapshot page 3 Unsold Inventory Index 2.2 months Median Days on Market 13 days Sales Price to List Price Ratio 100.0% CALIFORNIA ASSOCIATION OF REALTORS® -8.8% YTD Existing Home Price % change $640,000 +12.9% YTY
  4. 4. Existing Home Sales % change +15.4% YTY August 2020 Central Coast Housing Snapshot page 4 Unsold Inventory Index 2.6 months Median Days on Market 17 days Sales Price to List Price Ratio 98.9% CALIFORNIA ASSOCIATION OF REALTORS® -7.0% YTD Existing Home Price % change $812,500 +16.4% YTY
  5. 5. Existing Home Sales % change +0.5% YTY August 2020 Central Valley Housing Snapshot page 5 Unsold Inventory Index 1.9 months Median Days on Market 9 days Sales Price to List Price Ratio 100.0% CALIFORNIA ASSOCIATION OF REALTORS® -7.8% YTD Existing Home Price % change $385,000 +12.2% YTY
  6. 6. Existing Home Sales % change +10.8% YTY August 2020 Bay Area Housing Snapshot page 6 Unsold Inventory Index 1.9 months Median Days on Market 15 days Sales Price to List Price Ratio 100.7% CALIFORNIA ASSOCIATION OF REALTORS® -12.3% YTD Existing Home Price % change $1,068,000 +18.7% YTY
  7. 7. Existing Home Sales % change +8.6% YTY August 2020 Far North Housing Snapshot page 7 Unsold Inventory Index 2.7 months Median Days on Market 38 days Sales Price to List Price Ratio 98.4% CALIFORNIA ASSOCIATION OF REALTORS® -9.5% YTD Existing Home Price % change $325,000 +8.3% YTY
  8. 8. Sales
  9. 9. Sales gained momentum and grew to a level not seen in over 10 years. page 9 California, August 2020 Sales: 465,400 Units, -6.8% YTD, +14.6% YTY, +6.3% MTM - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 Jan-05 Sep-05 May-06 Jan-07 Sep-07 May-08 Jan-09 Sep-09 May-10 Jan-11 Sep-11 May-12 Jan-13 Sep-13 May-14 Jan-15 Sep-15 May-16 Jan-17 Sep-17 May-18 Jan-19 Sep-19 May-20 SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  10. 10. California home sales continued improving and grew by double digits on a year-over-year basis page 10 14.6% -50% -40% -30% -20% -10% 0% 10% 20% 30% Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg) SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  11. 11. Bay Area sales dipped slightly but remain above last year’s level page 11 10.8% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 YoY%chg. Bay Area 6 per. Mov. Avg. (Bay Area) SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  12. 12. So. California sales continue growing page 12 5.5% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 So CA 6 per. Mov. Avg. (So CA) YoY%chg. SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  13. 13. Central Valley sales moderate page 13 0.5% -40% -30% -20% -10% 0% 10% 20% 30% Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Central Valley 6 per. Mov. Avg. (Central Valley) YoY%chg. SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  14. 14. Sales up big from $500k and up. page 14 August 2020 (YTY% Chg.) -26.0% -4.8% -1.8% 8.7% 22.8% 40.9% 71.3% -40% -20% 0% 20% 40% 60% 80% 38% 40% 22% 46% 38% 16% $0 - $499k $500 - $999k $1M+ Share by Price Segment 2020 2019 SERIES: Sales of Existing Detached Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  15. 15. Sales rebounded but the growth was particularly strong in the high-end market page 15 -60% -40% -20% 0% 20% 40% 60% 80% Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 YTY%Chg.inSales $0 - $299k $300 - $399k $400 - $499k $500 - $749k $750 - $999k $1,000 - $1,999k $2,000k+ SERIES: Percent Change in Sales SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  16. 16. Sales improvement more pronounced in ultra high-end market page 16 -0.4% 44.1% 87.0% -60% -40% -20% 0% 20% 40% 60% 80% 100% Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 YTY%Chg.inSales $0 - $999k $1M - $2.99M $3M+ SERIES: Percent Change in Sales SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  17. 17. CALIFORNIA ASSOCIATION OF REALTORS® Sales by Region page 17 0.5% 10.8% 5.5% 15.4% 8.6% 33.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% August 2020 Home Sales Growth by Region Central Valley 21% S.F. Bay Area 19% Southern California 46% Central Coast 4% Far North 3% Other Counties 7% August 2020 Home Sales by Region
  18. 18. Pending sales slowed from July and dipped for the first time in 4 months page 18 -1.1% -40% -20% 0% 20% 40% 60% 80% MTM%Chg.inPendingSales SERIES: Percent Change in Pending Sales SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  19. 19. Pending sales had the biggest year-over-year increase since April 2012 page 19 28.5% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 YTY%Chg.inPendingSales SERIES: Percent Change in Pending Sales SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  20. 20. Pending sales in the top end continue to outpace more affordable markets page 20 20.7% 88.5% 99.3% -100% -50% 0% 50% 100% 150% Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 YTY%Chg.inPendingSales $0 - $999k $1M - $2.99M $3M+ SERIES: Percent Change in Pending Sales SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  21. 21. Is it a good time to buy or sell? 46% 54% 58% Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 22% 33%34% Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Do you think it’s a good time to sell a home in California? Do you think it’s a good time to buy a home in California? page 21 SERIES: Google Consumer Poll SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  22. 22. Price
  23. 23. California median price reached an all-time high page 23 California, August 2020: $706,900, +6.1% MTM, +14.5% YTY $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 Jan-05 Sep-05 May-06 Jan-07 Sep-07 May-08 Jan-09 Sep-09 May-10 Jan-11 Sep-11 May-12 Jan-13 Sep-13 May-14 Jan-15 Sep-15 May-16 Jan-17 Sep-17 May-18 Jan-19 Sep-19 May-20 SERIES: Median Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  24. 24. Condo/Townhome median price passed the half- million mark for the first time ever page 24 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 Jan-05 Aug-05 Mar-06 Oct-06 May-07 Dec-07 Jul-08 Feb-09 Sep-09 Apr-10 Nov-10 Jun-11 Jan-12 Aug-12 Mar-13 Oct-13 May-14 Dec-14 Jul-15 Feb-16 Sep-16 Apr-17 Nov-17 Jun-18 Jan-19 Aug-19 Mar-20 MedianPrice SERIES: Median Price of Existing Condos/Townhomes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® California, August 2019: $468,000, August 2020: $506,000
  25. 25. Median price growth ticked-up solidly for all residential property types page 25 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% Jan-05 Sep-05 May-06 Jan-07 Sep-07 May-08 Jan-09 Sep-09 May-10 Jan-11 Sep-11 May-12 Jan-13 Sep-13 May-14 Jan-15 Sep-15 May-16 Jan-17 Sep-17 May-18 Jan-19 Sep-19 May-20 YTY%Chg.inPrice Condo Single-Family Homes SERIES: Median Price of Existing Condo/Townhomes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  26. 26. Price/Square foot highest since late 2007 page 26 August 2020: $315, +3.6% MTM, +9.8% YTY $0 $50 $100 $150 $200 $250 $300 $350 $400 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 PRICEPERSQ.FT. SERIES: Median Price Per Square Feet of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  27. 27. Price/Square foot: the gap between condo/townhomes and single-family homes continues to narrow page 27 $315 $420 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 PRICEPERSQ.FT. Diff. in Price/Sq. Ft. SFH Condo/Townhome SERIES: Median Price Per Square Feet of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  28. 28. Sales price-to-list price ratio ticked up page 28 August 2020: 100.0%, +0.0% MTM, 1.3% YTY 90% 92% 94% 96% 98% 100% Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Sales-to-ListPriceRatio SERIES: Sales to List Ratio of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  29. 29. List price popped but due primarily to more listings in high-priced market page 29 -20% -10% 0% 10% 20% 30% 40% 50% Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 YTY%Chg.inPrice Listing Price Sales Price SERIES: Sales to List Ratio of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  30. 30. Price growth up by double digits in all percentiles; strongest gain in the top end page 30 SERIES: Median Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 13.7% 14.3% 15.1% 18.6% 26.6% 27.5% 25.0% 28.2% 34.4% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Percentile Year-over-Year Price Growth
  31. 31. Price growth continues uptrend in all percentiles; strongest gain in the top end page 31 -10% -5% 0% 5% 10% 15% 20% 25% 30% YTY%Chg.inPrice 0-20 20-40 40-60 60-80 80-100 SERIES: Percent Change in Price SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  32. 32. California Market Velocity and Price Growth page 32 -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 -150.0% -100.0% -50.0% 0.0% 50.0% 100.0% 150.0% ExistingSFRMedianPrice Growth MarketVelocity Price Growth Market Velocity (12 month trailing average) SERIES: Market Velocity & Price Growth SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  33. 33. Mortgage payment yearly % change grew for first time since February of 2019. page 33 14.5% 5.3% -15% -10% -5% 0% 5% 10% 15% 20% Jan-16 Jun-16 Nov-16 Apr-17 Sep-17 Feb-18 Jul-18 Dec-18 May-19 Oct-19 Mar-20 Aug-20 YTY%Chg. California Median Price vs. Mortgage Payment Price Growth Mortgage Pmt Growth 3.62% 2.94% 0% 1% 2% 3% 4% 5% 6% Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 30 Yr. FRM SERIES: Price Growth vs. Mortgage Payment Growth SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  34. 34. Mortgage payment grew above last year’s level page 34 14.5% 5.3% -15% -10% -5% 0% 5% 10% 15% 20% Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 YTY%Chg. California Median Price vs. Mortgage Payment Price Growth Mortgage Pmt Growth SERIES: Price Growth vs. Mortgage Payment Growth SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  35. 35. Monthly mortgage: slightly more expensive page 35 SERIES: Monthly mortgage payment SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® Region August 2020 August 2019 % CHG CA SFH $2,370 $2,250 5.3% CA Condo/Townhomes $1,690 $1,710 -1.2% Los Angeles Metropolitan Area $2,060 $1,990 3.5% Central Coast $2,720 $2,550 6.7% Central Valley $1,290 $1,250 3.2% Far North $1,090 $1,090 0.0% Inland Empire $1,460 $1,390 5.0% S.F. Bay Area $3,570 $3,280 8.8% Southern California $2,140 $2,070 3.4%
  36. 36. Change in mortgage payment by county page 36 SERIES: Change in mortgage payment SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® August 2020: chg. in mortgage payment (yty%) 29.7% 5.3% -14.2% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35%
  37. 37. Inventory & Active Listings
  38. 38. Inventory down as sales improved and fewer new listings being added page 38 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 Jan-05 Sep-05 May-06 Jan-07 Sep-07 May-08 Jan-09 Sep-09 May-10 Jan-11 Sep-11 May-12 Jan-13 Sep-13 May-14 Jan-15 Sep-15 May-16 Jan-17 Sep-17 May-18 Jan-19 Sep-19 May-20 MonthsofSupply SERIES: Unsold Inventory Index of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® Aug 2019: 3.2 Months; Aug 2020: 2.1 Months
  39. 39. Unsold Inventory remained low in all Regions page 39 2.2 1.9 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 MonthsofSupply Bay Area So CA Central Valley SERIES: Unsold Inventory Index of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  40. 40. CALIFORNIA ASSOCIATION OF REALTORS® Active listings tightened up further in August page 40 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 California Active Listings by Month 2018 2019 2020
  41. 41. Active listings plunged as pent up demand remained robust page 41 -50.3%-60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Year-over-Year % Chg SERIES: Active Listing of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  42. 42. Housing supply tightened up in all regions page 42 7,720 27,577 10,211 2,845 2,406 4,853 13,118 4,792 1,482 1,298 0 5,000 10,000 15,000 20,000 25,000 30,000 San Francisco Bay Area Southern California Central Valley Central Coast Far North ActiveListings Aug-19 Aug-20 SERIES: Active Listings of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  43. 43. Supply continued to drop as sales improved page 43 10.8% 5.5% 0.5% 15.4% 8.6% -37.1% -52.4% -53.1% -47.9% -46.1% -60% -50% -40% -30% -20% -10% 0% 10% 20% San Francisco Bay Area Southern California Central Valley Central Coast Far North Year-to-Year%Chg Sales Active Listings August 2020 SERIES: Sales and Listings of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  44. 44. Active listings dropped in all price segments page 44 -57.5% -33.1% -17.2% -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 YTY%Chg.inActiveListings $0 - $999k $1M - $2.99M $3M+ SERIES: Percent Change in Active Listings SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  45. 45. Market Competitiveness
  46. 46. Time on market down to less than two weeks page 46 0 10 20 30 40 50 60 70 80 Jan-05 Sep-05 May-06 Jan-07 Sep-07 May-08 Jan-09 Sep-09 May-10 Jan-11 Sep-11 May-12 Jan-13 Sep-13 May-14 Jan-15 Sep-15 May-16 Jan-17 Sep-17 May-18 Jan-19 Sep-19 May-20 DaysonMarket SERIES: Median Time of Market of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® California, August 2019: 23.0 Days; August 2020: 13.0 Days
  47. 47. Median time on market down at all percentiles page 47 SERIES: Median Time on Market of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 21 20 22 22 25 24 22 25 31 22 12 10 12 14 18 15 15 17 30 13 0 10 20 30 40 0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total DaysonMarket Percentile Median Time on Market Aug-19 Aug-20
  48. 48. Sales-to-list price ratio softer at top-end of the market page 48 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 97.4% 100.0% 96.0% 96.5% 97.0% 97.5% 98.0% 98.5% 99.0% 99.5% 100.0% 100.5% 0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total California Sales-to-List Price Ratio by Quintile Aug-19 Aug-20 SERIES: Sales to List Ratio of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  49. 49. Median sales vs. list price growth $1M+ properties page 49 -10% -5% 0% 5% 10% 15% 20% Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Feb-11 Jul-11 Dec-11 May-12 Oct-12 Mar-13 Aug-13 Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Mar-18 Aug-18 Jan-19 Jun-19 Nov-19 YTY%Chg.inPrice California Median Sales vs. List Price Growth Listing Price Sales Price SERIES: Sales to List Ratio of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  50. 50. Reduced-Price Listings page 50 Share of Listings with a Reduced Price: 27.4%; Median Reduction Amount: -4.4% -10% -9% -8% -7% -6% -5% -4% -3% -2% -1% 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 1/1/2010 6/1/2010 11/1/2010 4/1/2011 9/1/2011 2/1/2012 7/1/2012 12/1/2012 5/1/2013 10/1/2013 3/1/2014 8/1/2014 1/1/2015 6/1/2015 11/1/2015 4/1/2016 9/1/2016 2/1/2017 7/1/2017 12/1/2017 5/1/2018 10/1/2018 3/1/2019 8/1/2019 1/1/2020 6/1/2020 Share Reduced Median Reduction SERIES: Listing Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  51. 51. Growth in Reduced-Price Listings page 51 Growth in Share of Listings with a Reduced Price: -13.6% Growth in Median Reduction Amount: 0.1% -0.40% -0.30% -0.20% -0.10% 0.00% 0.10% 0.20% 0.30% 0.40% -15% -10% -5% 0% 5% 10% 1/1/2015 4/1/2015 7/1/2015 10/1/2015 1/1/2016 4/1/2016 7/1/2016 10/1/2016 1/1/2017 4/1/2017 7/1/2017 10/1/2017 1/1/2018 4/1/2018 7/1/2018 10/1/2018 1/1/2019 4/1/2019 7/1/2019 10/1/2019 1/1/2020 4/1/2020 7/1/2020 Share Reduced Median Reduction SERIES: Listing Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
  52. 52. Thank You

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