INDUSTRY ANNOUNCEMENTS

SELLING ABOVE ASKING PRICE

The Pacific Southwest Association of Realtors (PSAR) reports the California housing market competitiveness remained elevated in October 2021. Nearly two-thirds of homes (60.2 percent) sold above asking price in October, PSAR said. The statewide sales-price-to-list-price ratio was 101.5 percent in October, compared to 100.2 percent in October 2020. October 2021 was the 13th consecutive month since September 2020 that more than half of the homes sold above asking price. The ratio, expressed as a percentage, is calculated by dividing the final sales price of a property by its last asking price. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, while a ratio below 100 percent indicates that the price sold below the asking price.

9 DAYS TO SELL IN OCTOBER

The Pacific Southwest Association of Realtors (PSAR) reports nine days was the median number of days it took to sell an existing, single-family home in San Diego County in October 20201, which was the same number in September 2021. In October 2020 and September 2021, the number was seven days. The nine-day figure compares to seven days in July 2021, six days in June 2021 and seven days in May 2021. Statewide, the median number of days it took to sell a California single-family home inched up to 11 days in October 2021, up from 10 days in September 2021 and 10 days in October 2020. The median represents a time when half the homes sell above it and half below it.

NEW TRASH RULES IN CHULA VISTA

The Pacific Southwest Association of Realtors (PSAR) will host an in-person meeting on the City of Chula Vista’s new waste disposal program from 2 to 2:30 p.m., Monday, Dec. 6, at the PSAR South County Service Center, 880 Canarios Court, Chula Vista. Admission is free. The presentation also will be available over Zoom. The speaker will be Manuel Medrano, Chula Vista environmental services manager, Economic Development Dept. Office of Sustainability, who will discuss how the new regulations could affect realtors and multi-family properties. In compliance with statewide regulation (SB 1383), food waste and food-soiled paper products must be included in the green yard waste container. The new program is expected to increase monthly waste collection costs. For information, visit www.psar.org or call (619) 421-7811.

PSAR SIGNS MOU WITH PANAMA

The Pacific Southwest Association of Realtors (PSAR), a 3,500-member real estate association for San Diego-area realtors, is proud to announce the signing of a bi-national memorandum of understanding (MOU) agreement with with La Asociación Panameña de Corredores y Promotores de Bíenes Raices (ACOBIR, translated: Panamanian Association of Real Estate Brokers and Developers). ACOBIR, with about 500 members, is the Republic of Panama’s nationwide real estate trade association. ACOBIR’S multiple listing service serves roughly 200 real estate agencies in the Central American country. The MOU calls for a cooperative alliance to include business collaboration and sharing information about properties, referrals about investment opportunities and insights into local practices and laws. The MOU also calls for scheduling trade missions and joint representation at professional conferences.

UNSOLD INVENTORY AT 1.5 MONTHS

The Pacific Southwest Association of Realtors (PSAR) reports the inventory of available homes for sale in San Diego County in October 2021 was 1.5 months, compared to 1.6 months in September 2021 and 1.8 months in October 2020. The figure was 1.7 months in August 2021 and July 2021. Statewide, the California Association of Realtors (CAR) said the unsold inventory of available homes for sale was 1.8 months in October 2021, compared to 1.9 months in September, August and July 2021. In October 2020, the unsold inventory figure statewide was at 2.0 months. Inventory levels measured in months indicate the number it would take for the available supply of homes on the market to sell-out given the current rate of sales.