The median price of single-family resale homes dipped slightly in October to just under $500,000. Sale prices of condos and townhomes held steady at $337,500. Single-family home prices are about 4.5 percent higher than a year ago, while prices of condos/townhomes are up 14 percent. Taken together, all resale home prices are up about 8 percent from October 2013.
While month-over-month sales of previously owned single-family homes increased 2 percent in October, sales of condo/townhouses decreased by more than 3 percent. Combined, sales are down about 9 percent from a year ago.
The number of active listings on the Multiple Listing Service (MLS) in San Diego County is just under 8,000, representing three months of housing stock. (Six months is considered a healthy inventory level.) On average, homes on the market are being snapped up within about 45 days of being listed.
“These new numbers are encouraging because they tell us the San Diego housing market has become
more balanced,” said Leslie Kilpatrick, 2014 SDAR Board President. “Homes aren’t staying on the market long, so homeowners who are thinking of selling are in a good position. While inventory has grown, the most sought after properties sell quickly, so buyers need to be prepared to act. This not the time to sit on the sidelines if a move is in your future.”
The most expensive listing sold last month in the county: a 6-bedroom, 9-bath, 12,585-square-foot home in Rancho Santa Fe that sold for $6 million. SDAR’s housing statistics are compiled monthly from the Multiple Listing Service (MLS). Click here for a detailed look at the numbers. Here is a summary:
MEDIAN SALES PRICE Comparing October 2014 to September 2014
• Single-Family: 3% DECREASE
October 2014 = $ 496,750
September 2014 = $ 510,000
• Condos/Townhomes: UNCHANGED
October 2014 = 337,500
September 2014 = $ 337,500
MEDIAN SALES PRICE Comparing October 2014 to October 2013
• Single-Family: 5 percent INCREASE
October 2014 = $ 496,750
October 2013 = $ 475,000
• Condos/Townhomes: 14 percent INCREASE
October 2014 = $ 337,500
October 2013 = $ 296,000
TOTAL SOLD LISTINGS Comparing October 2014 to September 2014
• Single---Family: 2 percent INCREASE
October 2014 = 1,764
September 2014 = 1,728
• Condos/Townhomes: 3 percent DECREASE
October 2014 = 835
September 2014 = 865
TOTAL SOLD LISTINGS Comparing October 2014 to October 2013
• Single---Family: 7 percent DECREASE
October 2014 = 1,764
October 2013 = 1,906
• Condos/Townhomes: 12 percent DECREASE
October 2014 = 835
October 2013 = 944
Jennifer Zheng
REALTOR®, Abacus Properties Inc.
16870 West Bernardo Drive, Suite 400
San Diego, CA 92127
Cell #: (858) 344-8478
San Diego, CA 92127
Cell #: (858) 344-8478
BRE License #: 01450123
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