SOURCE: Greater San Diego Association of REALTORS

Greater San Diego Association of REALTORS

October 08, 2015 13:15 ET

Home Sales Continue to Pare Back in September, According to Greater San Diego Association of REALTORS®

Median Sale Prices of Most Properties Remain Stable

SAN DIEGO, CA--(Marketwired - October 08, 2015) - The rate of homes sales continued to trend lower in September, according to new housing statistics from the Greater San Diego Association of REALTORS® (SDAR).

Sales of previously owned single-family homes dropped 14 percent in September, compared to August, and are nearly 23 percent off since June, the busiest month for sales this year. Single-family sales were also about 5 percent lower than the same month last year. Condominiums and townhomes saw a 9 percent decrease in sales last month, and are down about 15 percent from their peak in June.

The silver lining may be that median prices of all properties have remained steady or somewhat higher throughout the past year. The price of single-family homes in September was $527,000, only a slight drop from August. Similarly, condos and townhomes (attached) prices were virtually unchanged from August ($347,000). Taken together, resale home prices are about 6 percent higher so far this year compared to the first nine months of last year.

No change can be reported in the housing stock, which hovers at about 2.5 months of inventory. (Five to six months is considered a healthy level.) San Diego County homes were closing escrow in September at an average of 36 days, compared to 44 days in September of 2014.

"While we've lost some sales momentum from the summer, we can take heart that prices remain healthy and stable," said SDAR's 2015 Board President Chris Anderson. "I have to believe that the improving economy and job growth will eventually help overcome the hesitation of sellers and the prospects of buyers in San Diego."

In August, the zip codes in San Diego County with the most single-family sales were:

  • 92009 (Carlsbad Southeast) with 54
  • 92057 (Oceanside North) with 50
  • 92058 (Oceanside East) with 48
  • 92128 (Rancho Bernardo East) with 47
  • 92114 (Encanto) with 47

The most expensive listing sold in the county in September was a 5-bedroom, 6-bath, 8,500-square-foot home on the La Jolla coast, built in 2004, with a sales price of $12.45 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 September 2015 to August 2015 (month over month)

Single-Family: 1 percent DECREASE

September 2015 = $527,500

August 2015 = $535,000

Condos/Townhomes: 1 percent DECREASE

September 2015 = $347,000

August 2015 = $349,000

MEDIAN SALES PRICE Comparing September 2015 to September 2014 (year over year)

Single-Family: 4 percent INCREASE

September 2015 = $527,500

September 2014 = $505,000

Condos/Townhomes: 4 percent INCREASE

September 2015 = $347,000

September 2014 = $335,000

TOTAL SOLD LISTINGS Comparing September 2015 to August 2015 (month over month)

Single-Family: 14 percent DECREASE

September 2015 = 1,822

August 2015 = 2,126

Condos/Townhomes: 9 percent DECREASE

September 2015 = 1,007

August 2015 = 1,103

TOTAL SOLD LISTINGS Comparing September 2015 to September 2014 (year over year)

Single-Family: 5 percent DECREASE

September 2015 = 1,822

September 2014 = 1,916

Condos/Townhomes: 4 percent INCREASE

September 2015 = 1,007

September 2014 = 967

With more than 12,000 members, the Greater San Diego Association of REALTORS® is the largest trade association in the county. We help our members, who adhere to a code of ethics and professional standards, sell more homes. We also help people realize the dream of home ownership, and we are dedicated to protecting private property rights. You can follow SDAR on Facebook, Twitter and YouTube.

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