SOURCE: Greater San Diego Association of REALTORS

Greater San Diego Association of REALTORS

May 10, 2016 14:22 ET

Homes Were Scooped up in April, Despite a Shortage of Inventory, According to the Greater San Diego Association of REALTORS®

Median Prices Continue Their Gradual Rise

SAN DIEGO, CA--(Marketwired - May 10, 2016) - Sales of previously owned homes in San Diego County were healthy in April, according to housing statistics from the Greater San Diego Association of REALTORS®.

Sales of single-family homes edged up 3 percent in April, compared to March, and sales of condominiums and townhomes were over 2 percent higher. The inventory of homes for sale is down about 20 percent from a year ago, which is evident in that about 10 percent fewer homes sold in April of this year compared to April 2015.

Median prices continue their steady march upward. The price of single-family home rose nearly 3 percent from the previous month, and stands at $565,500. Condos and townhomes prices increased by just over 1 percent, month over month, to $365,000. The year 2016 already has seen prices rise 6.7 percent compared to the same four months of 2015.

Significantly, San Diego County residential properties that closed in April sold in 30 days on average, with condos and townhomes selling at a sprinter's pace of 25 days.

"Despite a shortage of inventory of resale homes on the market, April pulled in some healthy numbers," said SDAR's 2016 President Cory Shepard. "Some areas of the county, like Fallbrook, Oceanside, and Rancho Bernardo, are particularly busy for sellers and buyers this spring."

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

  • 92028 (Fallbrook) with 75
  • 92057 (Oceanside North) with 67
  • 92127 (Rancho Bernardo West) with 57
  • 92065 (Ramona) with 56
  • 92128 (Rancho Bernardo West) with 54

The most expensive single-family home sold in April was a 6-bedroom, 8-bath, 6,800-square-foot oceanfront home in La Jolla, built in 1994, with a price of $14 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 April 2016 to March 2016 (month over month)

  • Single-Family: 3 percent INCREASE
    April 2016 = $565,500 March 2016 = $550,000
  • Condos/Townhomes: 1 percent INCREASE
    April 2016 = $365,000 March 2016 = $360,000

MEDIAN SALES PRICE Comparing April 2016 to April 2015 (year over year)

  • Single-Family: 9 percent INCREASE
    April 2016 = $565,500 April 2015 = $517,000
  • Condos/Townhomes: 8 percent INCREASE
    April 2016 = $365,000 April 2015 = $337,500

TOTAL SOLD LISTINGS Comparing April 2016 to March 2016 (month over month)

  • Single-Family: 3 percent increase
    April 2016 = 2,064 March 2016 = 2,006
  • Condos/Townhomes: 2 percent INCREASE
    April 2016 = 1,073 March 2016 = 1,051

TOTAL SOLD LISTINGS Comparing April 2016 to April 2015 (year over year)

  • Single-Family: 13 percent DECREASE
    April 2016 = 2,064 April 2015 = 2,364
  • Condos/Townhomes: 6 percent DECREASE
    April 2016 = 1,073 April 2015 = 1,142

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 FacebookTwitter and YouTube.

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