SOURCE: Greater San Diego Association of REALTORS

Greater San Diego Association of REALTORS

November 09, 2015 14:04 ET

Lack of Inventory Takes Its Toll on October Home Sales, According to Greater San Diego Association of REALTORS®

However, Home Price Stability Is the Silver Lining

SAN DIEGO, CA--(Marketwired - November 09, 2015) - As home inventory continues to slump, sales of existing homes in San Diego County also languished in October, according to new housing statistics from the Greater San Diego Association of REALTORS® (SDAR).

Single-family home sales were down 9 percent in October, compared both to the previous month and October of last year. Condominium and townhome sales were down nearly 14 percent from September and about 2 percent from October 2014.

Median prices, however, have remained stable throughout 2015. The price of single-family homes stood at $525,000 in October, unchanged from September. The median price of condos and townhomes was $354,000 last month, nearly a 6 percent gain from September. For the year-to-date, resale home prices are 6 percent higher compared to the first ten months of 2014.

The supply of resale homes on the market slipped to 2.4 months, while five to six months is considered a healthy level. The number of days that San Diego County homes were on the market before close of escrow in October averaged 39 days, compared to 45 days in October 2014.

"It's looking more and more like consumers will finally see an interest rate increase by the beginning of next year," said SDAR's 2015 Board President Chris Anderson. "This could be the most profitable time to sell a house, and the best time for buyers to find their dream home."

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

  • 92028 (Fallbrook) with 56
  • 92065 (Ramona) with 47
  • 92057 (Oceanside North) with 46
  • 92027 (Escondido East) with 44
  • 92114 (Encanto) with 43

The most expensive listing sold in the county in October was a 6-bedroom, 10-bath, 10,000-square-foot home in La Jolla, built in 1929, with a sale price of $8.3 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 2015 to September 2015 (month over month)

Single-Family: UNCHANGED

October 2015 = $525,000

September 2015 = $525,000

Condos/Townhomes: 4 percent INCREASE

October 2015 = $354,000

September 2015 = $342,000

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

Single-Family: 7 percent INCREASE

October 2015 = $525,000

October 2014 = $490,000

Condos/Townhomes: 6 percent INCREASE

October 2015 = $354,000

October 2014 = $335,000

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

Single-Family: 9 percent DECREASE

October 2015 = 1,777

September 2015 = 1,953

Condos/Townhomes: 14 percent DECREASE

October 2015 = 927

September 2015 = 1,073

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

Single-Family: 9 percent DECREASE

October 2015 = 1,777

October 2014 = 1,959

Condos/Townhomes: 2 percent DECREASE

October 2015 = 927

October 2014 = 942

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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