SOURCE: Greater San Diego Association of REALTORS

Greater San Diego Association of REALTORS

November 07, 2014 10:18 ET

Market Shows More Signs of Stabilizing, According to Greater San Diego Association of REALTORS®

Median Price of Resale Homes Dipped Slightly in October to Just Under $500,000

SAN DIEGO, CA--(Marketwired - Nov 7, 2014) -  The San Diego County housing market continues to stabilize, according to new housing statistics from the Greater San Diego Association of REALTORS® (SDAR). 

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 45 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 is not the time to sit on the sidelines if a move is in your future."

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

  • 92057 (Oceanside) with 50
  • 92028 (Fallbrook) with 49
  • 92128 (Rancho Bernardo) with 45
  • 92127 (Rancho Bernardo) with 44
  • 92009 (Carlsbad) with 43

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

With roughly 12,000 members, the Greater San Diego Association of REALTORS® is the largest trade association in the county. Our REALTORS® adhere to a code of ethics and professional standards above and beyond the norm. We help our members sell more homes. We 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.