SOURCE: Greater San Diego Association of REALTORS

Greater San Diego Association of REALTORS

July 08, 2016 09:30 ET

Single-Family Home Sales Pull Back in June, While Condo Sales Rise, According to the Greater San Diego Association of REALTORS®

Median Sales Prices Level Off in June

SAN DIEGO, CA--(Marketwired - July 08, 2016) - The number of single-family home sales in June slowed compared to May, but condominium/townhome sales grew, according to housing statistics from the Greater San Diego Association of REALTORS®.

Single-family (detached) home sales were 4 percent lower in June compared to May, and are about 14 percent slower than June of 2015. Condos and townhomes (attached properties), rose by nearly 3 percent in June compared to May, but are 6 percent lower than a year ago.

The steady increase in median prices took a breather in June, with single-family home prices virtually unchanged compared to the previous month, at $567,500. Condos and townhomes saw just a 1 percent increase, leveling off at $380,000. For the year-to-date, prices of all previously owned properties are up more than 6 percent.

Residential properties are staying on the market for less than a month, averaging 29 days in June. The supply of resale homes is languishing at only 2.3 months, about half of a healthy supply.

"Halfway through 2016, the residential real estate market is performing well, despite the limited number of homes for sale," said SDAR's President Cory Shepard. "Buyers who are in the market still have the benefit of wonderfully low interest rates."

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

  • 92128 (Rancho Bernardo West) with 65
  • 92130 (Carmel Valley) with 62
  • 92064 (Poway) with 60
  • 92057 (Oceanside North) with 55
  • 92128 (Rancho Bernardo East) with 55

The most expensive property sold in June was the "Downton Abbey of Coronado," an historic 14-bedroom, 19-bath, 14,000-square-foot estate, built in 1926, with a price of $13.3 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 June 2016 to May 2016 (month over month)

  • Single-Family: UNCHANGED
    June 2016 = $567,500
    May 2016 = $567,250
  • Condos/Townhomes: 1 percent INCREASE
    June 2016 = $380,000
    May 2016 = $375,750

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

  • Single-Family: 4 percent INCREASE
    June 2016 = $567,500
    June 2015 = $544,500
  • Condos/Townhomes: 9 percent INCREASE
    June 2016 = $380,000
    June 2015 = $250,000

TOTAL SOLD LISTINGS Comparing June 2016 to May 2016 (month over month)

  • Single-Family: 4 percent DECREASE
    June 2016 = 2,221
    May 2016 = 2,319
  • Condos/Townhomes: 6 percent DECREASE
    June 2016 = 1,215
    May 2016 = 1,297

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

  • Single-Family: 14 percent DECREASE
    June 2016 = 2,221
    June 2015 = 2,578
  • Condos/Townhomes: 3 percent INCREASE
    June 2016 = 1,215
    June 2015 = 1,182

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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