San Diego real estate that sold and closed during August 2010 for resale condos, townhomes and detached single family homes as reported through Sandicor and the San Diego Association of Realtors were as follow:
Attached Single Family Homes (Condos – Townhomes)
Total Sales Volume: August – $234,449,832 – YTD – $2,116,816,059
Average Sales Price: August – $261,955 – YTD – $269,075
Median Sales Price: August – $220,000 – YTD – $220,000
Sold Listings: August – 895 – YTD – 7,867
Average Days on Market: August – 83 – YTD – 81
Detached Single Family Homes
Total Sales Volume: August – $847,173,026 – YTD – $7,014,832,906
Average Sales Price: August – $503,670 – YTD – $479,911
Median Sales Price: August – $385,000 – YTD – $385,000
Sold Listings: August – 1,682 – YTD – 14,098
Average Days on Market: August – 75 – YTD – 72
Source: Multiple Listing Service of Sandicor, Inc.
During August 2010 median prices for attached (condos) slightly increased by 1.03% and median prices for detached homes slightly decreased by 1.28% compared to those of the previous month (July 2010). Median real estate prices in both attached and detached homes have again increased, both in double digits 10.00% for attached homes and 11.59% for detached homes when compared to those of the previous year (August 2009). Without the tax credit that was previously available to first time homebuyers, it seems that many would be buyers are remaining on the fence. Many of the summer would be buyers bought early to take advantage of the credit. While median sales price for detached homes decreased slightly in August when compared to the previous month, attached homes enjoyed a slight increase. Buyers in the entry level, single detached homes under $350,000 will continue to drive the real estate market going into 2011. The median sales price so far is showing an increase at a measured pace over the last year with a few minor deeps here and there, but overall the median price year to date remains at 10% higher than last year. As a result we anticipate that there’ll be more properties listed in the near future by sellers who may have been on the fence by fear of taking a loss on their investment. We should see more competitive market place in the upcoming months and with it more increase in the median sales price.
The above numbers represent condos and detached homes that closed escrow during the month of August 2010 and have actually been taken of the market during June or July 2010.