Real estate in San Diego that sold and closed during December 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: December – $228,417,366 – YTD – $3,058,522,621
Average Sales Price: December – $277,206 – YTD – $270,188
Median Sales Price: December – $218,250 – YTD – $220,000
Sold Listings: December – 824 – YTD – 11,320
Average Days on Market: December – 92 – YTD – 85
Detached Single Family Homes
Total Sales Volume: December – $859,172,284 – YTD – $10,359,200,232
Average Sales Price: December – $500,683 – YTD – $498,566
Median Sales Price: December – $375,000 – YTD – $385,000
Sold Listings: December – 1,716 – YTD – 20,778
Average Days on Market: December – 85 – YTD – 75
Source: Multiple Listing Service of Sandicor, Inc.
The total number of homes sold in December increased significantly compared to November of 2010. A 25.7% increase for detached homes and a 12.5% increase for attached (condos and townhomes) single family homes. Although not a dramatic change, median prices decreased slightly from November to December, a 3.8% for detached homes and a 1.5 decrease for attached homes.
Year to date median sales price of all properties that sold in 2010 reflected an 8.45% increase for detached homes ($385,000 in 2010 vs $55,000 in 2009) and a 7.3% increase for attached homes ($220,000 in 2010 vs $205,000 in 2009). Median sales prices in 2010 remained fairly steady throughout the year. Like with sold listings, we saw the lowest numbers at the beginning of the year.
For the first time since May of this year we saw a decrease in available homes inventory. From November to December there was a decrease of just over a month of estimated inventory. As sales continue to increase as they did in December we can probably expect to see another decrease in available inventory. At this point in the current real estate cycle, residential properties are showing at substantially below replacement cost. Combine this with historically low interest rates and this is definitely a great time to buy.
The above numbers represent condos and detached homes that closed escrow during the month of December 2010 and have actually been taken of the market during October or November 2010.
