In the first month of 2014 we had a slow down in the total number of home sales. This is a combined result of the holiday season and lower inventory numbers as we didn’t have enough new listings come on the market during the holiday season. The available inventory was mostly higher priced homes. While there are many buyers looking for homes in the lower price points, the home inventory is not there for them.
On the other hand, home prices have held up very well in both month over month and year over year comparisons. Although prices have remained strong, we didn’t see any dramatic increase in prices this month, which is great for the market because it allows more buyers to get into it.
Home Sales Slowed Down in January 2014
The total number of sold homes in San Diego County for the month of January 2014 when compared to the previous month (December 2013) slowed down. We had a 22.6% decrease in sold listings for single family detached homes and a 15.6% decrease in attached condos and townhomes.
Compared to the previous year, January of 2014 to January of 2013, the total number of listings sold remained slow. We had a 21% decrease in sold listings for single family detached homes and a 1.5% increase in attached condos and townhomes. The modest increase in attached condos and townhomes sold shows the need for lower priced homes inventory.
Median Home Prices Remain Steady in January 2014
Median home prices keeping with last year’s pace, remained steady in January 2014. Comparing this month to the previous month we had a 1% decrease in median sales price for single family detached homes and a 1.7% increase in median sales price for attached condos and townhomes.
Comparing January’s numbers to those of a year ago, we had a 21.8% increase in median sales price for single family detached homes and a 24.5% in median sales price for attached condos and townhomes.
As spring comes we expect the overall numbers to increase starting March and April.