San Diego comparable home sales that closed during September 2008 for resale attached condos, studios, lofts and townhomes and detached single family homes as reported through the Sandicor and the San Diego Association of Realtors were as follow:
Attached Single Family Homes (Condos – Townhomes)
Total Sales Volume: September – $278,642,425 – YTD – $2,334,948,880
Average Sales Price: September – $300,585 – YTD – $338,153
Median Sales Price: September – $229,900 – YTD – $267,500
Sold Listings: September – 927 – YTD – 6,905
Average Days on Market: September – 73 – YTD – 84
Detached Single Family Homes
Total Sales Volume: September – $862,273,205 – YTD – $7,529,718,866
Average Sales Price: September – $500,158 – YTD – $564,616
Median Sales Price: September – $375,000 – YTD – $420,000
Sold Listings: September – 1,724 – YTD – 13,336
Average Days on Market: September – 73 – YTD – 76
Source: Multiple Listing Service of Sandicor, Inc.
During September median prices have slightly dropped again compared to those of the previous month bringing the median price drop Year to Date from the 2007 median price to 25.80% for attached homes and 26.95% for detached homes. It is worth to note that the total number of homes sold during September of 2008 were almost double the number of homes that sold during the same month of 2007.
It is easy to see from the above statistics, especialy when comparing the number of homes sold and median home prices to those of September of 2007, that bargain hunters have been buying foreclosed homes which are sold way below market value which in turn results to lower median prices.
As a reminder, these numbers represent condos and detached homes that closed escrow during the month of September and have actually been taken of the market during July or August.