San Diego Real Estate Sales Activity for September 2015 Snapshot
- + 10.4% – One-Year Change in Pending Sales
- + 6.4% – One-Year Change in Closed Sales
- + 5.9% – One-Year Change in Median Sales Price
- – 23.3% – One-Year Change in Homes for Sale Inventory
- – 6.7% – One-Year Change in New Listings Inventory
The best outcomes seen in the past 15 years are upon us. Nary a warning bell is suspect to sound in this time of generalized stability. For the 12-month period spanning October 2014 through September 2015, Pending Sales in San Diego County were up 10.4 percent overall. The price range with the largest gain in sales was the $500,001 to $750,000 range, where they increased 23.3 percent.
- + 23.3% – Price Range With Strongest Pending Sales: $500,001 to $750,000
- + 12.9% – Home Size With Strongest Pending Sales: 2,001 to 3,000 Sq Ft
- + 11.7% – Property Type With Strongest Pending Sales: Condos – Townhomes
The overall Median Sales Price was up 5.9 percent to $459,000. The property type with the largest price gain was the Condos – Townhomes segment, where prices increased 6.9 percent to $340,000. The price range that tended to sell the quickest was the $500,001 to $750,000 range at 37 days; the price range that tended to sell the slowest was the $1,250,001 Or More range at 65 days.
Market-wide, inventory levels were down 23.3 percent. The property type that lost the least inventory was the Single-Family Homes segment, where it decreased 21.4 percent. That amounts to 2.7 months supply for Single-Family Homes and 2.1 months supply for Condos – Townhomes.
The third quarter of 2015 has ticked its last tock with the hands pointing firmly upon a reliable clock of a market. Although noon and 6:30 fluctuations are present even within the same states and cities, the overall tempo of real estate potential is experiencing a healthy number of good omens. The job market has shown continual improvement, jobless rates are down, real average hourly and weekly earnings have been up and there has been good news in new household formation.
Closed Sales decreased 4.9 percent for Detached homes but increased 4.1 percent for Attached homes. Pending Sales increased 11.4 percent for Detached homes and 20.4 percent for Attached homes. Inventory decreased 21.4 percent for Detached homes and 27.9 percent for Attached homes.
The Median Sales Price was up 4.5 percent to $527,500 for Detached homes and 3.6 percent to $347,000 for Attached homes. Days on Market decreased 16.3 percent for Detached homes and 24.4 percent for Attached homes. Supply decreased 27.0 percent for Detached homes and 34.4 percent for Attached homes.
With positive economic news coming from many angles, there are no imminent factors to prepare for beyond the typical seasonal drop-off. From the mouths of market-analyzing pundits, we are in the midst of one of the healthiest housing markets in the past 15 years. The one thing we were anticipating in September, an increase in interest rates, did not happen. It most likely will before year’s end. Until then, get out and enjoy the season.
Residential real estate activity in San Diego County, comprised of single family properties, townhomes and condominiums. Percent changes are calculated using rounded figures.
Source: San Diego Association of REALTORS® – All data from Sandicor, Inc.