San Diego real estate sales that closed during March 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: March – $193,137,585 – YTD – $552,945,848
Average Sales Price: March – $359,660 – YTD – $370,359
Median Sales Price: March – $299,000 – YTD – $296,000
Sold Listings: March – 537 – YTD – 1,493
Average Days on Market: March – 85 – YTD – 84
Detached Single Family Homes
Total Sales Volume: March – $666,535,404 – YTD – $1,810,329,518
Average Sales Price: March – $637,223 – YTD – $624,682
Median Sales Price: March – $440,000 – YTD – $449,900
Sold Listings: March – 1,046 – YTD – 2,898
Average Days on Market: March – 80 – YTD – 82
Source: Multiple Listing Service of Sandicor, Inc.
Low interest rates, higher loan limits for FHA and conventional loans, lower priced homes and sales of Foreclosed homes in San Diego reflect an increase of 16.4% in the total number of condo sold and an increase of 17.93% on the total number of detached homes sold in March compared to the previous month. This is the first time in a while that we see a month over month increase in the total number of units sold. Median prices compared to the previous month show a slight increase (1.35%) in condos sold while median price on detached homes sold remained flat.
As a reminder, these numbers represent condos and detached homes that closed escrow during the month of March and have actually been taken of the market during January or February. Sales of homes in San Diego are also expected to increase during the next coming months.