San Diego Home Sales for August 2009
San Diego home sales that closed during August 2009 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: August – $254,967,554 – YTD – $1,907,369,360
Average Sales Price: August – $272,693 – YTD – $252,097
Median Sales Price: August – $226,575 – YTD – $200,000
Sold Listings: August – 935 – YTD – 7,566
Average Days on Market: August – 67 – YTD – 76
Detached Single Family Homes
Total Sales Volume: August – $809,609,684 – YTD – $6,361,636,908
Average Sales Price: August – $479,911 – YTD – $438,885
Median Sales Price: August – $375,000 – YTD – $345,000
Sold Listings: August – 1,687 – YTD – 14,495
Average Days on Market: August – 69 – YTD – 73
Source: Multiple Listing Service of Sandicor, Inc.
During August median prices for attached homes increased by 7.79% while median prices for detached homes increased again by 1.07% compared to those of the previous month. After several months of double digit increases, the total number of homes sold during August decreased in both attached (7.66%) and detached (1.10%) single family homes compared to the number of homes that sold during August 2008.
As a reminder, the above numbers represent condos and detached homes that closed escrow during the month of August and have actually been taken of the market during June or July.
San Diego Home Sales for July 2009
San Diego real estate sales that closed during July 2009 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: July – $268,380,240 – YTD – $1,623,512,455
Average Sales Price: July – $259,555 – YTD – $249,349
Median Sales Price: July – $210,188 – YTD – $195,000
Sold Listings: July – 1,034 – YTD – 6,511
Average Days on Market: July – 72 – YTD – 77
Detached Single Family Homes
Total Sales Volume: July – $913,388,080 – YTD – $5,457,086,062
Average Sales Price: July – $475,228 – YTD – $434,239
Median Sales Price: July – $371,000 – YTD – $340,000
Sold Listings: July – 1,922 – YTD – 12,567
Average Days on Market: July – 69 – YTD – 73
Source: Multiple Listing Service of Sandicor, Inc.
During July median prices for attached homes decreased by 2.23% while median prices for detached homes increased again by 3.05% compared to those of the previous month. The total number of homes sold during July increased again in double digits for attached (21.50%) and single digits for detached (8.34%) single family homes compared to the number of homes that sold during July 2008.
As the current San Diego real estate market status suggests that home sales in number of units are going to be at the highest level since 2005, home prices also seem to be stabilizing since the foreclosure homes that come on the market are sold as they are entered in the MLS, most with multiple offers abobe list prices!
As a reminder, the above numbers represent condos and detached homes that closed escrow during the month of July and have actually been taken of the market during May or June.
Current Real Estate Market (August 2009)
Are you still wondering when the right time to buy a house or condo in San Diego is going to be? How does “NOW” sound? or “Tomorrow and every day that passes could most likely mean that you lost the train? and this time “loosing the train” doesn’t have the same meaning as when you heard it 4-5 years ago during the so called “real estate bubble”!
Existing home sales in the San Diego County, in number of units sold, are forecasted to be at their highest level since 2005 and bank owned (REO) homes seem to be sold as fast as they come on the market with multiple offers, most way above the list prices. Today there are 38% or 10,000 less home listings in the San Diego MLS database than there were just a few months ago (seems like yesterday)!
As you can see on the chart above the current Housing Affordability Intex is at an all-time high at today’s low interest rates combined with the low home prices, which means that more people can afford to buy a home today than ever.
Median homes prices have been steadily rising since March when in my opinion San Diego home prices hit the bottom at $175,750 for condos and townhomes and at $325,000 for detached homes. Median prices in San Diego on existing home sales that closed escrow in July were $210,188 for condos and townhomes and $371,000 for detached homes. Please note that homes that closed escrow in March were actually sold in January or February and homes that closed escrow in july, were actually sold in May or June.
The best values can still be found among the bank owned (foreclosure) properties in San Diego, but seeing the number of offers that these type of homes are receiving as they come on the market, I believe that the longer you wait for the home prices to further fall, the more you’ll end up paying for your home!!!
The time to buy a home in San Diego was yesterday… What are you waiting for?
Instant Market Trends Tool
Not sure if you end up with more money or less, if you sold your home today and bought another one? Get an instant market trends snapshot showing prices in your old and “new” neighborhood!
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After a couple months of testing we now have added this new useful tool to our San Diego real estate website and it is available to you as an addition to the other home search tools!
San Diego Home Sales for June 2009
San Diego home listings that closed during June 2009 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: June – $275,418,866 – YTD – $1,329,668,222
Average Sales Price: June – $271,082 – YTD – $247,749
Median Sales Price: June – $215,000 – YTD – $190,000
Sold Listings: June – 1,016 – YTD – 5,367
Average Days on Market: June – 80 – YTD – 78
Detached Single Family Homes
Total Sales Volume: June – $843,188,785 – YTD – $4,463,901,152
Average Sales Price: June – $448,743 – YTD – $427,249
Median Sales Price: June – $360,000 – YTD – $335,000
Sold Listings: June – 1,879 – YTD – 10,448
Average Days on Market: June – 72 – YTD – 74
Source: Multiple Listing Service of Sandicor, Inc.
For the third straight month, during June median prices for attached homes increased, by 5.39% while median prices for detached homes also increased by 5.88% compared to those of the previous month. The total number of homes sold during June also increased sharply in double digits in both attached (31.44%) and detached (20.45%) single family homes compared to the number of homes that sold during June 2008. June is the first month in four years in which the median price for condos, townhomes and detached homes increased for three straight months… Could this be a sign of an upward change in the real estate market? For the time being, in June a condominium cost $11,000 more and a detached home cost $20,000 more than it cost in the previous month!
As a reminder, these numbers represent condos and detached homes that closed escrow during the month of June and have actually been taken of the market during April or May.
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