San Diego Home Sales for January 2011
San Diego real estate that sold and closed during January 2011 for resale condos, townhomes and detached single family homes as reported through Sandicor and the San Diego Association of Realtors were as follow:
Attached Single Family Homes (Condos – Townhomes)
Total Sales Volume: January – $167,294,589 – YTD – $167,294,589
Average Sales Price: January – $239,334 – YTD – $239,334
Median Sales Price: January – $200,000 – YTD – $200,000
Sold Listings: January – 699 – YTD – 699
Average Days on Market: January – 100 – YTD – 100
Detached Single Family Homes
Total Sales Volume: January – $554,744,893 – YTD – $554,744,893
Average Sales Price: January – $468,535 – YTD – $468,535
Median Sales Price: January – $368,750 – YTD – $368,750
Sold Listings: January – 1,184 – YTD – 1,184
Average Days on Market: January – 90 – YTD – 90
Source: Multiple Listing Service of Sandicor, Inc.
After last December’s surprised increase in number of homes sold, the total number of of homes that sold in January saw a typical for the holiday season decrease of 31% decrease compared to December of 2010. A 35.43% decrease for detached homes and a 28.765% decrease for attached (condos and townhomes) single family homes. When compared to January of last year that decrease is in par, considering the federal tax credit benefits that were offered last year. Attached homes saw a decrease in total number of homes sold of 13.8% and detached single family homes a 1.1% decrease compared to those of a year ago. Median sale prices also decreased a bit from December to January, 1.66% for detached homes and 8.6% for attached homes.
The number of active and pending home listings also decreased in January, a trend that we’ve been seeing since September of last year. These numbers should remain pretty much the same also for the following month since the published sales statistics for homes that closed escrow in February mostly reflect homes that were sold during the typicaly slow December holiday and January tax months. Numbers should see an increase starting in March and April.
The above numbers represent condos and detached homes that closed escrow during the month of January 2011 and have actually been taken of the market during November or December 2010.
San Diego Home Sales for December 2010
Real estate in San Diego that sold and closed during December 2010 for resale condos, townhomes and detached single family homes as reported through Sandicor and the San Diego Association of Realtors were as follow:
Attached Single Family Homes (Condos – Townhomes)
Total Sales Volume: December – $228,417,366 – YTD – $3,058,522,621
Average Sales Price: December – $277,206 – YTD – $270,188
Median Sales Price: December – $218,250 – YTD – $220,000
Sold Listings: December – 824 – YTD – 11,320
Average Days on Market: December – 92 – YTD – 85
Detached Single Family Homes
Total Sales Volume: December – $859,172,284 – YTD – $10,359,200,232
Average Sales Price: December – $500,683 – YTD – $498,566
Median Sales Price: December – $375,000 – YTD – $385,000
Sold Listings: December – 1,716 – YTD – 20,778
Average Days on Market: December – 85 – YTD – 75
Source: Multiple Listing Service of Sandicor, Inc.
The total number of homes sold in December increased significantly compared to November of 2010. A 25.7% increase for detached homes and a 12.5% increase for attached (condos and townhomes) single family homes. Although not a dramatic change, median prices decreased slightly from November to December, a 3.8% for detached homes and a 1.5 decrease for attached homes.
Year to date median sales price of all properties that sold in 2010 reflected an 8.45% increase for detached homes ($385,000 in 2010 vs $55,000 in 2009) and a 7.3% increase for attached homes ($220,000 in 2010 vs $205,000 in 2009). Median sales prices in 2010 remained fairly steady throughout the year. Like with sold listings, we saw the lowest numbers at the beginning of the year.
For the first time since May of this year we saw a decrease in available homes inventory. From November to December there was a decrease of just over a month of estimated inventory. As sales continue to increase as they did in December we can probably expect to see another decrease in available inventory. At this point in the current real estate cycle, residential properties are showing at substantially below replacement cost. Combine this with historically low interest rates and this is definitely a great time to buy.
The above numbers represent condos and detached homes that closed escrow during the month of December 2010 and have actually been taken of the market during October or November 2010.
San Diego Home Sales for November 2010
San Diego real estate that sold and closed during November 2010 for resale condos, townhomes and detached single family homes as reported through Sandicor and the San Diego Association of Realtors were as follow:
Attached Single Family Homes (Condos – Townhomes)
Total Sales Volume: November – $208,980,827 – YTD – $2,815,815,505
Average Sales Price: November – $285,493 – YTD – $269,818
Median Sales Price: November – $215,000 – YTD – $220,000
Sold Listings: November – 732 – YTD – 10,436
Average Days on Market: November – 99 – YTD – 85
Detached Single Family Homes
Total Sales Volume: November – $688,563,655 – YTD – $9,458,138,443
Average Sales Price: November – $504,442 – YTD – $498,873
Median Sales Price: November – $389,900 – YTD – $385,000
Sold Listings: November – 1,365 – YTD – 18,959
Average Days on Market: November – 80 – YTD – 74
Source: Multiple Listing Service of Sandicor, Inc.
Home sales slowed in November which is normal given the holidays and the overall slowing trend we have seen since summer. Year-to-Date sales of properties lost steam as well in November when compared to what we were in 2009. We’ll probably see a little change or another slight deep this coming December and January before we move forward to the peak home buying season.
In contrast to previous month-to-month comparisons, the median sales price in November increased slightly by 0.7% for attached homes (condominiums) and by 1.4% for detached homes since October. The year-to-date median sales price is still maintaining its lead over 2009 and remains at 9.4% higher for detached homes and 7.3% higher for attached condominiums and townhomes than last year.
The number of active listings in MLS decreased slightly since October. September posted the most active listings this year, while the pending and contingent listings have not changed much since September.
The real estate market is not easy to predict. For those who sit and wait, you might miss out on a great opportunity. Low rates, stable median prices and a bundle of inventory are great market indicators right now.
The above numbers represent condos and detached homes that closed escrow during the month of November 2010 and have actually been taken of the market during September or October 2010.
San Diego Home Sales for October 2010
Real estate in San Diego that sold and closed during October 2010 for resale condos, townhomes and detached single family homes as reported through Sandicor and the San Diego Association of Realtors were as follow:
Attached Single Family Homes (Condos – Townhomes)
Total Sales Volume: October – $212,026,301 – YTD – $2,586,576,645
Average Sales Price: October – $265,697 – YTD – $268,735
Median Sales Price: October – $213,500 – YTD – $220,000
Sold Listings: October – 798 – YTD – 9,625
Average Days on Market: October – 89 – YTD – 83
Detached Single Family Homes
Total Sales Volume: October – $770,905,772 – YTD – $8,731,691,567
Average Sales Price: October – $514,280 – YTD – $499,011
Median Sales Price: October – $384,500 – YTD – $385,000
Sold Listings: October – 1,499 – YTD – 17,498
Average Days on Market: October – 77 – YTD – 73
Source: Multiple Listing Service of Sandicor, Inc.
During October 2010 median prices for attached (condos) slightly increased by 0.28% and median prices for detached homes decreased by 1.41% compared to those of the previous month (September 2010). Median real estate prices in both attached and detached homes have both retain a double digit increase at 10.00% when compared to those of the previous year (October 2009). The total number of homes sold in September decreased again versus August continuing this year’s trend. Interest rates continue to be at their lows and overall median sale prices hold steady a 10% increase over those of October 2009.
The above numbers represent condos and detached homes that closed escrow during the month of October 2010 and have actually been taken of the market during August or September 2010.
San Diego Home Sales for September 2010
San Diego real estate that sold and closed during September 2010 for resale condos, townhomes and detached single family homes as reported through Sandicor and the San Diego Association of Realtors were as follow:
Attached Single Family Homes (Condos – Townhomes)
Total Sales Volume: September – $216,905,292 – YTD – $2,351,650,536
Average Sales Price: September – $271,811 – YTD – $269,499
Median Sales Price: September – $212,900 – YTD – $220,000
Sold Listings: September – 798 – YTD – 8,726
Average Days on Market: September – 91 – YTD – 82
Detached Single Family Homes
Total Sales Volume: September – $811,457,973 – YTD – $7,894,464,992
Average Sales Price: September – $509,390 – YTD – $498,262
Median Sales Price: September – $390,000 – YTD – $385,000
Sold Listings: September – 1,593 – YTD – 15,844
Average Days on Market: September – 80 – YTD – 73
Source: Multiple Listing Service of Sandicor, Inc.
During September 2010 median prices for attached (condos) decreased by 3.22% and median prices for detached homes slightly increased by 1.29% compared to those of the previous month (August 2010). Median real estate prices in both attached and detached homes have both retain a double digit increase at 10.00% when compared to those of the previous year (September 2009). What seems to be a trend for the last few months, the total number of home sales in September decreased versus August. Looking at sales for the last 12 months it’s easy to see the peaks around the time of the tax credit deadline. Since then sales have tapered off. It isn’t altogether unexpected in September, a month in where traditionally schools open and after summer home sales start slowing down. Our markets have reached interest rates comparable to those in 1950s. In early October, rates for a 30-year fixed were in the low to mid 4%, while the rates for a 15-year fixed dipped in the high 3%. This is a great time for those wanted to buy or looking to refinance to take action. We all know that those rates can change in the blink of an eye. Some mortgage analysts are expecting rates to increase back over 5% as early as next year. Median sales prices are looking to be the most consistent market statistic for month to month. Median prices only changed slightly compared to August while steadily remained increased at 10% over September of last year. Median prices through the year are holding steady. Healthy competition in the market place is showing that some homes are gaining some of their equity or remain affordable for potential buyers.
The above numbers represent condos and detached homes that closed escrow during the month of September 2010 and have actually been taken of the market during July or August 2010.
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