Real estate in San Diego that sold and closed during July 2010 for resale condos, 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 – $232,201,767 – YTD – $1,858,472,900
Average Sales Price: July – $266,899 – YTD – $269,931
Median Sales Price: July – $217,750 – YTD – $221,000
Sold Listings: July – 870 – YTD – 6,885
Average Days on Market: July – 87 – YTD – 81
Detached Single Family Homes
Total Sales Volume: July – $841,869,035 – YTD – $6,111,734,500
Average Sales Price: July – $506,540 – YTD – $496,929
Median Sales Price: July – $390,000 – YTD – $385,000
Sold Listings: July – 1,662 – YTD – 12,299
Average Days on Market: July – 71 – YTD – 71
Source: Multiple Listing Service of Sandicor, Inc.
During July 2010 median prices for attached (condos) decreased by 1.02% and median prices for detached homes also decreased by 3.10% compared to those of the previous month (June 2010). Median real estate prices in both attached and detached homes have again increased, 3.59% for attached homes and 5.12% for detached homes when compared to those of the previous year (July 2009). After a very strong Spring season due to the Federal Tax Credit, we saw a small decrease in sales to first time home buyers (who moved to purchase earlier to take advantage of the credit) during July. However overall sales year to date show a double digit increase in median prices, a 13.33% increase for attached homes (condos – townhomes) and a 13.23% increase for single family detached homes. In my opinion, due to first time home buyers having already bought a home earlier in the Spring, I expect the total number of homes sold to slow down a bit during the next 2 to 3 months, however I expect the median home prices to remain flat for the same period of time as home buyers will continue taking advantage of the lowest mortgage rates since… I don’t know when (ever?).
The above numbers represent condos and detached homes that closed escrow during the month of July 2010 and have actually been taken of the market during May or June 2010.