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.