After a very busy real estate summer, as expected the total number of sold listings in San Diego during September of 2013 for detached single family homes decreased by 20.4% when compared to previous month (August 2013) and attached condos and townhomes also decreased by 16.9% also compared to those of the previous month.
In a Year to Year comparison, the total number of listings sold for detached single family homes decreased by 7.7% compared to those of September 2012 whiles attached condos and townhomes saw an 8.7% increase in total number of sold listings compared to those of the previous year.
The biggest reason for this decrease in the total number of home listings sold , especial when we look at the month over month numbers, is the low existing inventory in homes listed for sale. As existing inventory keeps selling, we see fewer new home listings coming on the market.
We can clearly see this when we take a look at the Median Sales Price in San Diego during September of 2013.
For detached single family homes we see a 0.7% increase in the median sales price compared to previous month and a 1.6% decrease in attached condos and townhomes when again compared to those of August 2013.
Now when we compare median sales price Year over Year (September 2013 to September2012), we see a 20.1% increase in price during September of 2013 for detached single family homes and a 27.1% increase in prices for attached condos and townhomes.
I’m pretty sure that very few (certain that NONE of the reporters) predicted such a huge increase in median sales price just a couple years ago!
The San Diego Association of Realtors (SDAR) as wells as the California Association of Realtors (CAR) predict that the year will end up closing strong as the low home listings inventory becomes even lower during the slow November and December holiday months and buyers who missed for whatever reason during the busy summer months see that interest rates started to increase and realizing that home prices continue to increase should jump into the remaining San Diego home listings inventory.
Source: Multiple Listing Service of Sandicor, Inc. & SDAR