San Diego Real Estate Sales Activity for June 2015 Snapshot
- + 6.0% – One-Year Change in Pending Sales
- + 13.8% – One-Year Change in Closed Sales
- + 5.7% – One-Year Change in Median Sales Price
- – 19.1% – One-Year Change in Homes for Sale Inventory
- – 0.7% – One-Year Change in New Listings Inventory
The last 12 months have seen a lot of buyer activity. Prices are up in most markets and buyers are hungry to purchase, yet inventory remains low. If existing owners will not sell, new construction is the next best answer to this dilemma. For the 12-month period spanning July 2014 through June 2015, Pending Sales in San Diego County were up 6.0 percent overall. The price range with the largest gain in sales was the $1,250,001 Or More range, where they increased 23.7 percent.
- + 23.7% – Price Range With Strongest Pending Sales: $1,250,001 and Above
- + 10.5% – Home Size With Strongest Pending Sales: 3,001 Sq Ft and Above
- + 6.0% – Property Type With Strongest Pending Sales: Condos – Townhomes
The overall Median Sales Price was up 6.5 percent to $452,888. The property type with the largest price gain was the Condos – Townhomes segment, where prices increased 8.7 percent to $337,000. The price range that tended to sell the quickest was the $500,001 to $750,000 range at 39 days; the price range that tended to sell the slowest was the $1,250,001 Or More range at 65 days.
Market-wide, inventory levels were down 19.1 percent. The property type that lost the least inventory was the Single-Family Homes segment, where it decreased 18.5 percent. That amounts to 2.7 months supply for Single-Family Homes and 2.2 months supply for Condos – Townhomes.
The curtain closes and the first half of 2015 is a finished act. Monthly market analysis helps nudge the real estate story forward for a final bow. The consumers and the REALTORS® are thanked. Markets across the country continue to improve and further perform at peaks not seen in years. Bad memories from that one lousy show known as the Great Recession are pushed even further into the past.
Closed Sales increased 10.8 percent for Detached homes and 20.2 percent for Attached homes. Pending Sales increased 29.4 percent for Detached homes and 35.0 percent for Attached homes. Inventory decreased 18.5 percent for Detached homes and 20.4 percent for Attached homes.
The Median Sales Price was up 5.3 percent to $547,500 for Detached homes and 5.8 percent to $354,000 for Attached homes. Days on Market decreased 12.5 percent for Detached homes and 22.0 percent for Attached homes. Supply decreased 25.0 percent for Detached homes and 26.7 percent for Attached homes.
Having six months of 2015 data in the books is great, but it is still just intermission at this halfway point of the year. Forecasting market trends can be as dicey as the weather, but with interest rates managing to remain low into the summer months, the outlook is promising, even if rates go up later in the year. Metrics like inventory and percent of list price received at sale are two of the better understudies to watch this year.
Residential real estate activity in San Diego County, comprised of single family properties, townhomes and condominiums. Percent changes are calculated using rounded figures.
Source: San Diego Association of REALTORS® – All data from Sandicor, Inc.