San Diego Real Estate Sales Activity for October 2014 Snapshot
- + 6.6% – One-Year Change in Pending Sales
- – 16.0% – One-Year Change in Closed Sales
- + 9.4% – One-Year Change in Median Sales Price
- – 7.6% – One-Year Change in Homes for Sale Inventory
- + 1.7% – One-Year Change in New Listings Inventory
With the election cycle behind us and 2015 well within sight, it’s a good time to start assessing how the market is shaping up. Inventory levels are finally rising in many areas and demand is still strong in most segments. For the 12-month period spanning November 2013 through October 2014, Pending Sales in San Diego County were down 8.6 percent overall. The price range with the largest gain in sales was the $500,001 to $750,000 range, where they increased 11.6 percent.
- + 11.6% – Price Range With Strongest Pending Sales: $500,001 to $750,000
- – 5.2% – Home Size With Strongest Pending Sales: 1,501 Sq Ft to 2,000 Sq Ft
- – 5.8% – Property Type With Strongest Pending Sales: Condos – Townhomes
The overall Median Sales Price was up 9.4 percent to $454,000. The property type with the largest price gain was the Condos – Townhomes segment, where prices increased 12.3 percent to $320,000. The price range that tended to sell the quickest was the $500,001 to $750,000 range at 38 days; the price range that tended to sell the slowest was the $1,250,001 Or More range at 67 days.
Market-wide, inventory levels were down 7.6 percent. The property type that lost the least inventory was the Single-Family Homes segment, where it decreased 7.4 percent. That amounts to 3.4 months supply for Single-Family Homes and 2.9 months supply for Condos – Townhomes.
New Listings increased 1.7 percent to 4,081. Month to month (Oct 2013 to Oct 2014) Pending Sales were up 6.6 percent to 3,066. Inventory levels shrank 7.6 percent to 8,954 units.
Prices continued to gain traction. The Median Sales Price increased 9.4 percent to $454,000. Days on Market was down 2.2 percent to 44 days. Absorption rates were even with last year as Months Supply of Inventory remained flat at 3.2 months.
Even while the pace of home price acceleration normalizes, housing has shown recent signs of ongoing strength. Both housing starts and future building permits are on the rise nationally. Inventory levels are increasing in most metro areas, driven higher by rising prices and more confident sellers. Homes are still selling quickly and for close to or even above list price.
Interest rates remain attractive, even as Federal Reserve banter is finally hinting that quantitative easing is reaching its fateful conclusion. Capital markets have exhibited some volatility, but ultimately it’s all about earnings and growth, and corporate earnings have been encouragingly strong, while private job gains have recently exceeded expectations.
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.