San Diego Real Estate Sales Activity for September 2014 Snapshot
- + 4.2% – One-Year Change in Pending Sales
- – 7.5% – One-Year Change in Closed Sales
- + 6.3% – One-Year Change in Median Sales Price
- – 5.4% – One-Year Change in Homes for Sale Inventory
- – 0.2% – One-Year Change in New Listings Inventory
As recovery returns to most local markets after a brief soft patch, the Commerce Department released data showing new home sales surging to a six-year high. For the 12-month period spanning October 2013 through September 2014, Pending Sales in San Diego County were up 4.2 percent. The price range with the largest gain in sales was the $500,001 to $750,000 range, where they increased 12.6 percent.
- + 12.6% – Price Range With Strongest Pending Sales: $500,001 to $750,000
- – 6.2% – Home Size With Strongest Pending Sales: 1,501 Sq Ft to 2,000 Sq Ft
- – 6.0% – Property Type With Strongest Pending Sales: Condos – Townhomes
The overall Median Sales Price was up 6.3 percent to $455,000. The property type with the largest price gain was the Condos – Townhomes segment, where prices increased 13.9 percent to $318,900. The price range that tended to sell the quickest was the $500,001 to $750,000 range at 37 days; the price range that tended to sell the slowest was the $1,250,001 and Above range at 67 days.
Market-wide, inventory levels were down 5.4 percent. The property type that lost the least inventory was the Condos – Townhomes segment, where it decreased 5.2 percent. That amounts to 3.5 months supply for Single-Family Homes and 3.0 months supply for Condos – Townhomes.
New Listings decreased 0.2 percent to 4,132. Pending Sales were up 4.2 percent to 2,928. Inventory levels shrank 5.4 percent to 9,389 units.
Prices continued to gain traction. The Median Sales Price increased 6.3 percent to $455,000. Days on Market was up 4.9 percent to 43 days. Buyers felt empowered as Months Supply of Inventory was up 3.1 percent to 3.3 months.
Markets across the nation seem to be back on the recovery track after a brief pause. One of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers are also finding more listings in their search results than they have in years. Inventory is rising in many neighborhoods as higher prices have motivated more sellers to list.
The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but it’s growing at a slower pace than desired. Thankfully, inflation remains tame, partly enabling the Federal Reserve to keep rates low for longer, contrary to the forecasts of most economists.
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.