Single-Family Homes Selling for 17 Percent More Than a Year Ago, According to New Statistics from the Greater San Diego Association of REALTORS®

Lack of inventory is slowing down sales of existing homes

SAN DIEGO--(BUSINESS WIRE)--The most recent local housing statistics – released today by the Greater San Diego Association of REALTORS® (SDAR) – show median prices of resale properties continue to climb.

“We’re seeing multiple offers on homes across the county and median prices are being driven up as a result. Sellers should take heart. The local real estate market simply needs more homeowners to take advantage of this extraordinary chance to move up to the home they’ve always wanted.”

The median price of single-family (detached) homes in San Diego County was $408,000 in November 2012, up 2 percent from the previous month and 17 percent higher than November 2011. November resales of condos and townhomes (attached properties) were even stronger, up 6 percent from October and 27 percent higher than November 2011. Year to date, median prices of all existing properties are up 6 percent compared to 2011.

The number of sales of existing homes drooped in November as inventory remains at historic lows. Single-family home sales were down 13 percent from the previous month, and condos/townhomes sales were down 5 percent. However, the number of resales rose compared to a year ago, and year to date they are up 12 percent compared to 2011.

“The competition for resale homes is fierce because inventories are so low,” SDAR Board President Donna Sanfilippo said. “We’re seeing multiple offers on homes across the county and median prices are being driven up as a result. Sellers should take heart. The local real estate market simply needs more homeowners to take advantage of this extraordinary chance to move up to the home they’ve always wanted.”

SDAR’s housing statistics are compiled from the Multiple Listing Service (MLS). Click here for a detailed look at the numbers. Here is a summary:

HIGHLIGHTS OF THE LATEST HOUSING STATISTICS:

MEDIAN SALES PRICE Comparing November 2012 to October 2012

• Single-Family: 2% INCREASE
  November 2012 = $408,000
  October 2012 = $400,000
• Condos/Townhomes = 6% INCREASE
  November 2012 = $260,000
  October 2012 = $246,000

MEDIAN SALES PRICE Comparing November 2012 to November 2011

• Single-Family: 17% INCREASE
  November 2012 = $408,000
  November 2011 = $350,000
• Condos/Townhomes: 27% INCREASE
  November 2012 = $260,000
  November 2011 = $205,000

TOTAL SOLD LISTINGS Comparing November 2012 to October 2012

• Single-Family: 13% DECREASE
  November 2012 = 1,813
  October 2012 = 2,071
• Condos/Townhomes: 5% DECREASE
  November 2012 = 842
  October 2012 = 882

TOTAL SOLD LISTINGS Comparing November 2012 to November 2011

• Single-family: 16% INCREASE
  November 2012 = 1,813
  November 2011 = 1,560
• Condos/Townhomes: 13% INCREASE
  November 2012 = 842
  November 2011 = 747

With more than 10,000 members, the Greater San Diego Association of REALTORS^® is the largest trade association in the county. Our REALTORS^® adhere to a code of ethics and professional standards above and beyond the norm. We help our members sell more homes. We help people realize the dream of home ownership. And we are dedicated to protecting private property rights. You can follow SDAR on Facebook, Twitter and YouTube.